A few hours ago, a spokesperson for one of the world’s leading cryptocurrency exchanges ‘Binance’ issued a statement on the firm’s official website signaling a few major changes that were going to be made to the company’s native
“Launchpad token sale platform”.
According to the aforementioned announcement, Binance will now make use of a lottery format as opposed to its older “first come, first served basis” system which left many users (who had joined high-demand sale queues) without any tokens.
What Does The New System Entail?
As part of the new lottery ticket system, Binance users will be able to claim up to five tickets by holding native BNB tokens over a period of 20 days leading up to the event. Additionally, it is also worth mentioning that only 1 ticket can be procured for every 100 BNB held by each separate individual.
Upon the expiration of the aforementioned time period, Binance will then announce the winning tickets as well as the total amount of funds that the owner of these tickets will receive.
Lastly, users will also have the power to choose how many tickets they want to use to participate in a given lottery— however, this decision needs to be made 24 hours in advance of the winners being announced.
More On The Matter
When questioned on whether this new lottery scheme will cause frequent BNB volume fluctuations, a spokesperson for the firm added that they expect the side effects to be quite minimal:
“Other market participants may view this as an opportunity, and countertrade to even out the fluctuations.”
Also, for those of our readers who might not be aware of what Binance Launchpad is, it is (as the name seems to clearly imply) a platform that can be used to launch various crypto token offerings to the masses in a streamlined manner. In this regard, it should be pointed out that using this platform, Binance recently concluded a $4 million sale of Celer Network (CELR) tokens.
Not only that, but Launchpad was also used recently to conclude the Fetch.AI (FET) token sale event— which was able to raise a whopping USD $6 million within a span of less than 30 seconds (last month).
In closing out this piece, we would like to remind our regular readers that Binance is currently looking to implement a ‘margin trading’ module within its native UI in the near future.
It now remains to be seen how quickly these changes are adopted and how these upgrades are received by Binance’s core clientele.