Binance, the world’s largest cryptocurrency exchange, announced yesterday that it will introduce the “voting for listing” and “voting for delisting” mechanisms. The community immediately spread the rumor of “voting to delist ETH”, and various key opinion leaders reposted four tweets saying “no destruction, no construction, let’s kill ETH”.
Background information: The upgrade of the Ethereum Pectra mainnet has been postponed. The foundation has initiated additional testing, and ETH has fallen below the annual low point.
Binance, the largest global cryptocurrency exchange, released an announcement on the 7th, stating that it will upgrade the listing mechanism, including:
1. When a project has a dedicated listing budget, Binance will disclose it in the listing announcement and continue to distribute the tokens in the budget to Binance users through various forms of airdrops. Binance does not charge listing fees.
2. Introduce the “voting for listing” and “voting for delisting” mechanisms to increase community participation and give users greater voice in the listing process.
3. Provide the opportunity for Binance Wallet’s exclusive TGE (Token Generation Event) projects to directly enter Binance’s Alpha Observation Zone.
However, with the introduction of the “voting for delisting” mechanism, the community’s target is directly aimed at Ethereum (ETH).
The community frenzy: Voting to delist ETH!
Kay Capital, a former angel investor in cryptocurrencies, tweeted:
“I want to vote to delist ETH, is there anyone who agrees? Let Vitalik come up with new concepts for the ETH ecosystem before relisting it. Destroy the ETFs and let them know that their reserves are not native to the cryptocurrency world.”
This tweet immediately caused a sensation in the community, and another angel investor, Yuyue, directly copied and pasted it, adding the sentence:
“No destruction, no construction, let’s kill ETH, and everything will be reborn!”
Since then, these four sentences have instantly become memes in the community, and various well-known key opinion leaders have reposted them in support. “Delisting ETH” has become a hot topic.
“I want to vote to delist ETH, is there anyone who agrees? Let Vitalik come up with new concepts for the ETH ecosystem before relisting it. Destroy the ETFs and let them know that their reserves are not native to the cryptocurrency world.”
“No destruction, no construction, let’s kill ETH, and everything will be reborn!”
However, according to Binance’s “voting for delisting” rules, Binance only allows tokens in the “Monitoring Zone” to enter the delisting vote. These tokens have the following characteristics:
1. No product development updates.
2. No community or project maintenance.
3. No regular progress announcements.
4. Issuance or significant risky behavior.
Binance stated that the specific rules for delisting voting will be announced simultaneously when the product goes online.
Therefore, not all Binance users can vote to delist any token. Only projects listed in the “Monitoring Zone” have the possibility of entering the voting stage. However, Ethereum is still one of the most active public chains for developers, and it has been continuously testing and announcing progress on the Pectra upgrade. Moreover, the project is maintained by the Ethereum Foundation, so the probability of it entering the “Monitoring Zone” is close to zero.
In other words, Binance is not able to include ETH in the “voting for delisting” range, and ETH will not have the opportunity for the community to decide whether to delist it.
Although this “delisting ETH movement” may ultimately be just a farce, it also serves as a warning to Ethereum. In the current market environment, the community’s dissatisfaction with ETH is still accumulating.