The Rising Star in Cryptocurrencies: Launchpad
Launchpad, otherwise known as a blockchain asset issuance, has successfully launched multiple projects since Binance first hosted a Launchpad event in February; the results have created buzzed and created a triple-win scenario for exchanges, investors, and projects. Currently, projects participating in Launchpad are of the superstar variety and any mention of “Launchpad” in coin communities definitely garners major interest!
Successful Launchpad Projects
The world’s most famous Launchpad platform definitely belongs to Binance, as it is the world’s largest cryptocurrency exchange in terms of transaction volume. On February 3rd this year, Binance publicly announced their first Launchpad project BitTorrent (BTT) and raised 7 million USD within 15 minutes; a few days after the fundraise, BitTorrent (BTT) successfully listed on Binance and quickly grew more than 10X. After this meteoric rise, BTT successfully became one of the world’s top 50 cryptocurrencies in terms of transaction volume.
The latest Launchpad project at Binance was Celer (CELR) released this Monday (3/25). Celer also delivered massive success for the project and investors. Full disclosure, I also participated in Celer’s Launchpad fundraise. According to foreign media, when Binance announced the opening on 3/19 (UTC+8) at 10 PM, Binance’s systems were overwhelmed for more than half an hour; staff at Binance stated that nearly 300 thousand users fought for a chance to purchase Celer but only 30,000 users succeeded. I also waited to join the fray at 10 PM but was unsuccessful in my efforts. Celer (CELR) brought in 4 million USD for Binance and was successfully listed on 3/25, growing by 3–5X for investors on opening day. The project is still climbing at the time of this article.
After Binance released Launchpad, Huobi Global also released “Huobi Prime” on 3/26 21:00 (HTC+8) with Top Network (TOP) as their first project. Fundraising for the project was done primarily with Huobi Token (HT) and according to Coinmarketcap, the price of Huobi (HT) showed bullish growth of 25% between 3/19 and 3/25.
The following are well-known Launchpad projects in the blockchain industry listed by readers:
1. BitTorrent (BTT), fundraised in Binance, grew by 10X+ after listing.
2. Fetch.AI (FET), fundraised in Binance, grew by 5X+ after listing.
3. Celer (CELR), fundraised in Binance, grew by 4X+ after listing, showing continued growth.
4. DOS Network (DOS), fundraised in BitMax, grew by 5X+ after listing.
Launchpad Rules
Launchpad was a term first used in cryptocurrency circles by Binance. This article collectively refers to blockchain projects fundraising on exchanges with the name Launchpad. However, different names are used on different platforms, but they all refer to the same thing, for instance: Huobi Global uses “Huobi Prime”; OKEx uses “OK Jumpstart”.
Here’s a little introduction to the unwritten rules of Launchpad:
- Transaction currencies are restricted to the platform’s primary token while all other cryptocurrencies act as supplements. For example, Binance uses BNB as the primary fundraising token on Launchpad.
- The exchange’s level-2 or high-level KYC certification is required.
- According to statistics from current projects, Launchpad circulation does not exceed 10% of total tokens.
- Individuals are restricted to a minimum and maximum investment amount.
- Tokens will be listed on the exchange within 2 weeks of Launchpad conclusion.
What’s the Difference Between Launchpad and IEO?
IEO is similar to ICO (initial coin offering) in that they primarily sell tokens to help fund blockchain projects in the early stage. The key difference between the two is that IEO transactions can be offered by “reliable exchanges” who act as guarantors by doing due diligence on each project. Some exchanges conduct fundraising operations and handle KYC certification so that project developers aren’t required to perform KYC on investors.
Launchpad is basically an advanced IEO. Projects search for “reliable exchanges” for IEO while exchanges search for “reliable projects” for Launchpad. If an exchange finds a reliable project for Launchpad, exchanges will also use the power of communities to arrange a series of promotional events to create buzz before the project is listed.
If a project participates in Launchpad, it means the project has a certain level of value that both the project and exchange will use to push growth. Therefore, this means projects on Launchpad have already received a certain level of attention and have the support of exchanges. According to current case studies, Launchpad events are greatly beneficial for projects and do not contain any downsides; they are capable of creating triple-win scenarios for exchanges, projects, and investors.
[Related]
The Rising Star in Cryptocurrencies Part 2: Launchpad
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