The leading cryptocurrency exchange Binance has announced new project Elrond IEO (Initial Exchange Offering) on the launchpad. The announcement was made by Binance on 20 June.
Elrond token sale is followed by a lottery system, users need to hold a minimum of 50 BNB (Binance Coin) in their wallet to be eligible for the token sale.
The new lottery system has a small change, the snapshot will be taken at random time daily and tickets are allocated by the average daily holding of BNB amount.
Elrond IEO Details
- Token Name: Elrond (ERD)
- Hard Cap: 3,250,000 USD
- Total Token Supply: 20,000,000,000 ERD
- Total Tokens Allocated to Binance Launchpad: 5,000,000,000 ERD (25% of Total Token Supply)
- Public Sale Token Price: 1 ERD = 0.00065 USD
- Max Number of Winning Lottery Tickets: 10,833
- Allocation Per Winning Ticket: 300 USD (461,538.46 ERD)
The recording of BNB balance holdings will start from 2019/06/22 00:00 AM (UTC) and ends on 2019/07/01 00:00 AM (UTC). Users must hold BNB (Binance Coin) for at least 9- days to get lottery tickets.
All users need KYC verification to be eligible for lottery ticket claims. Tickets can be claimed within 24 hours after the holding period is over ( 2019/07/01 06:00 AM (UTC). User can claim tickets only once.
Winning tickets will be announced at 2019/07/02 08:00 AM (UTC). Each winning ticket is equal to $300 worth of ERD tokens. The tokens will be added to users wallet automatically and an equivalent amount of BNB will be deducted.
If a user holds 50 BNB for 9 days he will get one ticket and can claim a maximum of 5 tickets if hold more than 500 BNB.
Elrond IEO Project Links:
Whitepaper: Elrond Protocol
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