Thanks to the effort of entire NKN team and community, $NKN is now selected as one of the five tokens for the voting of Binance’s Community Coin of the Month. This is an excellent achievement by itself, considering there are hundreds of new tokens out there.
In order to make your voting for NKN as smooth as possible, we made a step-by-step guide for you. Before you vote, you need to know the following:
- Voting period: 2018/07/25 4:00 AM (UTC) to 2018/07/30 0:00 AM (UTC).
- You need to have a Binance account and BNB to vote.
- Each registered user can vote for multiple candidates but will only be able to submit their full vote once. Make sure you choose NKN only ☺
- Users will need to pay 0.1 BNB for voting NKN. For every 1 BNB held in your balance, the Final Multiple will be increased by 1, up to a maximum Final Multiple of 500. The more BNB you keep in Binance account during voting period, the larger the multiplier of the vote!
- Binance will take a final snapshot of each user’s BNB balance at 0:00 AM (UTC), which is 8:00 AM Singapore time (GMT+8) on July 30, 2018 to determine the Final Multiple of the user’s votes. It’s important that DON’T SELL YOUR BNB BEFORE THE FINAL SNAPSHOT TIME!
- We encourage all the NKN supporters respect other projects and strictly follow the voting rules. Please do not engage in vote manipulation. For NKN Team, we DO NOT provide any form of financial or monetary incentives, airdrops or competition rewards offered that will influence user votes. If you see any, it is definitely NOT from NKN official account. Please do NOT accept or participate.
Now we start the ‘how to vote NKN ’ guide.
If you don’t have BNB yet, below is the guide of how to deposit and buy BNB with your ETH (or NEO, or any other cryptocurrency you have. ETH is used as an example.)
- Deposit your ETH
Choose funds > Deposits to get the deposit address. Then send your ETH to the address.
If you don’t have ETH, you can always buy on Binance Exchange.
2. Buy BNB in ETH market
Go to https://www.binance.com/en/trade/BNB_ETH and place your ETH amount to buy BNB. We recommend to buy up to 501 BNB for maximizing voting power, but any amount over 1.2BNB will help.
3. Vote and hold BNB in your account until the final snapshot
Go to https://www.binance.com/vote.html, click NKN, and ‘Vote’
Click yes to agree to pay 0.1 BNB (about 1–2 USD, depending on the BNB price) for voting.Then hold your BNB tokens till at 0:00 AM (UTC), which is 8:00 AM Singapore time (GMT+8) on July 30, 2018. This is very important because the more BNB you hold in your account at the time of snapshot, the more votes we are able to get at the end.
Binance Voting Rules:
Each registered user can vote for multiple candidates but will only be able to submit their full vote once. Users will need to pay 0.1 BNB per candidate in their vote (i.e. 0.2 BNB will be deducted if 2 candidates are selected).
Binance will take a final snapshot of each user’s BNB balance at 2018/07/30 0:00 AM (UTC) to determine the Multiplier of the user’s votes. For every 1 BNB held in the balance, the Multiplier will be increased by 1, up to a maximum Multiplier of 500.
For example, at the time of snapshot, a user having 3.9 BNB in balance will have a Multiplier of 3. A user having 1000 BNB in balance will have a Multiplier of 500.
Your BNB will not be locked at any time after you vote. However, please note that only the BNB held in your account at the time of the final snapshot will apply to your Multiplier.
Each vote the user gives to any of the project nominees will be multiplied by the Multiplier calculated in step 4 above.
At the end of the voting period, we will review the votes garnered by each candidate for final review. As always, we reserve the right to adjust the weightings of each vote.
Upon completion of the voting process, Binance will list the coin on our exchange within a reasonable time frame. Depending on market response, we will try to conduct this event monthly.
We hope this step-by-step guide is helpful to you. Happy voting and go NKN!