Binance, the world’s largest cryptocurrency exchange by adjusted trading volume, has announced a new project named Elrond (ERD). The major crypto venue provided the details on the ERD token sale, which started with the recording of users’ BNB balances on June 22 and will follow a lottery format.
Elrond is the latest blockchain project to hold an initial exchange offering (IEO) on Binance’s Launchpad platform. Elrond (ERD) will be issued on Binance Chain as a BEP2 asset and is the second such token to debut on both Binance’s regular platform and its newly-launched decentralized exchange, Binance DEX.
Elrond token sale will have a format of a lottery and the startup plans to raise over $3.0 million through the sale of 5 billion ERD tokens, which constitutes 25 percent of the token’s supply.
Effective Saturday, users have begun depositing or purchasing BNB into their accounts and sign the Token Purchase Agreement. Binance team will calculate the average BNB holdings on each account over the holding period, and users will be allowed to claim up to a maximum of $300 per winning lottery ticket. Max number of winning lottery tickets is 10,833, based on users’ average BNB holdings at a snapshot time each day over the nine days, up to July 1.
Binance DEX lists two stablecoin pairs
Elrond (ERD) was little known before its Binance hook-up, with the launch of the DEX having already sparked excitement among crypto traders.
Separately, Binance has opened trading on USDSB/USDT and USDSB/USDS trading pairs. StableUSD was listed on Binance’s main trading platform in February and is now traded against stablecoin tether (USDT). Binance DEX is a decentralized exchange with a decentralized network of nodes, where you hold your own private keys and manage your own wallet.
Binance was the world’s most active crypto exchange over the past 24 hours, according to Coinmarketcap.com, hosting over $2.0 billion worth of cryptocurrency trades.