Binance Exchange Opens Voting for 8th Community Coin of The Month
New Binance Announcement – 8th Community of The Month Voting to Open
Binance has made another announcement as usual to keep users of the network updated. The crypto exchange has been performing a Community Coin of the Month for the last 7 months and is preparing for their monthly 8th vote. Polls are about to open again on tomorrow on the 24th of July 2018 at 4:00 AM (UTC TIME).
— Binance (@binance) July 25, 2018
There are currently fives candidates who’ve made it to finals, surviving the grueling eight rounds to get where they are now, the following are on the list for potential coins:
Rules on Voting
- Polls open 07/25/2018 at 4am UTC and will remain open until 07/30/2018 at 0am UTC
- The link to cast your votes is – https://www.binance.com/vote.html
- Each user who registers can vote for as many candidates as you want but can only cast their final vote one time. Each vote will cost 0.1 BNB Token per candidate voted for. For example, 0.2 BNB will be deducted if two candidates are voted for and 0.4 BNB will be deducted if 4 candidates are voted for.
- A exchange snapshot by the Binance team will be taken of each user’s BNB balance at midnight on the 30th of July 2018. For each BNB staked, there will be an increase multiplier by up to 500 times if you have 500 or more BNB in the the account. EXAMPLE: If at the time of the screenshot a user holds 5.9 BNB in their balance, the multiplier would be 5, but a user holding 600 BNB would have a multiplier of 500. 500x being the maximum for any balance of 500 BNB or greater.
- BNB will not be locked up at the time of voting completion. But, only the BNB in your wallet at the actual time of screenshot will get a multiplier.
- Votes given by the user to any nominees of the project will be multiplied at the same way they would in step 4 above.
- Once the voting has stopped, votes will be collected and reviewed for each of the listed candidates above. A final review by the voting team at Binance will decide the winner.
(Binance always reserves the right to adjust the weightings of each vote)
The announcement further went on to speak of the time limit needed to gather all votes and calculate who the winner is. It could take a little while depending on the responsiveness of the market, the event is scheduled to be held each month as stated.
Look for whichever coin wins the 8th round to experience the Binance Effect. It should boost the price of the winner for a short time after the listing, only to drop back down. Some traders take advantage of this knowledge to profit off of the quick boost. While others are left to hold the bag if trades aren't successful.
The announcement from Binance was made only an hour prior to the writing of this article. For more information on the voting system, you can learn more at Binance’s website.