Binance Launchpad has been majorly successful at 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 hosted on its platform. All of the projects which have been launched on Binance Launchpad collectively managed to raise a total of $27.2 million.
Initially, participation in the Launchpad’s IEOs was first-come-first-serve. However, after extreme demand caused some Initial Exchange Offerings to sell out in minutes, the Binance team has tweaked the entire system and introduced a lottery-like format implementing certain minimum holding requirements for BNB.
More recently, however, the exchange announced that its required holding period would be seriously increased.
Forced to Hold Your BNB For Longer Periods of Time
Launchpad will now require users to hold their BNB on the Binance Exchange for longer periods of time in order to receive tickets and take part in lotteries for IEOs.
The length of the holding period will gradually increase to 7 days for Launchpad’s upcoming seventh IEO. This means that users will have to hold their BNB for 7 days before receiving lottery tickets.
The holding period will extend to 15 days for the eighth IEO and 30 days for the ninth IEO, meaning that users will eventually have to keep their BNB locked up for months if they want to take part in an IEO.
Making Participation Much Harder
The latest updates will make participation on Launchpad much harder, as users will be forced to hold coins for a longer period of time.
Furthermore, the Binance team has stated that the holding period may even start before the project is announced. This means that if you would like to participate regularly in IEOs, you should always have BNB in your holdings lest you miss out.