Binance has confirmed the launch of their Elrond project, accompanied by details on how the ERD token will be sold on the exchange.
The project was initiated on June 22nd and has already started recording the users’ possession of BNB tokens, which it’s going to convert into a lottery format.
Elrond will be the first project to initiate the IEO craze on Binance as it will be listed as a BEP2 asset on the exchange alongside its subsidiary Binance DEX.
Elrond is planning to emit around 25% of the overall supply, totalling around 5 billion tokens worth $3 million.
Binance users are already in the middle of formatting their accounts to have as much BNB as possible and are already signing the Token Purchase Agreements.
Binance will calculate the average number of BNB on all of their accounts and assign lottery tickets accordingly. The exchange has confirmed that the maximum number of tickets is a little bit below 11,000.
Until the Binance IEO, Elrond was in the backstage of the cryptocurrency world, but it made its move in quite a peculiar time as the exchange has decided to start listing stablecoin pairs as well.
Binance DEX now has pairs like USDSB/USDT and USDSB/USDS available for traders to use. However, it’s much more likely that traders will apply these pairs to their margin trading habits as gaining any significant profits from these pairs is virtually impossible.