Binance Launchpad’s Space ID Attracts $2.85 Billion In Pledges

Mar. 23, 2023
Binance Launchpad’s Space ID Attracts $2.85 Billion In Pledges

Binance Launchpad platforms have increasingly become a focal point in the cryptocurrency ecosystem, attracting investors eager to secure allocations in tokens of new and promising projects. 

Space ID, a recent launchpad by Binance, wrapped up it’s subscription on Wednesday, attracting 8.4 million BNB tokens in pledges from 99,000 holders within 48 hours beginning early Tuesday. 

Binance Launchpad's Space ID Attracts $2.85 Billion In Pledges
Source: Binance

At current market rates, these commitments total over $2.85 billion. However, only some of this capital will be funneled into Space ID’s ID tokens, as the project has set a relatively modest hard cap of $2.5 million for funding.

For this Launchpad, 100 million ID tokens were made available, with each ID token priced at 0.00007412 BNB. The ratio of BNB commitments to the total number of participating holders will determine the ultimate allocation.

Additionally, this new token aims to establish a decentralized framework for the NFT market and registration of Web3 domains, which enables users to partake in governance and voting on proposals. 

Moreover, participants can use it for discounts and payments within the Space ID ecosystem. This user-centric approach demonstrates how Space ID is revolutionizing how we interact with domain management in the digital era.

Binance Launchpad’s Lottery System

Binance Launchpad employs a lottery system for its token distribution process. When announcing a new initial exchange offering (IEO), they take snapshots of potential investors’ BNB holdings during a set period that depends on the specific sale.

Following the BNB holding period, a claim ticket button will be available to users for 24 hours, during which they must confirm their lottery tickets. Once this period ends, the lottery begins, and winning participants can automatically join the token offering by exchanging their BNB tokens.

The success of previous Binance Launchpads has likely contributed to the immense hype and interest surrounding these platforms. For instance, a December Launchpad for Hooked Protocol’s HOOK tokens attracted 9 million BNB commitments from investors, who could purchase the tokens at a mere 10 cents. 

As of Wednesday, HOOK is trading at $2.5, representing a jaw-dropping 2,300% return for early participants.

Joining The Space ID Token Launchpad

To join the Binance Launchpad for Space ID, owning BNB is essential, making it appealing for current BNB holders. However, if you don’t hold any BNB, consider the risks of BNB price changes during the launch since there’s no guarantee of making a profit.

You can access the Launchpad by clicking the “Earn” menu on the Binance website. They will capture daily snapshots until March 23, 7 AM (CET), to find the average BNB amount in each user’s account. After the first phase, users can deposit the specified BNB amount on the Launchpad until 10 AM, followed by a calculation period before distribution.

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During distribution, they will convert a small part of users’ BNB into ID tokens. With an initial ID price of $0.025, a user receiving 400 IDs would have $10 worth of BNB sold in the transaction. The token’s future price will determine its profitability, and users can decide whether to hold or sell their IDs.

Kashif is a crypto-journalist with over 4 years of experience in the Cryptoverse. He began his career as a software engineer, but his curiosity towards decentralized technology lured him into the labyrinth of crypto, where he discovered a passion for reporting the latest news and developments in the field.