25 Mar 2019 #Bitcoin
It seems that the Binance team and their CEO Changpeng Zhao have been on some heavy stimulants lately since they dominated the news over the last few weeks. The Binance Coin is experiencing an incredible bull run having its price increased by almost 30% during last weeks whilst other altcoins were struggling; Mr. Zhao is touring around the world promoting the upcoming decentralized exchange and Binance’s own blockchain; they even brood over plans to launch a fiat-to-crypto exchange in Argentina. That’s only what has happened within the realm of Binance since New Year’s holidays. Apparently, they have found the way to add an extra few hours to a day and invented pills for tireless and sleepless work.
In any case, the last couple of days have seen yet another news bombardment from Binance.
Binance Launchpad is a unique crowdfunding platform that allows crypto projects to carry out token sales, preferably in the form of the initial exchange offering. So far, the following projects: Gifto, Bread, BitTorrent, Fetch.AI, and Celer, have realized successful token sales via this platform.
However, the fellas from Binance are not the one to rest on the laurels so they decided to experiment and alter the initial launch system and conduct the next token sale as a lottery. This means that the users will be given lottery tickets which they can use to purchase tokens once the next sale begins. Each user can have no more than five tickets at a time. The tickets will be distributed among those who hold no less than 100 BNB on their Binance accounts.
It is important to note that maintaining the balance within the framework of 100 to 500 or more BNB for the duration of the 20-day period is a crucial factor in the lottery. The system will take snapshots of the user balance on a daily basis to determine his eligibility. Those who have 500+ BNB can claim up to 5 lottery tickets.
The token sale will be realized in the form of a lottery draw where the winners will be determined by the transparent randomizer. Before the draw begins, the users would have to declare how many tickets they would like to commit. By committing the tickets, the user acknowledges his obligation to purchase the amount of tokens that correspond with the number of winning tickets.
Changpeng Zhao noted on Twitter that the newly adopted system is experimental and subject to multiple tweaks and amendments.
Although this information is yet to be confirmed by Binance officials, numeours information leaks suggest that Binance will soon introduce the margin trading option for retail traders. Presumably, the access to margin trading would be granted only to the users who constantly hold a certain stake in BNB on the exchange.
Despite the fact that offering the marginal trading option to inexperienced traders incurs risks and puts Binance under more regulatory crossfire, the exchange may well go on and implement it into practice since they have a vast experience in regulatory arbitrage as well as the evergrowing user base and market capitalization to mitigate these risks.
One of the biggest benefits of IEO is that the featured token is guaranteed to be listed on the exchange in the shortest period of time. In less than 24 hours after the finalization of IEO of Celer Network (CELR), which was held on Launchpad and lasted only 17 minutes and 35 seconds, the token will be listed on Binance and available for trading in the following pairs: BNB/CELR and USDT/CELR.
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2021 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.