Crypto exchange Binance announced the 8th round of the ‘Binance Community Vote’ on Monday. The community will vote in Round 8 to choose between SWFT Coin (SWFTC) and Chromia (CHR). As per the official post on the Binance website, the voting will go live for 24 hours, starting at 4:00 am on May 06, 2020.
— Binance (@binance) April 27, 2020
The number of votes a user will be entitled to will depend on the last 8-day average of the Binance Coin holdings. If SWFT Coin wins the election, a total reward pool of 165,000,000 SWFT will be divided among the users on the basis of the number of votes each participant has, and if Chromia wins, a total reward pool of 13,500,000 will be distributed.
Interestingly, users who voted for the runner up will also receive a total reward of 3,100 BNB to be distributed in the ratio of the number of votes per participant. The terms & conditions for participation are as follow:
- “We will endeavour to list the winning project’s token within a reasonable time frame after the vote, pending wallet and tech integration for the coin.
- Users will only be able to choose one project to contribute all their votes to. You cannot vote for both projects.
- Rewards will be issued within 2 weeks after the vote ends.
- Binance reserves all rights to change the rules of this event without notification, including revoking the results suspected of vote manipulation.”