The Binance voting mechanism for token listings has increased community participation and transparency, empowering users with decision-making power, but it also carries risks of vote manipulation and project quality concerns. This mechanism filters projects through community voting, reflecting market recognition, but may be affected by malicious vote manipulation and large holder control. Limited community awareness and short-term speculative behavior may lead to the neglect of high-quality projects. To improve this mechanism, it is necessary to refine voting rules, clarify review standards, prevent improper conduct, and ensure fairness and project quality. At the same time, community education should be strengthened to guide users towards rational voting. In summary, the voting mechanism for token listings has the potential to become a platform for selecting quality projects, but it requires continuous optimization to address challenges and promote the healthy development of the cryptocurrency market. Overall, this mechanism has both advantages and disadvantages, and comprehensive measures are needed to realize its maximum value.