Binance Users Lock $2.8 Billion BNB to Participate in Space ID (ID) Launchpad

Over 8.6 million BNB tokens have been locked up for the ID token sale of SPACE ID on Binance Launchpad.

Binance Users Lock $2.8 Billion BNB to Participate in Space ID (ID) Launchpad

As previously reported by Coin68, SPACE ID is the 30th project to launch on Binance Launchpad. The ID token sale will follow the usual subscription format, meaning the amount of ID tokens users receive will depend on the BNB they hold over a 5-day period. Binance began taking snapshots of users' BNB balances from 07:00 AM on March 17 to the same time on March 22 (Vietnam time).

Interested in: What is SPACE ID (ID)?

ID Token Sale Details:

• Launchpad Hard Cap: $2,500,000
• Hard Cap per User: $15,000 (600,000 ID)
• Total Supply: 2,000,000,000 ID
• Total Allocation for Binance Launchpad: 100,000,000 ID (5% of total supply)
• Price: 1 ID = $0.025 or 1 ID = 0.00007412 BNB
• Payment Method: BNB only

As of now, more than 8.6 million BNB (approximately $2.88 billion at market price) from 104,000 holders have been committed to participating in the token sale, with subscriptions exceeding 1,170 times. This amount is 3.4 times the project’s hard cap. However, this does not mean that the entire locked amount will be converted to ID. Instead, each 0.00007412 BNB corresponds to 1 ID.

Over 8.6 Million BNB from 104,000 Holders Committed to Token Sale. Source: Binance

Moments ago, Binance announced the listing of SPACE ID in the Innovation Zone (a section for new tokens with higher volatility and risk) and will open trading for three pairs: ID/BTC, ID/USDT, and ID/BNB at 07:00 PM today, March 22 (Vietnam time).

SPACE ID is a project offering Web3 domain registration, trading, and management services. It is currently developed across three different blockchains: BNB Chain, Arbitrum, and Ethereum. ID functions as the project’s governance token. Three days ago, SPACE ID announced an airdrop for users on March 22—one day before Arbitrum’s claim date. The project also unveiled the launch of Voyage Season 2 and its next airdrop plans.

Historically, projects listed on Binance Launchpad have often reaped significant rewards post-token listing. For example, Hooked Protocol—the 29th project launched by Binance—raised 9 million BNB for its token sale at a price of $0.1 per token. The current price of $2.05 has yielded a 1,950% return for IEO investors.

As of the time of this writing, BNB prices have declined following the usual pattern of launchpad balance calculations.

15m Chart of BNB/USDT on Binance at 17:15 PM on March 22, 2023