Binance has announced that it will be holding a token sale for a project called Cartesi. It is the first such sale since February.
Binance will be resuming its regular token sales after a lull in March. The exchange has just unveiled a new Binance Launchpad project.
Binance Launchpad Announces New Sale
Cartesi (CTSI) is the latest project to hold a token sale via Binance Launchpad. Similar to previous sales, participants will be chosen through a lottery system. How many possible seats you have is dependent on your BNB holdings.
A snapshot will be held from April 14 to April 21, and the average BNB holdings during this period will determine how many seats one receives.
$BNB balance snapshots are now ongoing.
— Binance (@binance) April 14, 2020
The last token sale via Binance Launchpad was WazirX. Binance has held less token sales after a lackluster response from participants in 2020 thus far. Earlier this month, the exchange’s CEO, Changpeng Zhao (CZ), said that Binance Launchpad would be holding new token sales sometime soon. This has now come to fruition.
A ‘Return to Normal?’
The announcement of a new token sale may indicate that the exchange wants to move on with ‘business as usual.’ The exchange has been bogged down by controversies over misappropriated funds to unexplained UI errors. In late March, Binance delisted all leveraged tokens to ‘protect users,’ but the move was widely criticized.
Even Binance Launchpad itself has not been without its critics. Some have likened it to an ‘ICO factory.’ Called initial exchange offerings (IEOs), they have seen mixed success. Although Binance Launchpad projects were some of the best-performing altcoins in 2019, they have since been subject to criticism. Despite trading for a long time now, only one IEO held by Binance has migrated over to its mainnet.
Binance may be trying to normalize the IEO model again, but the market is far different today compared to the height of the 2019 Binance Launchpad craze. The popularity of the CTSI token sale will likely determine the exchange’s long-term IEO strategy—and whether it has further growth potential.