Binance Launchpad’s Latest Offering Space ID Receives Over $2.85 Billion in BNB Commitments
Binance Launchpads remain a popular and highly anticipated option for traders looking to invest in new project tokens, offering the potential for significant profits.
Binance Launchpads have once again proven to be a hotbed for traders looking to get their hands on new tokens of upcoming projects. The latest launchpad offering, Space ID, has received over $2.85 billion in commitments from 99,000 holders in a 48-hour period, according to reports.
What is Space ID?
Space ID is a Web3 domain management platform that enables users to register, manage and exchange crypto-based domain names. The platform offers its governance token, ID, which can be used for various functions such as voting, staking, and liquidity provision.
How does Binance Launchpad work?
Binance Launchpad utilizes a lottery system to distribute tokens during Initial Exchange Offers (IEOs). After announcing a new IEO, a snapshot is taken of potential investors’ BNB holdings over a specific period, which varies depending on the sale. Once the BNB holding period concludes, a claim ticket button becomes available for 24 hours, which users must confirm to secure their lottery tickets. Afterward, the lottery begins, and the winners gain automatic participation in the token offering in exchange for BNB tokens.
What are the commitments for Space ID?
Within a 48-hour period that began early Tuesday, the most recent Binance Launchpad offering, Space ID, amassed over 8.4 million BNB tokens in commitments from 99,000 holders. This amounts to over $2.85 billion in commitments at current BNB market prices. However, the project has a modest hard cap for funding at just $2.5 million, and its tokens were priced at a rate of 0.00007412 BNB per 1 ID, with a total of 100 million ID available.
What are the previous launchpads’ returns?
Previous Binance launchpads have proven to be extremely profitable for early investors. For instance, Hooked Protocol’s HOOK tokens were offered at just 10 cents during a December launchpad, raising $9 million in BNB commitments. As of Wednesday, HOOK was trading at $2.5, yielding a 2,300% return for early participants.
Conclusion
Binance Launchpad’s latest offering, Space ID, has received overwhelming support from traders looking to secure their allocation of new tokens of upcoming projects. With a lottery system in place and past launchpads yielding significant returns for early investors, Binance Launchpads continue to generate massive hype and interest among traders.
Disclaimer
The information presented in this Blogpost is solely for educational and informative purposes and should not be misconstrued as investment, financial or legal advice. Cryptocurrencies are a highly unstable and speculative market and their worth is susceptible to substantial fluctuations. Therefore, it is advisable to conduct personal research and seek counsel from qualified experts before making any financial decisions.
