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BinaryX Implements DAO Features for Community Support

The move indicates a new trend for crypto projects as they attempt to get closer to their respective communities.

DAO Introduced by BinaryX

BinaryX has officially announced that it has constructed an effective Decentralized Autonomous Organization (DAO) that will take on user opinion and alter its decision-making process. 

The announcement was made via BinaryX’s official Medium on December 17th and will see important changes to its decision-making process made possible through the new mechanism.

“​​In BinaryX DAO, community members will have the right to propose, vote, and make decisions on game design,” the team revealed. “At that time, you can initiate proposals and votes on the in-game tokenomics, development route, etc.”

Of course, the influence community members will be able to have on decisions made will of course, vary:

“The voting power of community members will be based on the number of individual position volumes, position duration, contract interaction, and other behaviors are determined, and the highest number of votes under the effective proposal will be adopted by the core development team and launched,” the team explained. 

The team also appears to understand the limitations of a DAO, in the sense of equality. Still, they have reiterated their intention to work toward satisfying the needs of their community.

“We know that DAO has certain limitations, but when the project team introduces DAO, it is determined to work together with the holders of BinaryX to establish an equal system. The decision-making power of the BinayX project is shared with the community. It will be a major node in the BinaryX community.”

The initial responses were not all encouraging, however, as some took to Twitter to voice apparent frustrations:

“You can't trust the project anymore, unfortunately the company's actions are not to attract new investors, or even to maintain the project, there are several people being harmed by the project's volatility, I don't understand how @binance agreed to list this project,” George Oliveira stated on Twitter (Translated from Portuguese).

Some of these responses need to be taken with a grain of salt, however, as projects set about trying to sabotage one another with the use of social media bots. 

What is BinaryX?

Founded in Spring 2021, BinaryX is a decentralized derivatives protocol with an improved automated market maker to trade financial assets and cryptocurrencies. The protocol provides trading under their unique Binary Options mechanism, which presents a concise and smooth solution experience for the trading process. BinaryX also powers the Binance Smart Chain-based play-to-earn game, Cyber Dragon, where players can create hero characters, collect rare equipment and fight through dungeons. BinaryX was the recipient of the Binance Most Valuable Builder Accelerator program. The BinaryX native token, BNX, is available on ZT, PancakeSwap (V2), CoinW, BKEX, MEXC, and LBank.

Where to find more about BinaryX:

Website | Twitter | Medium | Telegram |

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