Seeing Binance Launchpad IEOs give massive returns to their investors is barely news anymore, but the recent success of Elrond has even eclipsed that of the previous offerings on the most popular cryptocurrency exchange.
Sold for 0.00001984 BNB during its IEO phase, the ERD token reached 0.00028 within an hour of trading on Binance, with a volume high enough for any IEO participant to sell their full holdings. While a correction did occur, it cannot be characterised as a dump, since the token is still worth ten times the price it was sold for.
For comparison, the previous sale on Binance Launchpad – Harmony (ONE) – started trading at approximately 8 times its IEO price. That said, unlike the overwhelmingly positive reaction that Harmony’s launch received, this time many lottery holders took to Twitter to share their disappointment with their inability to participate.
The first lottery on Binance – Matic – finished with 58.38% success rate for ticket holders. Winning tickets for Harmony were 30.82%. With Elrond (11.07%), for the first time Binance is in a situation where a sizeable number of holders of five tickets failed to even get a single winning one – and many of them are vocal on social media.
Despite the frustrations with the drawbacks of the lottery mechanism, the overall sentiment is still not overwhelmingly negative and there is no shortage on ERD buyers either. Once again, in a manner similar to the way the Harmony IEO was handled, the new ERD token also got listed on Binance DEX.
And once again, both the Elrond team and Binance are incentivising traders to give Binance DEX a try by dedicating a sizeable number of ERD tokens and Binance coins to an airdrop for traders. To be eligible, users need to reach a daily trading volume milestone while holding BNB. The full information about the airdrop is available on the exchange’s official website.