According to one of the posts on its blog uploaded on March 24, Binance, top cryptocurrency exchange has announced that there will be a significant change to the format of its Launchpad Token Sale. According to the report, the company “will use a new lottery format for the next project on Binance Launchpad.” Initially, the entire system was based on first come first served concept, because of which a lot of users ended up joining high demand sale queues without tokens.
The post further highlighted a lottery ticket system explaining that participants will be eligible to claim up to five tickets by holding BNB (Binance Coin Token) during the period (20 days) leading up to the lottery, where each ticket values 100 BNB. Following this, Binance exchange will announce the number of winning tickets along with the number of funds winning ticket owners receive.
Twenty-four hours prior to choosing winners, users will be permitted to select the number of tickets they wish to use in order to participate in the lottery, while the maximum amount will depend on their BNB holdings over the prior 20 day period. However, Binance agrees to the fact that the new system could cause fluctuations in BNB trading before and after the concerned period but, the exchange reports that there should not be any significant side effects. The exchange further added, “Other market participants may view this as an opportunity, and countertrade to even out the fluctuations.”
As per its name, Binance Launchpad is the exchange’s platform for token launch, which very recently witnessed a sale of $4 million sales of CELR (Celer Network) tokens in the previous week. According to reports, the platform also hosted FET token sale (Fetch.AI) which raised $6 million within 22 seconds in the month of February.
As per previous reports, changes which were made to public Application Programming Interface of Binance showed that the exchange is working towards implementing margin trading.