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.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.