After the so-called ‘successful’ token sale on the Binance Launchpad, by Celer Network, Changpeng Zhao the CEO of Binance has hinted that a model where BNB holders get VIP access on new token launches is in the works.
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The Token Sale Success of Celer Network
The Celer Network project, Binance Launchpad third token sale for this year, sold out close to 600 million CELR tokens in 18 minutes. The event on its own realized $4 million.
After the CELR sale was concluded, Zhao, remarked that it was “the highest buy demand token sale we have seen to date.”
But How Much Success Did the Sale Achieve?
Just hours before the sale began, Binance passed an official directive to users to refresh the tokens sale page as soon as the timer gets to zero.
However, a vast majority of the users complained that doing so, saw them logged out of the platform. This made them unable to log in once more for a short period. Once they managed to get back to the page, the users had their orders made in a queue hence, making many of these orders to remain unprocessed.
The majority of users who tried to participate did not get the CELR token.
Speaking on the issue, Zhao said the platform “had capacity/caching issues.” He reassured users that his team “will keep working to create a better experience in future sales.”
Regarding the results, Zhao said:
“39003 people tried to purchase the token, 3129 people achieved success. Thirty-five thousand people will be unhappy.”
What is the Solution?
Immediately after the highly sought-after CELR token sale, Zhao spoke about a possible solution for the problem that prospective buyers encountered during the event.
Interestingly though, instead of increasing the capacity of the server to cope with demand, the Binance CEO suggested a different alternative. An alternative that could potentially give Binance Coin (BNB) users the incentive to become ‘hodlers.’ Here is what Zhao had to say:
“We might adopt a new approach next time. A BNB holding allocation approach could work. We are still thinking about it.”
This idea appears to be growing popular fast, as a recent Twitter discussion on it is gaining momentum.
Binance Launchpad Sales are Available for BNB Holders Explicitly
As it stands, all the token sales launched on the Binance Launchpad are available to BNB holders explicitly. This is because the tokens are purchased with only BNB. The only exception to date has been the BitTorrent token sale. Here users were allowed to make purchases with Tron’s TRX.
Hence, the contemplated structure in the works would impose an additional requirement like holding BNB for a particular period.
Perhaps the Launchpad matter is not a bug issue but a feature in the framework. For example, what Apple does with iPhones when select stores receive the recent models initially, which eventually results in additional media hype and long queues.
All in all, one thing is obvious. Since the Binance Launchpad started its ambitions including launching token sales, BNB has done well. The digital asset has appreciated by 150% since January 1. Hence, incentivizing BNB holders to ‘hodl’ for VIP access is probably a brilliant way to push its price up.
Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.
