Cryptocurrency News

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

Binance’s token launch platform, Launchpad, earlier today announced the lottery results for its latest 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. It seems only 5.46% of tickets won. That’s simple math, as the maximum tickets per account was 10. The average account didn’t win a single ticket.

CZ: It’s Hard to Please Everyone

Changpeng Zhao, the CEO of Binance, responded to some disappointed users’ comments by reminding them that people had been disappointed with other distribution models. “Hard to please everyone,” he tweeted.

Binance’s Ever-Changing Rules

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

While the number of winning tickets was reduced substantially from the previous offering, Binance also increased the required period to hold BNB ahead of the IEO to 15 days. It also raised 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 winning ticket holders for Perlin’s IEO would be unquestionably lower than for WINK’s IEO. With WINK’s launch, the winning tickets totaled 200,000, and each ticket was worth $30. In short: more winners, and less reward.

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

Perlin Network IEO Stats

The process of claiming tickets for PERLIN’s IEO ended at 06:00 UTC on the 25th of August. 40,695 users were allowed to enter the lottery, possessing a total 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 would buy 6,457.5 PERL for the equivalent value of BNB, meaning that 1 PERL sold for a price of $0.07743 or 0.00287844 BNB (using Binance’s previously announced exchange rate of $26.90 per BNB). 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 with a scalable DAG-based protocol, and the company has secured numerous strategic partnerships, its CEO told CryptoPotato.

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