Tokens released via IEO on Binance Launchpad are rising sharply
2 min readSeveral crypto tokens, launched using the initial exchange offerings (IEO) on Binance Launchpad, saw huge price increases last month – up 455% – according to crypto data provider Messari.
IEO on Binance Launchpad fired token prices
To date, Binance Launchpad, a token launch platform for “transformative projects,” has successfully implemented 18 IEOs for 14 tokens, such as Band Protocol (BAND), Perlin (PERL), BitTorrent (BTT), Bread (BRD), and more.
For example, in mid-June, Band Protocol launched its version 2.0 on the Cosmos network. Previously, Binance had used it to provide price data to more than 600 trading pairs. It has currently added up to 370% in the last 30 days.
Perlin, the second largest token launched through the IEO at Binance Launchpad in terms of price increases, is an intelligent, cross-media contracting platform that develops enterprise blockchain tools and DeFi ecosystems. Its partners includeNational Institutions for Transformation of India, International Chamber of Commerce, Government of Singapore, Dubai Chamber of Commerce and other institutions. It added 311% in the same time frame.
The remaining projects range between 1% and 200%, with the sole exception of WazirX, which saw a 9% decline.
Silence before the storm?
Bobby Ong, co-founder of the CoinGecko crypto platform, noted that despite significant price increases, IEOs slowed significantly in 2020 compared to 2019.
“In 2019, there were 11 IEOs conducted on Binance. However, we are now in the second half of 2020 and there were only 2 IEOs […] so far this year. Those two were WazirX, which raised $2 million on April 4, and Cartesi—with $1.5 million on April 22.”
And added:
“Binance Launchpad is currently planning to launch the third offering this year—for The Sandbox, “a virtual world built on Ethereum,” slated for August 13 with the goal of $3 million.”
But other exchanges are also launching new IEOs.
“Even though IEOs have slowed down in the first half of 2020, it seems to be making a comeback in the second half of the year with several exchanges launching IEOs. Kucoin has successfully conducted the IEO for BitBNS token on 31 July raising close to $500k. FTX is having an IEO today for Serum together with BitMax.”
If you would like to see a list of upcoming IEOs, it is provided for example by CoinCodex platform. It can be seen here.
