Inspired by the success of the Matic Network, which brought its IEO investors profits of up to 16 times the investment amount ($0.00263 price during IEO with an all-time high of $0.043383) in the first week of trading, many people started stocking up on Binance Coin (BNB) in anticipation of the next crowdsale on the Binance Launchpad platform.
The price of the exchange-backed token jumped to $35 as news about the upcoming Harmony IEO surfaced. Once again, a lottery mechanism was used to determine who gets to participate. This time however, due to increased interest, the share of winning tickets dropped to almost half – from 58.38% to 30.82%.
A total of 12,977 owners of winning tickets are hoping that the token price will skyrocket like it did during previous IEOs on the platform. Whether expectations will turn into reality remains to be seen. And it will not be a long wait as Binance have announced that open trading will begin on June 1, 04:00 AM (UTC).
At that moment, Harmony (ONE) will start trading on both the standard Binance exchange and the newly-launched Binance DEX. To incentivise traders to start using the new decentralised alternative, Binance have announced an airdrop campaign. A total of 25,000,000 ONE tokens will be distributed to traders throughout five consecutive days. The prerequisites are a minimum of 100,000 ONE trading volume per day, and a minimum of 10 BNB held on the trader’s address.
To further hype the announcement, Binance have added 3,000 BNB to the airdrop pool.
In conclusion, the recent hack that Binance suffered has evidently not dissuaded traders from using the platform – in fact, IEO participation candidates have nearly doubled. And given the clever incentive schemes developed by the company to spark interest in their newest decentralised exchange, growth will most likely continue under Changpeng Zhao’s leadership.