Cryptocurrency News

Only 5% Winners: Investors Disappointed Following Perlin’s Binance Launchpad Lottery Results

Binance’s token launch platform, the Binance Launchpad, announced earlier today the lottery results of its most recent token sale – Perlin.

Even though 86 million PERL tokens were distributed to the lucky draw winners, there was a slight wave of disappointment among the participants, as the vast majority of them didn’t win a single ticket. Out of the total tickets, only 5.46% of tickets won. Simple math: as the maximum tickets per account was 10. The average account didn’t win a single ticket.

CZ: Hard To Please Everyone

CZ, the CEO of Binance, had responded to some Binance disappointed users claims reminding that also when trying out other distribution models, people were disappointed. “Hard to please everyone,” according to his latest tweet.

Binance’s Ever-Changing Rules

The rules for receiving a chance to invest in Binance Luanchpad’s Initial Exchange Offerings keep changing. Earlier this month, Binance held an IEO event for WINk, following significant adjustments to their Launchpad’s lottery draws.

While the amount of winning tickets now was reduced substantially from the previous one, Binance also increased the period of holding BNB ahead of the IEO to 15 days, as well as the personal BNB capacity to hold for the maximum amount of tickets – from 250 to 500 per user. The company is set to increase the holding period to 30 days for the upcoming Binance Launchpad IEO.

Those modifications meant that the number of participants winning a ticket for Perlin’s IEO was unquestionably lower than with WINK’s IEO. With WINK’s launch, the winning tickets totaled in 200,000 winning tickets, each ticket worth $30. So to sum it up – more winners, and as could be concluded following WINk IEO, less reward.

The rules for PERL’s IEO had more resemblance with Elrond’s IEO a few months back, where the number of winning tickets was 10,833 or 11.07% of all participants, while with WINK the percentage for winning tickets was 23.87. Elrond’s IEO had returned 13x to its investors, while WINk’s average ROI was a lot less – 3-4x on average.

Perlin Network IEO Stats

The ticket claiming process for PERLIN’s IEO ended at 06:00 UTC on the 25th of August and 40,695 users were allowed to enter the lottery, having a total amount of 245,602 tickets. Two hours later Binance announced the results: there were a total of 10,940 winners, holding 13,400 tickets.

Each winning ticket buys 6,457.5 PERL for the equivalent value of BNB, meaning that 1 PERL sold for a price of  0.07743 USD or 0.00287844 BNB (using a BNB price of 26.90 as Binance previously announced). PERL will open for trading on Binance on the 26th of August at noon UTC.

Perlin’s mission is to help develop dApps requiring immense amounts of disk space and computing resources by a scalable DAG-based protocol and the company has secured numerous strategic partnerships, as their CEO told CryptoPotato.

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