The experiment Binance Launchpad continues, as the Celer Network token sale has been concluded on the 19th of March within just 17 minutes. Celer, or CELR, is actually the third project to complete funding on the new funding platform of the venerable exchange, behind the BitTorrent token or BTT, and FetchAI or FET sales, later in January and February.
Concluding Celer Network on the 19th of March
The Celer Network is the second-level scaling platform, which is designed to process transactions off-chain, for any other blockchain. The project already claimed to support 10,000 transactions, as well as operations per second.
The CEO and founder of Binance, Changpeng Zhao or CZ, claimed on Twitter that CELR drew probably the highest demand among the projects funded by Launchpad. CELR also sold a total of 597,014,925 tokens during the sale, which was worth $4 million at the offering price.
Zhao also claimed that just about 8% of the ones that tried to buy the offered tokens could or 3.129 individual accounts out of 39,000. Moreover, he cited some technical problems which were caused by the high demand, as well as said that the capacity of Launchpad to deal with high demand is going to improve.
Token offerings cautiously reappear
The significant drop was noted in the popularity, as well as funding rates of ICOs, or Initial Coin Offerings, during the latter half of last year. What was once the bonanza industry, fueling most of all of the meteoric rise of the price of Ethereum or ETH as the primary vehicle for conducting ICOs – almost 120x during the entire 2017, has withered along with the general pop in crypto asset valuations earlier in 2018.
However, in 2019, token offerings were cautiously reappearing, usually now in the form of Security Token Offerings or STOs. They actually have the advantage that they readily admit to starting securities right out of the gate, avoiding the uncertainty of waiting for the regulators in several countries, to decide on which is which.
The price rise of Binance
Binance also appears intent on capturing this market as it returns to life – regardless of when it will happen. Hosting the funding of the new projects by themselves on their exchange, Launchpad offering may just be bought with the proprietary Binance Token or BNB.
The effects were crystal clear. Since Binance started launches on Launchpad during January, the price of BNB has risen from $6 to $15 today – and the process BNB climbed as high as #7 on the CoinMarketCap. A few days ago, BNB had a market capitalization of more than $2 billion.
Contrary to this, both BTT and FET tokens did poorly after listing on the exchange, following the respective Launchpad offerings, with both FET and BTT down for about 70% from their listing highs.