One of the largest cryptocurrency exchanges on the crypto market-Binance, officially announced there will be major changes to the Launchpad token sale format into a new lottery format according to the blog post published today, March 24 which we are reading more about in the crypto news below.
According to the announcement, the company will start a new lottery format for every new project on the Binance Launchpad. Initially, the platform worked according to the method first come-first served which wasn’t adequate for many users who joined the high-demand and were left without tokens.
The blog post also shows that the lottery ticket system, in which users and participants can join, will be able to claim up to five tickets if the users hold the Binance Coin (BNB) tokens more than 18 days prior to the lottery with 1 ticket per 100 BNB. The exchange platform will then be able to announce all of the winning tickets and how big the amount of funds is and which owner of the ticket will receive the funds.
Also, users will be able to choose the number of tickets they wish to use as participants in the lottery in a period of 24 hours before the winners are chosen. While the exchange giant claims that the new system may cause some issues in BNB trading before the snapshot but also after the snapshot time, the reports show that the side effects will be brought to a bare minimum:
“Other market participants may view this as an opportunity, and countertrade to even out the fluctuations.”
The Binance Launchpad is the company’s token launch platform, as the name says, and in most recent times it has concluded a $4 million sale of the Celer Network (CELR) token seven days ago. The platform also conducted the Fetch.AI (FET) token sale and was able to raise about $6 million in just 20 seconds back in February.
As previously reported, multiple changes were done to the Binance Application Programming Interface that shows how the company is working hard on implementing margin trading. A week ago, LBank and Bit-Z both of which are exchanges, overtook Binance on the adjusted trade volume according to the rankings on CoinMarketCap but the newly found reports show that most of their volume is fake.
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