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The contest for the next emerging protocol to be listed on Binance.com has begun and will run for 24 hours.
Binance has now officially begun a survival of the fittest battle between two strongly emerging protocols in what is now the second round of the Community Coin Vote’s (CCV) new format. The Binance community is expected to vote between the ARPA protocol and the Carry protocol, two networks that have more than a few things in common.
The process kicked off at 4:00 AM (UTC) today Nov. 5, and will run continuously for 24 hours, before closing on November 6, at 4:00 AM (UTC) as well. Binance has also announced its new CCV rules that will guide this voting round. Firstly, the pool of BNB previously allocated to the winner of the face-off will now be distributed with a specific sharing ratio.
Furthermore, the holding period for the BNB which used to be 9 days, has now been cut down to 7 days. Also, users will not be voting an equal amount of times with the number of times varying, specifically calculated by hourly snapshots on each user’s 7-day average, between 0:00 AM (UTC) on Oct. 29, and 0:00 AM (UTC) today.
Rewards for Users
All users who participate in the CCV regardless of what side they support will be compensated based on the outcome of the vote. If ARPA (ARPA) emerges as the winner, it gets listed on Binance.com and all users who cast ARPA votes will receive a fraction of 15,000,000 ARPA, which will be calculated from the number of votes from said user.
If Carry (CRE) emerges as the winner, it also gets listed on Binance.com, but with 50,000,000 CRE shared among participants, also based on the votes cast by said participant.
As earlier mentioned, participants who cast votes for the runner up will also share a total pool of 2,500 BNB, calculated based on each participant’s number of votes.
There are a few other details that participants are to be aware of. For example, voting is very strict and will be treated as such. Voters will not be allowed to share their votes between both the ARPA and Carry protocols, as all votes must be contributed to only one contender.
In addition, Binance says that the wining protocol’s eventual listing will be ascertained by how long wallet and tech integration takes when the CCV is completed. Binance, however, promises that it will happen “within a reasonable time frame.” Furthermore, all the rewards – either for the winning participants or the runner up – will be released within 2 weeks after the process is completed, with no specific time frame.
Probably the most important of them all is the fact that Binance has specified that it can without notice, exert veto power on all of the above rules and even disqualify a winner.
“Binance reserves all rights to change the rules of this event without notification, including the revoking [of] results suspected of vote manipulation,” writes the company.