Binance is known to be one of the leading cryptocurrency exchanges in the world, and this continues to be its title even up to now. Apparently, the company is set to introduce a variety of changes to its Launchpad token sale. Here is everything about it in a nutshell.
Major Changes to Binance Launchpad
The crypto exchange announced via its official blog that a bunch of major changes is coming to its Launchpad token sale. Basically, these changes are aimed at the said sale’s format. According to the announcement, the firm is expected to utilize a new form of lottery format purposely intended for an upcoming project on Binance Launchpad.
In the past, the system was designed in what is called a first come, first served basis. It has been its narrative ever since its introduction to the public. However, this functionality proved to be a bit detrimental, as it left a handful of users without tokens. And this is even true to users who decided to join some high-demand sale queues.
In its blog post, Binance seems to outline a certain lottery ticket system. The latter, in particular, will see participants having the ability to obtain a maximum of five tickets and all the have to do is hold Binance Coin (BNB) tokens. However, they must do this over the next 20 days until the lottery is reached – something that must even be done with only a single ticket per 100 BNB.
The New Lottery System
The digital currency exchange is expected to reveal the number of winning tickets, as well as the certain amount of founds that the owner of a winning ticket will obtain.
Moreover, users will be given the opportunity to choose the number of tickets they want to utilize in order to join in a given lottery and they have 24 hours to do so prior to the selection of winners. It is worth noting that the maximum number is completely based on these users’ BNB holdings and must be over the aforementioned 20 days period.
It holds true that Binance admitted that the new system could potentially arrive with a couple of fluctuations, especially in BNB trading. These could even happen before and after the said trading. However, the exchange is confident that the side effects of implementing this system are minimal. The company even said that other market participants out there might see this as an opportunity. And in order to even out these fluctuations, they might simply countertrade.