Binance, the leading cryptocurrency exchange has revealed its next project to be hosted on the Binance Launchpad early July, which is about two weeks away. The Elrond (ERD) token sale will be the sixth project on the highly successful and extremely popular Launchpad seeking about $3.25 million in its upcoming public sale.
Binance made the announcement on Thursday, June 20th stating in an announcement post in its blog that the exchange is “excited to announce” its next project which will also follow the Lottery format for the token sale. However, the exchange has made a little change to its lottery sale format unique to this project and expectedly going forward for future projects as well.
Starting this Saturday, June 22nd, at 00:00hrs (UTC), the BNB account balances will be recorded throughout the day at random times for nine days through July 1st. All recordings will be averaged to find the daily account balance figures, which should also be averaged every single day for the nine days to get the average account balances that will be used for the ticket claim exercise.
For instance, let’s say that on a particular day, an individual’s account balances for BNB keep changing as they trade on the platform and by the end of the day, there are 8 snapshots of the account balances. The snapshot balances will be added up and divided against the total number of snapshots to get the average figure. This is the only change introduced for this token sale.
So here are the token sale metrics:
|Launchpad Hard Cap||3,250,000 USD|
|Total Token Supply||20,000,000,000 ERD|
|Initial Circulating Supply||37.5% of Total Token Supply|
|Public Sale Token Price||0.00065 USD|
|Launchpad Allocation||5,000,000,000 ERD (25% of Total Token Supply)|
|Max Number of Winning Lottery Tickets||10833|
|Allocation Per Winning Ticket||300 USD (461,538.46 ERD)|
|Token Distribution||Within 15 days after the end of token sale|
As expected, the ERD token will be launched on the Binance Chain on the BEP2 token standard.
Here’s the timeline for the token sale:
2019/06/22 00:00 AM (UTC) to 2019/07/01 00:00 AM (UTC): The account balances will be recorded and averaged to get the number of tickets every participant will claim.
2019/07/01 06:00 AM (UTC): Ticket claim will open as well as the signing of the Token Sale Agreement which will last for 24 hours.
2019/07/02 06:00 AM (UTC): Ticket claim closes and the lottery draw begins.
2019/07/02 08:00 AM (UTC): Binance announces the winning tickets and deducting of BNB balances for token reservation begins. (All participants with winning tickets will be required to have BNB balances in their accounts within 24 hours of the announcement in order to claim their tokens.)
So, what is Elrond (ERD)?
Binance Research describes the project as a high throughput protocol for communication and value transfer. It makes use of Adaptive State Sharding as well as the Proof of Stake consensus mechanism to provide security, efficiency, scalability, and interoperability.
The project has already launched its testnet and it is reportedly already processing in excess of 10,000 transactions per second. “Elrond’s goal is to be a high throughput, fast transaction speed, and low transaction cost platform, allowing efficient and competitive dApp user experiences in real-world use cases.” The most obvious application of the Elrond protocol will be in facilitating communication between IoT devices.