- More than 8.4 million BNB tokens were for up for the Space ID token sale
- Space ID earned $2.85 billion within 48 hours
- Final allocation will be based on the number of committed BNB tokens to the total number of holders
Binance’s launchpads have become a go-to option for traders seeking access to tokens from up-and-coming projects. This week, Space ID concluded its subscription period after receiving an impressive 8.4 million BNB tokens in commitments from 99,000 buyers over two days – amounting to over $2.85 billion at current market prices.
However, the hard funding cap is only set at $2.5 million, with 100 million ID tokens available at a rate of 0.00007412 BNB per 1 token. The final token allocation will be based on the number of BNB commitments compared to the total number of participating holders.
Space ID is the latest innovation in Web3 domain management, allowing users to register, exchange, and manage crypto-based domain names. In addition, the ID tokens used on the platform also serve as governance tokens, offering holders a secure way to participate in network decisions.
Binance Launchpad runs its distribution process through a lottery system; after announcing an initial exchange offer (IEO), a snapshot of potential investors’ BNB holdings is taken over a specific time frame before claim tickets appear for 24 hours so users can confirm their lottery tickets for participation in the token offering – all in exchange for BNB tokens.
Previous launches have been hugely successful, with some investors seeing multiple returns on their investments; Hooked Protocol’s HOOK tokens raised $9 million in December 2019 when offered at just 10 cents – since then, they’ve traded up to $2.50 resulting in an impressive 2,300% return for early participants.
These incredible opportunities drive hype and excitement amongst traders looking to get involved with new projects.
Binance Continues to Dominate Among Exchanges
Binance has quickly emerged as one of the most successful cryptocurrency exchanges in the world. Launched in 2017, Binance’s meteoric rise can be attributed to several factors.
Firstly, the exchange offers a vast array of trading pairs, including many lesser-known cryptocurrencies, allowing users to diversify their portfolios. This has helped attract both experienced traders and newcomers to the platform.
Secondly, Binance has been quick to adopt new technologies and features, such as margin trading and futures trading, giving users a range of options for trading and investing. Binance also offers a user-friendly interface and a mobile app, making it easy for users to buy, sell, and trade cryptocurrencies on the go.
Additionally, Binance has established itself as a leading player in the initial coin offering (ICO) space, with its Launchpad platform providing a means for new projects to raise funds and gain exposure. This has helped fuel Binance’s growth and popularity as investors are drawn to the potential for early gains on new tokens.
Binance’s success is also due in part to its emphasis on security and transparency. The exchange employs a range of security measures, including two-factor authentication, cold storage, and regular audits, to protect users’ funds and data.
Overall, Binance’s success can be attributed to its commitment to innovation, user experience, and security, as well as its willingness to adapt to the rapidly evolving cryptocurrency market.