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Binance presents the lottery IEO
In recent months, Binance has reintroduced its Launchpad offering, a platform that allows users to participate directly in the sale of tokens via the respected encryption system.
Although the initial sales of the refurbished platform apparently went well, sales of Tron's BitTorrent Token (BTT), Fetch.Ai (FET) and Celer Network Token (CELR) reached millions of dollars in minutes . some problems.
During the sales of BTT and FET, many traders were blocked on the portal because the Launchpad site was overloaded with purchase orders from around the world. As Changpeng Zhao, General Manager of Binance explained, following the sale of CELR:
39003 people tried to buy, 3129 had it. 35,000 people will be somewhat dissatisfied … Some users have encountered a caching problem that they felt needed to reconnect. An update would solve the problem. Others have still experienced network delays.
Binance has therefore sought to modify these problems. Launchpad will use a lottery system rather than a "first come, first served" system. Tickets will be determined by the BNB balance of users 20 days prior to the lottery event. The more BNB there is on the exchange, the more lottery tickets can be received.
This should, hopefully, help promote greater equity in this ecosystem, as so-called fully-created companies aim to take all parts of a Launchpad sale.
Competitors announce similar crypto projects
All of this comes as some of Binance's main competitors have announced plans similar to Launchpad, as they seek to take a piece of the IEO pie.
Huobi Global has recently revealed what it calls Huobi Prime, which, according to the director of operations, will keep the company "at the forefront of the ever-changing digital badet market." Prime would be supposedly a "Direct Offer at Bonus (DPO)". users have access to digital badets that will be directly deposited on their Huobi accounts.
Just like Launchpad, Prime will allow users verified by KYC to participate in parts offers. The first project launched on Prime will be a token called TOP, the native badet of the TOP Network ecosystem.
Bittrex International, a facet of the Seattle-based digital encryption system registered in Malta, has also entered the subsector. The company planned to sell the RAID token. But at the 11th hour, it's worth noting that he's withdrawn, citing "last-minute changes". But the fact is that Bittrex is also looking to get into the stock market.
Interestingly, rumors say that governments are not too happy with the "IEO" model. Dovey Wan, of Primitive Ventures, recently issued a warning from the Beijing Internet Industry Industry Association (what a mouthful) on Twitter. According to her, he explains that any "initial offer", that it is a traditional pattern, a pattern of exchange or a sale of 39, a similar ability, may be "a ponzi-esque musical chair game". Anecdotal comments from other commentators have also speculated that governments, like the United States, are likely to crack down on such a method of distributing cryptographic badets.
It is official as IEO / STO / IFO / IMO, etc. be illegal according to the Beijing government
"Initial offer" in all formats play the same psychological trick: "initial" creates a sense of scarcity, "offer" offers expectations – can be a ponzi like a musical chair, or a good base pic.twitter.com/YvH1y0tZ9x
– Dovey Wan ? (@DoveyWan) March 22, 2019
Title Image Courtesy of Marco Verch via Flickr
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