Cryptocurrency exchange Binance announced a significant change in the sales policy of the tokens on its platform, Launchpad. Now only those investors who win the lottery will be able to purchase tokens.
Previously, the platform acted on the principle who were the first to buy, which left many wishing to participate in the sale of tokens out of work. At the same time, due to the influx of those wishing to the site, technical problems constantly arose. For example, the recent sale of the Celer Network project tokens again caused a system overload.
To solve these problems, Binance intends to launch a lottery token sale system. Users will be able to purchase up to 5 “tickets” to participate in the lottery, and their number will depend on the amount of BNB tokens on the participant’s balance.
After the announcement of the next token sale, the platform will track the number of BNB tokens on the users ‘ balance within 20 days. Participants will be able to purchase tickets one day before the sale. Then, a transparent procedure is carried out to select the winners who will be able to buy the tokens of the project. If the user has 2 or more winning tickets, he will be able to buy more tokens.
Representatives of Binance note that the new system can cause increased volatility of the BNB token, but the side effects will be minimal.
“Other market participants will be able to take advantage of this volatility and trade on the change in the price of the token,” the company said in a press release.
Note that the success of Binance Launchpad has led to the emergence of competing platforms among other cryptocurrency exchanges. Recently about starting their own platforms for the exchange primary placement (IEO) has announced exchange KuCoin and Huobi.