PolyMath (POLY) Token Wins Binance’s Round 8 Community Coin Contest
Polymath (POLY) listed as Binance’s Community Coin Round 8 Winner
— Binance (@binance) July 31, 2018
Binance weighed all factors in the voting process and also applied a consistent methodology across all candidate votes to filter for oddities according to our community vote rules.
As per the previous round, the votes cast by users were multiplied by a Final Multiplier based on the amount of BNB held in the users’ account, up to a maximum of 500x. Even though a user’s BNB was not locked at any time after they voted, they needed to hold BNB at the time of the final snapshot for their final multiplier to apply.
The Polymath Network is a blockchain-based system to coordinate and incentivize participants to collaborate and launch financial products on the blockchain. The Polymath team aims to create a standard token protocol which embeds defined requirements into the tokens themselves to ease the primary issuance and secondary trading of blockchain securities tokens.
Polymath currently has a trading fee of 0.1%. The minimum token that can be deposited on Binance is 2 POLY with 1 POLY as the withdrawal fee.
Not all were happy with this result as Polymath wasn’t the leader in the votes but still won the competition. As one Twitter user pointed out,
Lowest vote coin win? What the heck is going on
— AltsBryan⚡ (@AltsBryan) July 31, 2018
POLY 1% of votes. What the hell? Why, then, should the vote? Explain your decision.
— bit (@Eldarnew777) July 31, 2018
Although many commenters weren't happy, CZ took to Twitter to justify the listing:
What are your thoughts on the listing? It appears that the Binance Effect is already taking place. Leave a comment below.