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ARKM’s public sale garnered significant interest, with more than 114,000 Binance users committing over 10.18M BNB coins.
Binance, the world’s largest cryptocurrency exchange by 24-hour trading volume, has completed the public sale of Arkham Intelligence (ARKM) tokens.
ARKM Commences Trading on Binance
Following the completion of the ARKM public sale, Binance listed the token in the innovation zone under five trading pairs – ARKM/BTC, ARKM/USDT, ARKM/TUSD, ARKM/BNB, and ARKM/TRY. Notably, ARKM trading commenced today at 12:00 (UTC).
According to an official announcement today, users will enjoy zero maker fees on ARKM/TUSD trading pair.
ARKM Public Sale
On July 11, Binance introduced the public sale of ARKM tokens, which took place on the Binance Launchpad. Interestingly, out of ARKM’s 1 billion total supply, 50M tokens were allocated to Binance users.
Notably, Binance used a subscription format for the public sale, where it tracked users’ BNB balances for six days from July 11.
The public sale of ARKM tokens attracted massive interest from crypto investors. Per Binance, a total of 114,454 users committed a whopping 10,182,983.2626 (10.18M) BNB, worth $2.43 billion at the current exchange rate. This resulted in an over-subscription rate of 990x, Binance said.
Notably, three Binance users reached the 300,000 ARKM hard cap, while the remaining tokens were distributed to other participants.
Furthermore, Binance users who committed 50 BNB were given an allocation of 246.1109 ARKM. Users who committed 500 BNB and 5,000 BNB received 2,461.1088 ARKM and 24,611.0879 ARKM allocations, respectively.
The corresponding BNB tokens were deducted from users’ already-locked balances within 60 minutes of the official announcement. After the deduction, the ARKM tokens and remaining BNB have been deposited in participants’ spot wallets.
Binance’s Efforts to Protect Users
To protect users, Binance introduced an innovative initial price mechanism. Through this initiative, Binance set the maximum transaction price for ARKM 10 times higher than its public sale price, equivalent to $0.50. This mechanism only lasted for the first five minutes of ARKM trading.
“After the initial five minutes, there will be no restrictions, and trading continues as normal. Note that this initial price limit mechanism is being trialed for the ARKM token launch, and it is yet to be determined if this will be an ongoing feature of all future Launchpads,” the exchange said.
At the time of writing this line, ARKM is changing hands at $0.73, up 46% from its listing price.
It bears mentioning that ARKM is the native token of data analytics firm Arkham. As reported today, prominent Chinese reporter Colin Wu noted that Arkham differs from other data analytics firms in terms of its financing and supported chains.