Cryptocurrency exchange giant Binance is reportedly using a new lottery format for its Launchpad token sale platform as of the coming launch, according to Binance’s blog post (Mar 24).
The old first-come-first-served system has proved ineffective in including a wide range of users. Hence, the exchange decided to use lottery framework, which allows participants holding Binance Coin (BNB) assets over the 20-day period to claim up to 5 tickets, each of 100 BNB.
Eligible participants can select as many tickets as their BNB holdings allow to enter a 24-hour lottery. After that, winners of the event will be announced along with the number of winning tickets and the number of funds they will receive.
The announcement also asserted that while BNB price fluctuations around snapshot time are to be expected, “other market participants may view this as an opportunity, and countertrade to even out the fluctuations,” eventually mitigating the side effects.
Back in February, the Binance Launchpad has hosted a Fetch.AI (FET) token sale capped $6 million in just 22 seconds, and a $4 million sale in Celer Network (CELR) tokens earlier this month.
As The Crypto Sight reported on January 4, BitTorrent Token, the official cryptocurrency launched on the TRON Network by BitTorrent, was made available to non-US users on Launchpad platform of Binance exchange.