Perhaps the most expected launch so far was the BitTorrent Token one ( BTT). The thing about Binance is that it’s the world’s biggest cryptocurrency exchange by trade volume, and it’s probably the exchange with the broadest selection of trading pairs.Įarlier this year, in January, to be precise, the company announced that it would take advantage of its Binance Launchpad platform to raise funds for new tokens at the tune of one per month, more or less. It’s even issued its very own digital token, called BNB. It was based initially in China, but then it moved to Japan as the Chinese government banned cryptocurrency trading in 2017.īy now it also has offices in Taiwan and Malta, which is one of the most cryptocurrency-friendly countries in the word. It was founded in 2017 by Changpeng Zhao and Yi He. ![]() Given its success, other cryptocurrency exchanges like Bittrex and Huobi have launched their own token sale platforms to compete with Binance.You’ve undoubtedly heard about Binance before. Others that have used Binance Launchpad to conduct their token sales include the BitTorrent token ( BTT) and Fetch.AI (FET) sales which took place in late January and February of this year. Celer (ticker: CELR) is the third project to hold a fundraising event on Binance’s crowdfunding platform. Notably, it took only 17 minutes for the sale to complete. A user can enter tickets according to a “maximum number to be based on their BNB holdings over the past 20 days” and “entering this ticket amount is a commitment to purchase the amount of tokens corresponding to eventual number of winning tickets.” Binance Launchpad’s Token SalesĪs explained in Binance’s blog: “For example, if User B puts in an entry of 5 tickets and only 2 tickets end up winning, they are committed to pay for 2 ticket allocations (in BNB) for the tokens.”Īs CryptoGlobe reported recently, the Binance Launchpad facilitated the launch of the Celer Network token sale, which concluded on March 19. This will change for each project on Launchpad.”īefore the lottery date for a project, Binance account holders “will be given a 24 hour period” during which they must decide “how many lottery tickets they wish to enter,” the exchange’s blog mentioned. Users Will Decide Number Of Tickets To Enterįor every new token project introduced through Binance Launchpad, the exchange will reportedly reveal “the maximum number of potential lottery ticket winners.” Moreover, the specific “allocation amount” associated with each “winning ticket” will be announced “ahead of time.” As noted in Binance’s blog: “For example, 10,000 potential winning tickets, each representing 500 USD worth of tokens. These numbers are used in a transparent draw mechanism described later. If you claim multiple lottery tickets, the numbers will be consecutive. Binance’s blog post explains:Įach lottery ticket has a unique number. Users with 500 or more BNB tokens will be given the maximum 5 tickets. Users who are eligible for receiving three or four tickets must also have a certain account balance. If a user has at least 200 BNB tokens and less than 300 BNB in their account they will be given two tickets. Multiple Ticket Holders Will Be Assigned Consecutive Numbers For example, if a user keeps at least 100 BNB and up to 199 BNB in their Binance account, then they will receive 1 lottery ticket – in order to participate in the exchange’s lottery program. ![]() Moreover, Binance claims its lottery draw will be carried out through “a transparent, randomized system with a random selection of lottery tickets based on tail digits.” This means that “users will be able to claim up to a maximum of 5 lottery tickets” according to a set formula. Specifically, the exact number of tickets a user is given is determined based on their Binance account balance “over a 20-day period.” If a user maintains a sufficient account balance for said period “leading up to the day of the lottery,” then they will reportedly be awarded “a maximum of 5 tickets per eligible account.” Users May Receive A Maximum Of Five Tickets According to Binance’s post regarding the announcement, the “number of tickets can claim depends on the amount” of Binance Coins (BNB) they hold. This, “instead of a first-come-first-served system” which had been used previously. The exchange operator’s launchpad is a platform that allows companies to more effectively market and conduct their token sale.Īs noted in a blog post published on Maon Binance’s website, the next Binance Launchpad token launch will be handled through a lottery. The developers of Binance, the world’s largest cryptocurrency exchange in terms of trading volume, have announced they will be introducing a new type of “lottery format” for the next crypto project that will be released through the Binance Launchpad.
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