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Binance Launchpad to host yet another token sale, and now it’s time for Celer Network to set its own records. Meanwhile, Binance Coin reacted positively to the news gaining 20% ahead of the event.
Binance announced Tuesday morning that Celer Network would be the fifth sale on the exchange’s platform. Just under 600M CELR tokens, or 6% of the total supply, have been allocated for the sale on March 19th. Individual contributions will be capped at $1,500 USD each.
Celer Network is a layer 2 scaling platform designed to provide a scalability and efficiency boost to blockchains. decentralized applications. Celer Network employes a layered design consisting of “cCos”, “cRoute” and “cChannel”.
The hard cap for the CELR is set at almost exactly $4 million, which goes in line with the Binance Launchpad strategy of setting lower hard caps than what we’re normally accustomed to seeing in token sales.
In total, around 597 million CELR will be offered at a price of $0.0067 each. Since the sale will be conducted with BNB, the actual BNB price will be set on the day of the token sale. The total supply of CELR tokens is 10 billion.
Bear that in mind that Binance Coin (BNB) achieved an all-time high (ATH) against Bitcoin (BTC) in the crypto markets. The new ATH of BNB is valued at 0.0036626 BTC. Further looking at the USD value, BNB peaked at a recent high of $13.75 and currently up 20% in 24 hours. Investors who had bought the dip on December 15th last year when BNB was at $4.50, are now in the range of 200% in profits.
Investors who enjoyed or missed out on the BitTorrent (BTT) and Fetch (FET) token sales on the Binance Launchpad have constantly asked Changpeng Zhao on when the next token sale will be. One such Twitter user expressed how they will be ready for the next token sale despite missing out on the first two of this year. His tweet can be found below.
— Ram (@RAMUKP9) February 25, 2019
The speculated reason for halving the individual contribution from the $3,000 set for the Fetch token sale, can be that the Binance wants more investors to be included in the crowdfunding event. During the BitTorrent token sale, the individual cap was set at $20,000 and a lot of willing investors were locked out by those who bought the maximum amount. The same case happened during the Fetch token sale.
What is Celer Network?
The Celer Network is looking to build a fast and free payments solution. Designed as a means to scale dApp activity on platforms like Ethereum (ETH), it uses smart contracts that effectively offer users zero-fee transactions. By going off-chain with DAG-based side channels, the project claims it can offer performance fifteen times better than solutions like the Lightning Network.
Do not forget that heavy demand for BTT tokens led to a fast accomplishment of the sale. More than 59 billion tokens were sold during the BitTorrent sellout.
Justin Sun tweeted:
It is official: In the BNB session, all 23.76 billion BTT were sold to token sale participants within 13 minutes and 25 seconds. Meanwhile, in the TRON session, all 35.64 billion BTT were sold within 14 minutes and 41 seconds. #BTT $BTT #BitTorrent #TRON https://t.co/C1dqxRkO2l
— Justin Sun (@justinsuntron) January 28, 2019
Fetch.AI has become the second ICO that was launched under Binance’s Launchpad program and has managed to achieve a successful raise after only 22 seconds.
Both the BitTorrent and Fetch.AI token prices increased by around fourfold days after their respective public sales, and neither fell back to the original asking price. Whether the CELR sale results in strong returns for investors or not, it’s a clear indication that even well-funded projects are still interested in the Launchpad offering.
All in all, it seems that Binance Launchpad is here to give ICOs the second chance. Though it has just started its functioning and it has hosted only two token sales yet, the community has already made a conclusion that thanks to Binance ICOs will be back.