Binance has officially announced the details of its next Launchpad token sale: Elrond Network (ERD), a high-throughput public blockchain focused on providing security, efficiency, scalability, and interoperability by employing two key elements: Adaptive State Sharding and a new Secure Proof-of-Stake consensus mechanism.
— Binance (@binance) June 20, 2019
According to the announcement, the Elrond token sale will follow a lottery format, with the recording of user BNB balances starting on June 21 at 8:00 PM (EDT). Binance has made one small adjustment to its sale format as the exchange will now calculate the average daily BNB holding amount on each account randomly over the 9-day holding period. The actual sale, which involves ticket holders claiming their tokens, begins on July 1.
Elrond is planning to sell 25% of its total token supply in the IEO, with a hard cap set at $3.25 million and a public sale token price of $0.00065. The Launchpad sale price gives the BEP-2 token a valuation of $13 million based on its total supply and just under $5 million based on the initial circulating supply.
The project itself is focused on developing state sharding and adaptivity through shard merges and shard splits.
The Elrond token sale follows the launch of Harmony (ONE), a Cupertino-based project building a fully scalable and secure blockchain, which raised $5 million in last month’s Launchpad IEO.
In-Depth: Binance Research on Elrond
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