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The Binance Launchpad platform has recorded gains of more than 270% for its three initial exchange offers (IEO) this year. With such returns, it is not surprising that demand is now rising and other exchanges are now copying the new model.
271% average earnings on Binance dashboard
Project tokens launched through Binance Launchpad earned 271% of their prize in IEO dollars at the time of writing this article.
Until now, the platform has launched three projects, namely BitTorrent, Fetch.AI and Celer Network.
As can be seen in the table above, the chips of each of them have seen their price skyrocket by the time they were registered on Binance.
During its IEO, BitTorrent Token (BTT) was sold at a price of 0.00012 USD. Upon registration, its price is catapulted by about 330%. It has risen further since, currently trading at 483% more than the value of its IEO dollar. Cryptocurrency has also increased against Binance Coin (BNB). At present, it is recording gains of about 154%.
The Fetch.AI (FET) token was sold for US $ 0.0867. After listing, its price in dollars increased by 367%. Currently, FET trades 119% more than its price in IEO dollars and 36% more than the NBB.
The Celer Network Token (CELR) was sold for US $ 0.0067 at its IEO. Its selling price was about 0.030 USD, an increase of about 350%. At the time of writing these lines, the CELR is trading at a higher price of 213% compared to the value of the IEO dollar and 197% higher when trading against BNB.
On average, tokens were priced at 350% higher than their value in IEO dollars. Their continued performance is also somewhat impressive, as they managed to maintain a much higher value, up 271% against the US dollar.
Demand is likely to increase
Despite the undeniable success of the projects themselves, Binance Launchpad has been confronted with permanent technical problems related to the strong demand for purchase.
In fact, it seems that people are more and more interested in participating, probably because of the feedback described above.
Immediately after the last Celer Network sale, Changpeng 'CZ' Zhao, CEO of Binance, stated that it was "the highest demand-for-sale we have seen so far. ".
Yet out of 39,003 people, only 3,129 have managed to buy CELR chips, suggesting that less than 10% of all people who have tried to buy have actually managed to do so. The feeling was similar throughout the previous sales.
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Since then, Binance has found a solution. Instead of processing orders on a "first come, first served" basis and resolving their technical issues, Binance decided to proceed with the sale using a lottery format.
As Bitcoinist According to the information provided, the platform will set up a BNB setting daily average criteria for users who wish to obtain tickets to participate in sales. These tickets will then be selected at random, which will allow their owners to purchase a predetermined amount of chips.
Other exchanges replicating the IEO model
Other exchanges have quickly understood the potential of their internal IEO factories.
KuCoin announced its Spotlight platform and will host its first IEO on April 3rd. The model they are looking for is more or less identical to that of Binance Launchpad before they decide to set up a lottery format.
Huobi Global is another well-known exchange that has also embarked on the new hypetrain. Their platform is called Huobi Prime. Unlike KuCoin and Binance, however, they have adopted a rather different approach.
Instead of making a "sale", Huobi Prime will list directly the new chips to be exchanged for USDT, Huobi Token (HT), BTC and ETH. Each sale will go through three rounds of preliminary 30-minute negotiations during which users will only be able to place ordinary market orders at a capped negotiable price for each series. Once they have finished, the exchange of the new token will be allowed.
Huobi Prime will have its first selective slice of chips on March 26th.
It should also be noted that this new craze has had a remarkable effect on the native trading chips.
Binance Coin (BNB) has more than tripled its price in the last three months. Huobi Token (HT) jumped more than 130% over the same period, while KuCoin Shares (KCS) gained about 120%.
What do you think of the new trend of IEOs backed by the exchange? Do not hesitate to let us know in the comments below!
Pictures via Shutterstock
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