Binance Opens Lottery for Elrond Project’s Initial Exchange Offering
Binance’s next IEO arrives in a week, for those who manage to secure lottery tickets through their Binance Coin (BNB) Balance.
Elrond Networkis going through the pre-sale stage, where holders of Binance Coin (BNB) can secure their lottery tickets for the right to buy into the next IEO. Theticket claim periodwill run until 9 AM on June 2, followed by a draw for the right to buy Elrond Network tokens.
The token sale aims to place tokens worth $3.25 million, to sell 19% of the total Elrond Network token supply. The session price for one ERD token will be $0.00050. The amount allocated for the IEO will be the same as the team reward of 19%. Most of the ERD tokens will be in various forms of lockdown, with less worries about a large supply suddenly hitting the markets.
The entire ERD supply will be gradually released over the next three years, hitting 100% of the supply in 2023. Elrond Network has also set aside funds for marketing and community development, and 2% of all tokens are used for airdrops and various other incentives.
Elrond Network will also be one of the projects to work with Binance Chain, and be listed directly on Binance DEX.
Binance Coin (BNB) manages to keep near its dollar-denominated highs. However, the Satoshi price for BNB has seen a serious crash, losing almost half its value against Bitcoin (BTC). Thus, Binance IEOs are more affordable in BTC terms, as BNB moved down from the 40,000 Satoshi range toward the 20,000 Satoshi level.
Binance’s IEO tokens have been relatively volatile. Matic Network (MATIC), at one point the most successful IEO, slid by 30% from its all-time high, returning to around $0.021.
The new IEO projects may benefit from the increasing volumes of Binance DEX. Trading has increased to the equivalent of $3 million in 24 hours, constantly growing as new assets are added. Binance DEX adds new coins both from IEOs, and from existing projects migrating to Binance Chain.
Binance DEX also carries a synthetic asset, BTCB, based on BTC prices, which allows owners of the leading coin to trade on the decentralized exchange, while keeping the private keys to their BTC.