Binance to Support Elrond Network IEO
After a long vetting period, Binance released details on its sixth high-profile IEO.
Binance is showing it has not given up on the initial exchange offering trend, through the market operator takes its time to pick the best projects. After more than a month of waiting, Binance announced Elrond Network, the next IEO to go live on Launchpad.
Binance has shared its position to support projects that offer scalability and speed solutions, as well as proposing paths for widespread blockchain adoption.
“At Binance Launchpad, we continue to support infrastructure projects aimed at solving problems associated with blockchain technology scaling and its readiness for mass adoption,” said Binance CEO and Founder, CZ (Changpeng Zhao).
“The Elrond team addresses this issue in an extraordinary way by proposing the concept of ‘Adaptive State Sharding,’ which allows decentralized networks to compete in speed and security with centralized ones. We look forward to seeing this project contribute to our ecosystem in the long run.”
Binance has already invested $1.9 million in a private round of funding.
The Elrond (ERD) token will be a BEP20 token, the second IEO token to be launched first on Binance DEX and use Binance Chain for its initial stage. With Harmony Protocol (ONE), Binance started the trend of performing IEOs of Binance Chain-based tokens.
Later, the Elrond project will build a proprietary network with the aim of high-rate scalability, and the opportunity to work through 10,000 transactions per second.
The ERD token placement at the private sale was at $0.00050, and the IEO will be held at a price of $0.00065. A total of 20 billion ERD will be created in total, with around 37% released initially.
The ERD token sale will be held on July 1, aiming to raise $3.25 million. As usual, Binance Coin (BNB) holders will be able to claim tickets and participate in the lottery to win the right to the IEO sale. The maximum personal participation in the IEO is $300. Binance Launchpad IEOs have been the most transparent and offered gains of as much as 1,000% between lowest price and peak prices.
BNB remains near its peak prices, trading at $37.27 on Monday, with a slight setback after Bitcoin (BTC) took the leading position as the fastest-growing coin. BNB peaked over the weekend at $39.37.