Binance Launchpad adjusts conditions for retaining Binance Coin (BNB)

Binance Launchpad adjusts conditions for retaining Binance Coin (BNB)

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Binance has made a number of adjustments to the terms and conditions of the Binance Launchpad, the Initial Exchange Offering (IEO) platform of the company. For example, the period during which investors must have Binance Coin (BNB) in their wallet is stepwise extended.

Beginning crypto and blockchain projects can sell their cryptocurrency on Binance Launchpad. This way they can collect investments but also generate more brand awareness. IEOs are an alternative to Initial Coin Offerings (ICO). According to many, this is a safer way to hold such sales rounds as Binance thoroughly screens these projects before they can participate.

In order to participate in IEOs on Binance Launchpad, interested investors must have BNB in ​​their wallet. They receive lottery tickets based on the amount of BNB. The more lottery tickets, the greater the chance that you can participate in an IEO.

Binance is looking at BNB’s balance sheet in a wallet. The balance is determined every day at 00:00 UTC, after which the average is calculated after the specified period has expired.

This period will last seven days during the next IEO, which is the seventh IEO on the platform. Binance Launchpad will, however, extend this period step by step.

For example, the period for the eighth IEO will be 15 days and for the ninth 30 days. After this extension, the period will no longer be extended. This keeps the period in which investors must hold BNB at 30 days.

Another adjustment is that this period can now start at an indefinite time. The period can, therefore, start before an IEO is announced. Binance Launchpad writes on the website:

In the future, the BNB retention period may start before a Launchpad project is announced. For example, if the 8th Launchpad project was initially announced on 7 August with the last BNB holding date set on 13 August, that would mean that the BNB holding period had already started on 30 July.

With this, Binance hopes to encourage users to have as much BNB as possible put in their wallets and to retain it. The number of lots that someone subsequently receives based on the BNB balance is indicated below:

Average BNB balance Number of lots
50 ≤ X <100 5
100 ≤ X <150 10
150 ≤ X <200 15
200 ≤ X <250 20
X ≥ 250 25

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About Shawn Morrison 204 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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