Binance Launchpad for Space ID Tokens Receives Over $2.8B in BNB Commitments

Binance launchpads continue to be a lucrative and hyped bet for traders looking to get allocations to tokens of new projects.

Space ID, the latest launchpad, whose subscription ended in the European morning hours on Wednesday, received over 8.4 million bnb BNB$889.56 tokens in commitments from 99,000 holders over a 48-hour period that started early Tuesday.

That’s over $2.85 billion in commitments at current market prices for BNB.

All of that money won’t flow into Space ID’s ID tokens, however, as the project’s hard cap for funding is a relatively paltry $2.5 million. These tokens were offered at a rate of 0.00007412 BNB for each 1 ID, with 100 million ID offered in total.

The final allocation will be calculated based on the number of BNB commitments to total number of holders who participated.

Space ID is a Web3 domain management, allowing users to exchange, register and manage crypto-based domain names. ID can be used on the platform as a governance token.

Binance Launchpad uses a lottery system for its token distribution. Once a new initial exchange offer (IEO) is announced, a snapshot is taken of potential investors’ bnb holdings over a set period that varies according to the sale.

After the BNB holding period, a claim ticket button will appear for 24 hours to users which need to confirm their lottery tickets, after which the lottery will start and the winners will automatically allow users to become participants of the token offering in exchange for BNB tokens.

Previous Binance launchpads have increased by several multiples for investors – which likely generates massive hype and interest.

A December launchpad for Hooked Protocol’s HOOK tokens raised 9 million in BNB commitments from traders, offering its tokens at just 10 cents at the time. HOOK trades for $2.50 as of Wednesday – yielding a 2,300% return for early participants.