Critics have been harsh on Binance and their BNB token after the issues surrounding Celer’s IEO on the exchange’s Launchpad platform. In a twist of events, however, the leading altcoin exchange has responded with a creative solution to their previous problems.
The next crowd sale on Binance Launchpad will replace the first-come-first-serve model with a lottery system, which would decide who gets to participate. Every account will be eligible for up to five lottery tickets, depending on the amount of Binance Coin that it’s holding (100 BNB per ticket).
As for the lottery, it will be fully transparent and provably fair. The full information about the new IEO model can be found in the official announcement.
One curious fact is that holding BNB is required for the 20 days before an actual crowdsale, which provides an incentive scheme, aimed at reducing the circulating supply of Binance Token, while simultaneously increasing interest in the token. So the reaction for this news was almost instant – with BNB jumping from $15 to upwards of $17 a piece.