The New Format Of Binance Launchpad Provoked Users’ Negative Reactions
On March 24, Binance published a post in its blog about the introduction of new lottery format for the next Binance Launchpad project. The main issue is that in order to take part in a token sale, the user needs to be a holder of BNB cryptocurrency — and the number of owned tokens affect the lottery directly.
Unlike most of the innovations of the popular crypto exchange, this news caused a negative reaction of the community. People didn’t like the transition from the old "first-come-first-served system" to the “lottery” format. Users criticize that the new format discriminated "poorer" investors: the 20-day minimum BNB balance must be at least 100 BNB to be able to claim any lottery tickets. Some of them complained on Twitter:
So we have to hold a minimum of 100bnb to get just one ticket?! The lottery idea is great, although, this isn't fair @cz_binance .
— Niels (@nvds888) 24 марта 2019 г.
One complain tho, minimum BNB holding balance is about worth $1500 and tbvh @cz_binance ,that's more than entrie portfolio of 75% of people in crypto.
— Ravi (@hodlorr) 24 марта 2019 г.
Nice now whales with multiple kyc bought accounts will get even more chances
— (@CryptoVast) 24 марта 2019 г.
The CEO of Binance Changpeng ZHAO responded to the comments instantly and noted that he is ready to address most popular concerns and consider the possibility of amending the newly proposed token sale format.
Will address some of the questions/concerns/feedback in this thread.
— CZ Binance (@cz_binance) 24 марта 2019 г.
Our new Launchpad model is not set in stone. It’s the result of multiple detailed discussions over the weekend, while considering all angles. We will consider suggestions and will make certain tweaks. https://t.co/2wfeyZUyZH
Image from Binance website