Binance’s Latest Launchpad Offering Sees Increased Participant Interest
- The Sandbox’s IEO on Binance is the most popular initial exchange offering in the past 10 months.
- The native-to-the-gaming-ecosystem SAND token opened trading at 8 times its IEO price, but quickly dropped down 50% in a stabilizing bid.
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The Sandbox, a virtual world utilising a gaming token on the Ethereum network, has concluded its initial exchange offering on the most popular IEO platform – Binance Launchpad.
The Sandbox’s native SAND token saw immense interest – with upwards of 164,500 ticket reservations on the exchange. Of those, only 15,000 were winning (9.1%).
For reference – Binance’s previous IEO – that of dapp operating system Cartesi – saw Binance customers apply for fewer tickets – 155,500. The one before (WazirX) – 136,500. The one before that – Troy – got 88,500, and it was preceded by KAVA with 166,500 – which means that SAND is the most popular IEO in the past 10 months.
In the meantime, Binance was seeing record traffic, as announced by CEO CZ himself.
All of this, combined with the fact that a large portion of Binance Coin’s circulating supply had just been locked in staking, did not help the native token of the exchange move significantly in price. BNB appears stable slightly above $20, and for the time being its holders are perhaps more happy with the yearly yields than the price action.
The SAND token opened trading at 8 times its IEO price, before correcting down to half of that within a week. The volume numbers also dropped – from almost $150 million in its first day to slightly over $3 million today.
Still, with major partnerships on the line (Atari, Dapper Labs, the company behind Cryptokitties) and $3 million in new funding – we are certain that we will be hearing more about the team – and soon.
- Stablecoin issuer Paxos has engaged the SEC in “constructive discussions” over its allegation that BUSD is a security, ready to defend its position in litigation.
- The company also revealed it will be ending its relationship with Binance, but noted that the decision was separate from the NYDFS and SEC investigations.
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- Binance’s CSO said the company was working with regulators to figure out what remediations it has to go through to make amends for past compliance violations.
- The executive said he was “highly confident and feeling really good” about where the discussions were going, and expected to settle the charges with monetary penalties.
- Paxos confirmed it had received a Wells Notice from the U.S. SEC on 3 February, that claimed BUSD was an unregistered security.
- The company said it “categorically disagrees” with the SEC’s claim, and that it was prepared to “vigorously litigate if necessary”.