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Binance, the world’s largest crypto exchange, revealed on Wednesday that its next initial exchange offering will be Perlin (PERL), a blockchain project developing the Wavelet distributed ledger, which is built on a new and pioneering “leaderless proof of stake” consensus mechanism developed for easily deploying decentralized apps.

According to the announcement, the Launchpad sale begins with the recording of user balances from August 8 until August 24. The ticket claim will take place shortly thereafter and the winning tickets will be announced at 4:00 AM (EDT) on August 25.

Perlin has set a hard cap of $6.7 million for the sale and will offer 86,530,500 PERL, representing 8.38% of the total token supply. The sale price of $0.07743 gives the token a valuation of roughly $80 million based on its total supply.

Binance

“At Binance Launchpad, we continue to support blockchain startups striving to bring sustainable development to the crypto industry and make blockchain technologies more accessible to individuals and companies,” said Binance CEO Changpeng Zhao. “Perlin has great potential with its team providing a new blockchain scaling solution and unique leaderless consensus algorithm that will facilitate digital global trade, cloud computing, and other decentralized apps.”

Perlin previously raised venture capital fundraising from Kakao Investments, Arrington XRP Capital, FBG Capital and Bitmain, among others.

Additionally, starting with the next Launchpad sale, Binance will test a new lottery format with a 30-day Binance Coin (BNB) holding period. Ultimately, this is designed to force investors to hold BNB for longer periods to gain access to future Launchpad sales.

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Binance Coin has responded well to the announcement and is currently up 5.6% on the day to $31.48, giving the exchange token a $4.9 billion market cap.

More: Binance Launchpad announces upcoming token launch of Perlin, startup developing the fastest public blockchain
Related: Binance Announces the First Gambling-Focused Launchpad Project: WINk

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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