Binance Launchpad for Space ID Tokens Receives Over $2.8B in BNB Commitments
The Space ID token sale, which raised $2.5 million from exchange customers, has over 8.4 million bnb tokens pledged to it.
For traders trying to get allocations to tokens of fresh projects, Binance launchpads remain a lucrative and hyped wager. For a 48-hour period beginning early on Tuesday, 99,000 investors committed more than 8.4 million bnb (BNB) tokens to Space ID, the most recent launchpad, whose subscription concluded in the early hours of Wednesday in Europe.
At the current market price for Airbnb, such commitments total more than $2.85 billion.
Nevertheless, because the project’s hard cap for funding is a rather meagre $2.5 million, none of that money will go towards Space ID’s ID tokens. 100 million IDs overall, valued at 0.00007412 BNB each ID, were made available as these tokens.
Based on the ratio of the number of bnb pledges to the total number of participating holders, the final allocation will be determined.
Users can swap, register, and maintain crypto-based domain names using the Web3 domain administration system called Space ID. In the platform, ID can be utilised as a governance token.
Binance Launchpad distributes tokens via a lottery system. A snapshot of prospective investors’ bnb holdings during a predetermined time period, which varies depending on the sale, is captured after a new initial exchange offer (IEO) is made public.
After the BNB holding period, users who need to confirm their lottery tickets will see a claim ticket button for 24 hours. Then the lottery will begin, and the winners will automatically be able to participate in the token offering in exchange for BNB tokens.
Past Binance launchpads saw investor returns climb by several multiples, which undoubtedly creates a lot of excitement and attention.
The HOOK tokens from Hooked Protocol collected $9 million in bnb commitments from traders during a launchpad in December when they were being offered for merely 10 cents each. As of this Wednesday, HOOK is trading for $2.5, providing early investors with a return of 2,300%.