Binance Updates IEO Rules on Its Launchpad
Coinspeaker
Binance Updates IEO Rules on Its Launchpad
Binance has announced an update on Binance Launchpad lottery system. The holders of Binance Coin (BNB) now have the possibility of being rewarded with up to 25 lottery tickets. The main criterion for getting more tickets is the same – average BNB holdings over the specified period on a user’s account. The main idea behind is pretty straightforward – the more you hold, the higher your odds to end up with the victory are.
Binance, the crypto exchange, posted on its website a set of rules helping to get a more vivid picture. Each consequent project will have a longer holding period – it starts from 7 days and gradually progresses to 30. You can get acquainted with the rules below:
- The next (7th) Launchpad project will have a 7-day BNB holding period.
- The 8th Launchpad project will have a 15-day BNB holding period.
- Starting from the 9th Launchpad project and onwards, the BNB holding period will be set at 30 days.
Sounds simple, right? However, to add more spice to the game, Binance plans not to disclose any specific time setting. That is, the holding period of Binance Launchpad may begin prior to the actual start of Binance Project – with no official notice, clearly. The rule was stated as it goes:
“Going forward, the BNB holding period may start before each Launchpad Project is initially announced. For example, if the 8th Launchpad project is initially announced on August 7th with the final BNB holding date set on August 13th, that would mean the BNB holding period started on July 30th.”
Some more formalities to keep in mind are the following ones:
- User BNB balances will return to being snapshotted at 0:00 AM UTC each day.
- BNB in Binance Margin Accounts will not count towards each user’s BNB balance for Launchpad ticket claim.
- The number of tickets claimable and the corresponding amount of BNB required for each category has also been updated, as outlined below.
In total, each individual can claim up to 25 lottery tickets. But how can you find out how much tickets you will be able to get? One thing here to keep in mind is: the users will be awarded based on their daily average holding of BNB within the lottery period.
To start with, let’s consider an example. If the holding period is 7 days, and each day you maintain a differing balance of BNB, then the average has to be figured out the following way:
| Day # | BNB Balance (recorded at a random time each day) |
| Day 1 | 100 BNB |
| Day 2 | 100 BNB |
| Day 3 | 100 BNB |
| Day 4 | 100 BNB |
| Day 5 | 50 BNB |
| Day 6 | 50 BNB |
| Day 7 | 50 BNB |
| Average BNB Calculation | (100 + 100 + 100 + 100 + 50 + 50 + 50) / 7 = 78.6 BNB |
| Total Eligible Ticket(s) | 5 Tickets |
As soon as this step is done, you can use the table to look up the number of tickets you will receive. Let’s put an example: you know that your average balance exceeded 100 BNB but still falls beyond 150 BNB – in this case, the maximum what you can gain is 10 lottery tickets. Check out the table provided by Binance:
| Daily Average BNB balance (X) | No. of Lottery Tickets |
| 50 ≤ X < 100 | 5 |
| 100 ≤ X < 150 | 10 |
| 150 ≤ X < 200 | 15 |
| 200 ≤ X < 250 | 20 |
| X ≥ 250 | 25 |
That’s all what it takes. Binance thanked all its supporters, and we, in our turn, want to wish good luck to all participants.
Binance Updates IEO Rules on Its Launchpad
OhNoCrypto
via https://www.ohnocrypto.com
Liza Mazuryna, Khareem Sudlow