In order to provide more high-quality investment options while protecting the interests of its customers, a cryptocurrency exchange OKEx has decided to roll out a new listing regime which includes 3 methods of listing: Vote, Collaboration, and Community Building.
OKEx listing review committee will first examine and review the projects through a systematic and rigorous process, then Prime Investors of the exchange will help to review and endorse the projects they favor. And finally, the public will decide which project should be listed on OKEx.
«We hope to add more decentralized elements to the operations of our exchange, and this listing vote is also one of the applications of our global utility token, OKB. Now, OKB holders will be able to influence the token listing process by casting their votes», – wrote OKEx.
Collaboration is a direct listing of projects which are invested by OK Blockchain Capital and 5 OKEx Prime Investors. The projects must have gone through the review by OKEx listing committee with no compliance and technical risks or issues.
«OKEx Prime Investors are reputable and experienced institutions or individuals in the blockchain industry. Through the collaboration between OKEx, OK Blockchain Capital, and Prime Investors, we can discover more projects with high potential and lower the investment risks of our customers, to promote a robust ecosystem and the global expansion of OKEx», – the exchange adds.
- Community Building
To encourage the liveliness of the community, OKEx will partner with project teams which are able to bring more active users, and will provide a priority listing review for them. The projects must meet the followings to be listed by this method:
- The project must be able to bring 50,000 new registered users to OKEx and 20,000 of the users must be active users. Active users are the users with at least 1 ETH equivalent in their account balances and trades on a regular basis.
- All users brought by the project must be real users who have a normal trading frequency, distribution, and amount.
- OKEx reserves the right to delist/disqualify any projects deemed to be cheating or deceiving the platform.
It is also essential for all project teams to meet the requirements of security deposit, marketing expenses, and trading liquidity in order to be eligible for listing, regardless of the listing method.
- Once the project becomes an eligible candidate for the vote, it will be required to pay a security deposit (200,000 to 300,000 OKB). The security deposit will be returned to the project team monthly in equal proportions for 12 months, starting the second month after the token is listed on OKEx. The security deposit will not be counted as votes for the project. The security deposits required for different trading markets are:
- OKB Market: 200,000 OKB
- OKB/BTC/ETH Markets: 250,000 OKB
- OKB/BTC/ETH/USDT Markets: 300,000 OKB
- Purpose of the security deposit: If any of the following issues are found with the project, the security deposit will be used to compensate the losses of the investors and will not be returned:
- The project or the core team members are involved in major law issues or negative problems such as illegal drug trade, data theft, etc.;
- Increasing the total available supply or forking of the token without notifying OKEx 15 days in advance;
- Deceiving investors and OKEx by disclosing inaccurate information;
- Major technical or security issues which are not or cannot be fixed in a timely manner;
- Change of contract address without notifying, communicating or discussing with OKEx
- The tokens are not evenly distributed. The token distribution model leads to the manipulation of the market by individuals or institutions.
«We reform the listing regime based on the market feedback and on what we consider to be the best way forward to meet the competitive demand in the market and promote a robust ecosystem of OKEx whilst maintaining our high standards of investor protection», – wrote OKEx.