What is a Launchpad Bainance?
Binance Digital Currency Exchange, known as the largest cryptocurrency exchange in terms of trading volume, announced in January 2020 that it plans to launch a new fundraising event every month through the Binance Launchpad platform.
In this article, we will teach you how to participate in Binance LaunchPad projects by explaining how Binance Pad launches. Stay with us.
Binance Launchpad launches
The BitTorrent digital currency was the first token to raise capital through the Binance Launchpad. BitTorrent is a peer-to-peer (P2P) file transfer platform. To gain.
The following month, the Fetch.Ai project was introduced with the FET token as the second project to raise capital through the Binance launchpad. The project raised about $ 6 million in 10 seconds and surpassed the BitTorrent project with its record.
These two projects experienced a lot of price growth after being listed in the launchpad of Binance. This drew the attention of the digital currency community to this area.
By doing so, Binance Exchange made the field one of the most popular and famous, followed by digital currency exchanges launching a platform for selling tokens. This is now called Initial Exchange Offering (IEO).
Following the Binance launchpad launch, five significant exchanges, such as Kucoin and AX, announced that they would follow Binance to launch their initial public offering platform.
How to apply and participate in IEO Binance
This section will teach you how to register and participate in Binance launchpad projects step by step.
You must have an account in the Binance collection and login in the first step. If you do not have an account, create an account for yourself and log in.
After logging in to your account, select the Launchpad option in the menu in the upper left corner of the screen. You can then see a list of available projects in the middle of your page.
For better and easier understanding, the mode of each project is specified. The projects about to enter the phase of their token sale are located on the left side of the page. A summary of useful and practical information such as the total supply volume and the start date of the token sales is placed in this section. Also, by clicking on any project, you will enter the information page of that project.
At the top of each page is general information about the project and the fundraising event, including price, start time, supply amount, day and time of project start, and more.
Information required to participate in Binance Launchpad
To do this, you need authentication or KYC. Although many authentication steps are common to many projects, some of the steps and steps required for authentication may vary from project to project. Four steps are needed for authentication, which we will discuss below:
first stage:
Enter identity information
second stage:
After completing the previous step, you will need to upload an image of your credentials to binance.com at binance.com. This process is speedy.
SUM stage:
After this step, you must upload a text containing the text requested by Binance, the date of your request, and your image in a selfie.
Step 4:
After these steps, you will have to wait for your information to be confirmed after a while.
Information about Binance LaunchPad projects
Before entering into any of these projects, it is necessary to thoroughly and thoroughly review all the pros and cons of those projects. Binance Launchpad also provides users with valuable and essential information about the tasks to be launched.
In addition, Binance has a research section where there is much information about all the listed projects.
We suggest that you read the information in this section before investing in any of these projects. You can turn your first experience investing in such projects into a successful venture by following the above tips and getting enough information about each assignment.
After obtaining the necessary information about the accuracy and validity of the project, the next step is to know the exact time of the project start and preparation for it.
Note that users are only allowed to purchase tokens with predefined tokens. All the tickets launched, except for BitTorrent, happened with these conditions this year. Users could buy BitTorrents using Binance Coin (BNB) and Tron Coin (TRX) in the BitTorrent project.
Buy IEO on Binance Launchpad
After holding several IEOs by Binance Launchpad and considering many applicants to participate in these events, the Binance team decided to use a new way to join in IEOs. For this reason, the Binance project introduced a new mechanism called the Lottery mechanism to its users. This mechanism is based on the amount of BNB maintained by individuals. Following the announcement of new IEOs, BNB inventory information is recorded for a period ranging from 7 to 30 days.
According to the rules of this mechanism, the average BNB balance is calculated in that period, and then one lottery ticket is issued for every 50 BNB tokens stored.
Note that each person can have a maximum of 10 lottery tickets equivalent to 500 BNB tokens.
Immediately after calculating the number of people BNBs, you can confirm the number of your tickets using the Claim Ticket option. This option is activated 24 hours after the BNB counting period.
After completing the lottery process, tickets issued to individuals will be automatically entered into the IEO project upon request.
Concluding remarks
Participating in Binance Launchpad projects is almost straightforward. All you need to do is get enough information and increase your awareness of the various projects. Nevertheless, Binance has made every effort to ensure that users are comfortable and accessible with the project.
After the success of Binance Exchange in the launchpad project and attracting a lot of capital in a short period through this, other exchange offices also launched such platforms. They drew the attention of many investors and users in this field.
