Binance, the biggest cryptocurrency exchange based on daily volume, has announced its next Launchpad token sale: Elrond Network (ERD). The Binance Coin snapshots begin on June 22.
Elrond Network (ERD) is a high-throughput public blockchain focused on providing security, efficiency, scalability, and interoperability by employing two key elements: Adaptive State Sharding and a new Secure Proof-of-Stake consensus mechanism.
Yesterday, Binance announced that the project will be the next IEO to be launched on Binance launchpad:
— elrond (@ElrondNetwork) June 20, 2019
The Elrond token sale will follow a similar lottery format as with the Harmony and Matic Network IEOs. That said, Binance made one small adjustment: the exchange will now calculate the average daily BNB holding amount on each account randomly over the 9-day holding period.
According to a tweet, recording of user BNB balances starting on June 21 at 8:00 PM (EDT). The actual sale, which involves ticket holders claiming their tokens, begins on July 1.
22nd June 00:00 AM (UTC) $BNB balance recording starts
1st July 00:00 AM BNB balance recording ends
1st July 6 AM 🎟️ claim opens
2nd July 6 AM 🎟️ claim closes & lottery draw begins pic.twitter.com/P9KglwHzaJ
— Binance (@binance) June 20, 2019
The Elrond Network Token Sale Details:
- Launchpad Ticket Claim Time: 2019/07/01 06:00 AM (UTC) to 2019/07/02 06:00 AM (UTC).
- Token Name: Elrond (ERD)
- Hard Cap: 3,250,000 USD
- Total Token Supply: 20,000,000,000 ERD
- Total Tokens Allocated to Binance Launchpad: 5,000,000,000 ERD (25% of Total Token Supply)
- Public Sale Token Price: 1 ERD = 0.00065 USD (price in BNB will be determined prior to the lottery draw date)
- Token Sale Format: Lottery
- Max Number of Winning Lottery Tickets: 10,833
- Allocation Per Winning Ticket: 300 USD (461,538.46 ERD)
- Supported Sessions: BNB only
- Elrond (ERD) will be issued on Binance Chain as a BEP2 asset.