Yesterday platform Binance Launchpad started to announce the results of the launch of its latest project called Perlin. Let me remind you, I already participated in previous IEO stock exchange and has earned on it about $ 400. Unfortunately, this time the ratio of winning tickets to their total number was so low that the chances of the average user was almost zero. In the end, I lost money.
How were IEO?
Crowdfunding Perlin was conducted in the form of a lottery. The cost of each lottery ticket was equal to 50 BNB. From 9 to 24 August Binance checked the balances of all users of the exchange. If the average number of BNB on their accounts exceed the threshold, the trader was entitled to receive at least one raffle ticket. The maximum limit of 10 tickets per account or 500 BNB.
For each winning ticket, the user receives the tokens PERL in the amount of $ 500. After the start of trading, he can immediately sell the coins and get an instant profit. As practice shows, the price of tokens IEO at the start of trading much higher than their rates during the lottery.
In Perlin for traders also prepared a “consolation prize”. Even the owners of the losing lottery tickets went to PERL, but in very small amounts. For every ticket that did not win the lottery, there were charged 24.4 PERL.
Who managed to win?
The lottery was allowed 40 695 users, they had 245 602 of the ticket. Two hours after the completion of the process of obtaining tickets Binance announced the lottery results, which disappointed many participants — only 10 940 winners from 13 400 winning tickets. For each of these tickets has been credited 6457.5 PERL. In other words, at the stage IEO price of a single token made up 0.07743 dollar or 0.00287844 BNB.
Trading PERL on Binance opened today at 15:00 Moscow time. Earlier tokens could be sold on the stock exchange Bilaxythey were traded around 3.5 times higher of the price of IEO in dollars. Judging by the history of deals, some fortunate investors merged their tokens up to 33 times more expensive than the price IEO is seen in the tab 24h High at the top of the screenshot. The peak price was 2.88 dollars.
Today, the cost of PERL on Binance almost two times higher than the price IEO.
In this lottery, I participated together with four other people. We had seven tickets, but none of them were winning.
We can make a profit except from a small number of PERL that was accrued for the loser as a consolation prize. Seven tickets brought us 170.8 PERL (7 * 24.4). Selling them at the normal rate of 29 cents turned into a ridiculous income to 49.53 USD. But there are also losses.
Whether or not to participate in the next lottery?
CEO Binance Chanpen Zhao said that he can’t satisfy all users of the exchange. It was his response to the comments with complaints about “too unfair” the lottery. Yes, it may seem at first glance — the proportion of winning tickets in their total number is only 5.46 percent. In other words, even the user with ten tickets (which is the maximum number for the lottery) was very low chance to get at least one winning.
it’s about 5% on a ticket basis, many people hold 5 tickets avg winning on a user level is about 20% or so, I think. Still the 80% that didn’t win will complain. Previously, the 80% would win a small ($30) allocation, they complain it’s too small. Hard to please everyone.
— CZ Binance (@cz_binance) August 25, 2019
By the way, August 25, Zhao has posted a rather strange tweet, but then immediately deleted it. In it he said that to start to keep BNB on account for the next lottery had two weeks ago. True or not — nobody knows.
The start date of the IEO and today BNB fell from 32 to 26 dollars (now BNB is trading at 25.97 USD). We had seven tickets with a total value of 350 BNB. That is, for the time holla dollar terms decreased from 11 to 9 200 $ 100. Losses for five people — $ 2,100 that are not covered by income from the sale of PERL. Even if we miraculously sold 170.8 PERL on a peak rate of 2.88 dollars, we still would have been in the red. After all, 491 dollar of income does not cover the 2100 bucks due to the fall in BNB.
Conclusion: Perlin was a disappointment, but for me IEO from Binance because of the sagging BNB turned around a loss of about $ 290, (I had one ticket out of seven). To the winning ticket difficult, with the IEO brought only two x’s at the start of trading.
Information about the next project on Binance yet. If you want to be aware of lucrative opportunities to earn (or lose) money on IEO, subscribe to our cryptcat.
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