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Binance along with Elrond has successfully finished its IEO (Initial Exchange Offering) lottery. It was completed with a 11,07% ratio of winning tickets. The trading of ERD will soon open on Binance exchange.
Recently we reported that Binance in corporation with Elrond conducted an Initial Exchange Offering. The token sale was in a form of lottery managed by Binance and participants had to stack Binance Coin in their Binance wallets in order to comply with the lottery rules. There was a total of 97,817 tickets from 40,462 participants.
Binance Launchpad announced that there are 10,833 winning tickets which are held by 10,496 users. The winners of the lottery will receive 461,528.46 ERD per ticket. Moreover, Binance explains that all participants’ BNB balances will be deducted within the next 24 hours, based on the number of their winning tickets. Participants have to ensure that they have a sufficient balance of BNB in their accounts in order to receive ERD.
As it was explained earlier, the maximum amount of tickets a user can get is 5 and in that case, the average BNB balance should be equal to or more than 500 BNB. The results of the lottery you can see in the image below.
Binance will start the trading of ERD soon and it will open in multiple pairs: ERD/BNB, ERD/BTC, ERD/USDT, ERD/PAX, and ERD/USDC. Binance says the trading will start at 8 AM (UTC) on Thursday, July 4.
The token purchase price was set at 1 ERD = 0.00001984 BNB, using a fixed price of BNB at $32.7626.
This is the sixth IEO token sale in the form of a lottery that Binance has conducted.
The Price of Binance Coin
When the lottery IEO was announced, the Binance Coin (BNB) price shot up to new all-time highs. But not long after it went down to previous levels of $32. It was expected that BNB could go even further up, but it didn’t. The expectation was that participants will try to get as many BNB in the 9 days of the lottery, thus shooting the price of BNB to new all-time high levels. But apparently, it wasn’t enough volume for BNB to resist the run-up of Bitcoin.
In the past days, Bitcoin shot up to new 2019 all-time highs while other altcoins struggled to maintain their price. Now when Bitcoin is having a correction, altcoins are also going down, but experts are signaling that soon alt-season might kick in. However, at the moment, many altcoins have dramatically lost their BTC value.
What is Elrond?
Elrond is focusing on an innovative network scaling technology called sharding. The company claims to be a leader in the next-generation of high-throughput smart contracts platforms that are blossoming in the blockchain ecosystem.
Elrond, along with a few other firms, is pushing the boundaries of applying sharding to public blockchains as a means to increase their throughput capacity. During May, when the company launched its testnet, they exceeded 12,000 transactions per second. Additionally, they implemented such new technologies as Schnorr Signatures, BLS signatures, secure Proof-of-Stake, and state sharding.