The Binance Launchpad has been a major success in launching Initial Exchange Offerings (IEOs). In fact, a new report by CoinGecko reveals that Binance is among the leading exchanges in terms of the amount raised by the IEOs which are hosted on it. All of the projects which have been launched on Binance Launchpad collectively managed to raise a total of $27.2 million.
Initially, the participation in the Launchpad IEOs started out as a first come first serve sort of basis for the IEOs. However, after extreme demand, causing some Initial Exchange Offerings to sell out in minutes, the Binance team have been tweaking the entire system and turned it to a lottery-like format implementing certain BNB minimum holding requirements.
Most recently, however, the exchange announced that the period for these holdings will be seriously increased.
Forced To Hold Your BNB For Longer Periods Of Time
The latest Launchpad changes will now require users to hold their BNB on the Binance Exchange for longer periods of time to be able to receive tickets and take part in the lottery for the IEOs.
The length of the holding period will gradually increase to 7 days in the upcoming seventh IEO on the Launchpad. This means that users will have to hold their BNB for 7-days before being able to receive lottery tickets for the IEO.
The holding period extends to 15 days in the eighth IEO and to a further 30 days in the ninth IEO which means that users will eventually have to keep their BNB locked up for months if they would like to take part in the IEO.
Making Participation Much Harder
The latest updates are making participation within the Launchpad much harder as users are now forced to hold coins for a longer period of time requiring them to finance these holdings.
Furthermore, in the latest Launchpad updates, the Binance team have stated that the holding period for projects may even start before the project is announced. This means that if you would like to participate regularly in the IEOs you should always have BNB in your holdings otherwise you will miss out on the holding period.
The post The BNB HODLers: Binance To Increase Minimum BNB Holding Period For Next Launchpad IEOs appeared first on CryptoPotato.