Perlin Concludes Successful IEO Setting New Binance Launchpad Record

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by Tolu Ajiboye · 3 min read
Perlin Concludes Successful IEO Setting New Binance Launchpad Record
Photo: Binance Blog

The recently concluded IEO for the Perlin Network by Binance Launchpad has now been stated as the sale with the highest number of BNB staked. Binance has already begun trading PERL tokens with four pairs.

The Binance Launchpad, a platform created by Binance and strictly for the launch of supported tokens, has officially announced the conclusion of an IEO for Perlin (PERL) tokens. The successful sale is the eighth time Binance Launchpad has completed a token sale in 2019.

Record Sale

The results of the sale show that the Perlin Network broke the current record for the most BNB staked for any IEO. Perlin took to Twitter to announce this, adding that at the end of the sale, all the 40,695 participants became holders of the Perl Token. The total number of PERL tokens sold stood at 86,530,500.

A Proof of Stake (PoS) platform, the Perlin Network makes use of distributed ledger smart contracts with the aim of facilitating international trade transactions and making them run automated, using blockchain technology. The sale was completed on Sunday the 25th of August and ended with more than $6.7 million pulled in, said to have been raised almost as soon as it began.

Furthermore, the entire sale involved exactly 245,602 tickets and after a lottery of sorts was carried out, at least 13,400 were able to win free PERL tokens. Regardless, the network had officially set aside almost 4 million tokens which have now been distributed in a free airdrop. Each of the “unlucky” participants would still get a minimum of 24.5 tokens.

Sequence of Events

For more specifics, Binance closed the earlier started 15-day grace period where interested participants were allowed to record their BNB balances every hour. A few hours later and on the same day of the closure(August 24), the ticket claim for everyone already deemed qualified officially began and lasted for 24 hours.

The Token Purchase Agreement for interested participants could only be accessed and signed in this time frame. Exactly 24 hours after that, the ticket claim process and signing of the Token Purchase Agreement were officially brought to a close, revealing the 40,695 participants earlier stated with the 245,602 tickets. It was at this time Binance Launchpad officially kicked off the lottery draw.

The lottery draw then took place for about 2 hours, after which Binance Launchpad revealed that 10,940 participants had successfully won 13,400 tickets, accounting for exactly 5.46% of the entire ticket number. It was then revealed that each winner will receive 6,457.5 PERL tokens for each winning ticket. The corresponding BNB equivalent would then be deducted from the winners’ BNB balance after a maximum of 24 hours.

Binance as at 12pm UTC on the 26th of August, has begun trading PERL tokens at 12pm UTC with the following pairs: PERL/BNB, PERL/BTC, PERL/USDT and PERL/USDC.

Perlin has an interesting list of investors and partnerships which has been supporting the network. Furthermore, Perlin has received recent funding from a few big names including Kakao Investments, FBG Capital, Bitmain, Arrington XRP Capital and many more.

Altcoin News, Binance News, Cryptocurrency news, News, Token Sales
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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