How to Use the Binance Launchpad

If you’ve been following our posts lately, we’ve covered a lot of Binance-related stuff. Well, being the largest crypto exchange by volume, people often ask questions about Binance. The crypto exchange has millions of users transacting on it daily. And most crypto newbies are likely to adopt it.

You can catch some of our previous articles on Binance here. But for this piece, we’ll focus on how to use the Binance launchpad. The launchpad is another great service that shows that Binance is more than just a crypto exchange.

binance banner
Ready to Get Started? Just Click and Go!

Several projects have used the Binance launchpad to launch their initial tokens. This feature allows projects to create a fundraising event called” Initial Exchange Offering.” This is a form of ICO carried out by the exchange instead of a project. Users can purchase tokens with the funds in their exchange wallet during this fundraising.

The Binance Launchpad is heavily focused on token issuance. So this launchpad is Binance’s way of giving its users first access to new and promising cryptocurrencies from different projects. Being a popular platform, Binance helps these projects gain awareness and visibility, thereby increasing their chances of succeeding. 

Binance Verifies Each Project Before Launch

With the rate of scams in the crypto space, it is understandable if you are weary of jumping on the newest project. Binance understands this. And the crypto exchange ensures that projects undergo a strict review process before being introduced to the Binance community. According to Binance, here are some of the things it looks for in a project,

  • Relatively mature-stage project development 
  • Readiness for large-scale adoption
  • A strong and committed team
  • Potential to benefit the growth and development of the wider crypto ecosystem

If the project successfully meets these requirements, it gets featured on the Binance launchpad. But you should conduct your own research before deciding on buying the token.

Using the Binance Launchpad to Join a Project

It’s important to note that you will need to fund your account. Fortunately, Binance offers you a variety of options to fund your account. There are multiple ways to do so. Binance allows you to fund your account with a fiat currency, which you can then convert to crypto or use crypto deposits from external wallets. 

The final step is to convert your funds into BNB, the crypto you need to commit to a project on Binance Launchpad. Here’s how you can start using the Binance Launchpad.

  1. Create an account with Binance if you do not have one. Here’s an article on how to do that.
  2. Go to the Binance launchpad under “Earn.”

3. Here, you’ll see projects preparing to launch or available for subscription. You can commit your BNB to a specific project. Usually, the subscription/calculation period lasts for seven days. Binance will evaluate your participation limit based on your average BNB balance over a specified number of days.

4. Afterward, you will have just one hour to commit your BNB. To not miss this window, be sure to subscribe to the Binance Announcements Telegram channel.

5. Go to the Binance Launchpad page and click [Commit BNB]. You’ll see your commitment limit based on the BNB amount in your spot wallet. You can choose to transfer BNB from other wallets to your spot wallets.

6. After committing your BNB, they will be temporarily locked. You’ll not be able to redeem them until the final token distribution period. Once the needed amount of BNB has been deducted, and the tokens are distributed to your spot wallet, the remaining BNB will be unlocked and transferred to your wallet. 

7. After the final allocation, Binance will begin trading for the new token. So it’s up to you to trade your tokens on the spot market or hold them.

Launching a Project on the Launchpad

Here are the steps to launching your project on the Binance launchpad:

  1. Go to the Binance Earn page and select “Launchpad 

2. Scroll down and click on “Apply to Launch.”

3. You’ll be redirected to an external Google page. You’ll have to fill in the details of your project.

4. The project details will be sent to the Binance platform for review when you submit the form, and then it will move to Binance Launchpad. Some of the considerations include business and token economic models, the auditing process, and the background of the project team. Binance also examines the project’s developmental stage, which should be at a respectable degree of advancement and have a scalable infrastructure, along with other factors.

5. If the project meets Binance’s requirement, it will feature on the launchpad and be available to users.

Advantages of using the Binance Launchpad

Here are some of the benefits of using the launchpad of the world’s largest crypto exchange:

Trust: Binance is a security-conscious platform. While there is no 100% guarantee of success in crypto, Binance ensures that you deal with scrutinized projects.

Equal distribution of tokens: Binance uses a lottery system to ensure equality in the system.

Liquidity: Binance will list projects that are launched on the Launchpad. They’ll also have world-class liquidity in multiple trading pairs.

Support from Binance: Projects on the launchpad will receive support from Binance. This will serve as a boost for their progress.

Which Project Has Used the Binance Launchpad?

Several successful and popular projects used the Binance launchpad to kickstart their journey. Here are a few of them:

  1. Voxies( VOXEL)
  2. WazirX 
  3. KAVA 
  4. FC Porto Fan Token (PORTO)
  5. Alpine F1 Team Fan Token (ALPINE)
  6. Axie Infinity 
  7. League of Kingdoms (LOKA)
  8. STEPN
  9. Lazio Fan Token (LAZIO)
  10. MATIC 
  11. The Sandbox 
Difference Between the Binance Launchpad and the Binance Launchpool

The launchpad and the launchpool are essential services offered by the Binance team. They also play significant roles in the ecosystem but are different.

The Binance Launchpool allows you to stake crypto tokens in liquidity pools of emerging blockchain projects. You can stake your tokens to the supported liquidity pool once a new Launchpool starts farming. Binance calculates rewards based on: 

  • The amount you’ve committed/staked
  • The total amount of tokens committed to the pool

The main distinction between the launchpad and launchpool is that Binance Launchpool enables yield farming for rewards. Read this article for more detail on this.

The Binance launchpad is a good place to search for potential projects. We, however, encourage you to do your due diligence before investing.

Sign up with Binance using our Affiliate Link and get the following benefits:
  • Get a $100 instant bonus with a first-time deposit of $50 within 7 days,
  • Get a 20% trading fee discount for life!
  • Get $200 worth of 2 months Altcoin Buzz Access PRO Membership (50+ Trading Signals, Hidden Gems) and unlock up to $500 more in prizes
Click on the following link (as per your location) to avail the benefits
Binance Global
Binance US
For further details, visit our special Binance Page. Terms & Conditions Apply.
Disclosure: Altcoin Buzz may receive a commission, at no extra cost to you, if you click through our links and make a purchase from one of our partners.

Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Do your own due diligence and rating before making any investments, and consult your financial advisor. The researched information presented we believe to be correct and accurate; however, there is no guarantee or warranty as to the accuracy, timeliness, or completeness. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.