Brief Analysis of Token Growth Post-IEO on Binance Launchpad
While the craze for IEO is still on the rise with Binance opening the door to others in this new method of funding projects through its Launchpad, many seem to have forgotten how ICOs evolved to becoming IEOs. Initial Coin Offerings, ICO which came to a dramatic end after creating a fundraising field for projects to raise questionable figures in their bid to build products. Many of which never made it to market which speaks volume of the level of lack in transparency and accountability in ICOs another trend is building up.
The sheer volume of fraud and scam which were discovered in the ICO days and the fall in market value of top leading cryptocurrencies which later trickled down the market size list of cryptocurrencies were more than enough to end this era of inexhaustible craziness. Although the amount of profit recorded by traders and investors during the ICO days were mouthwatering. Several others lost fortunes to scams and negative price actions which were caused by news of ban, arrest of project’s team members, sanctions etc.
Even before the end of the ICO days (others are still very optimistic and believe that the ICO days are not yet over), STO a name given to the fundraising of tokens which meets the security standard of traditional assets and can be classified as securities according to securities laws was already prepping to become mainstay. Notwithstanding the media’s focus and attention on STOs, we are yet to see a clear direction for Security Token Offerings. Never mind the World STO Summit of 2019 in Dubai.
Despite the decline in the level of fundraising in cryptospace, projects will still needed to be funded if we are to push the technology forward. This is where Initial Exchange Offering IEO came about. IEOs are the new ICOs of 2019. IEOs works by allowing users to send their funds to a wallet prepared by the exchange (unlike in ICO where funds are set to the Project’s wallet) after which they are allowed to invest the amount they desire to.
While we have lots of projects lined up for IEOs in various exchanges, let us examine some of the already conducted ones in their current market position. We are beaming our searchlights on the most sought IEO platform – Binance Launchpad. How are they fairing by the numbers post IEO?
From the success of the first IEO conducted in 2019 by Binance where the Tron based Bittorrent with a total supply of 990 billion BTT tokens raised $7.2 million dollars in 20 minutes, it is imperative we check how it has been doing for about 3 months post IEO. This doesn’t surprise most actors in the space who have seen projects raise far more in less time during the ICO days. However, it just shows the desire of investors to continue funding projects after the ICO era ended. Contributory Investors are still able to command financial power just as it was two years prior. Since January the sale was conducted, what is the value of the Bittorent BTT token?
With a current market capitalization of just over $56million and a circulating supply of 89.1billion BTT token, the price of one BTT currently stands at $0.0006 against its IEO price of $0.00012. Current price however, it’s good position post IEO, it has dropped down considerably after hitting all time high $0.00125 immediately it was listed garnering over 500% increase.
According to Coinmarketcap data, IEO participants still holding however the ups and downs are still enjoying 22.07% of the IEO value.
The team of Fetch AI did their IEO on the Binance Launchpad after the Bittorent IEO in January. The team was able to raise $6million dollars in just 22 minutes. FET has a total supply of 1.15billion of which 81 million FET are circulating. This has given it a market capitalization of $10.8million of which it has experienced a 67.24% decline from its IEO price. It attained all time high of $0.4307 as against an all time low of $0.129. Current value of one FET Token is around $0.13
Celer is also another project which did its IEO on the Binance Launchpad. The successes of the two previous projects Bittorent and FetchAI on the Launchpad brought about the rush into Celer. However, the rush, only about 10% of investors were able to acquire the CELER token. The CELER team were able to raise $4million from the sale and immediately the token became tradable on the Binance exchange, there was an immediate surge in the price of the token running upward to 400% which pushed it to $0.025 as against its’ IEO price of $0.0067.
With a market capitalization of $24million and total supply of 10 billion tokens of which 2.3billion are currently circulating, the token is already running at $0.010208 as against its all time high of $0.030469. IEO participants who must have not liquidated their position must be suffering at a fate of 66.5% decline from its IEO price.
Though at current only Bittorent seems to be the only IEO that is in profit post IEO, this could also be attributed to the marketing skills of the Founder of Tron, Justin Sun, Binance Launchpad has set a precedent and other exchanges are pushing on to do their own IEO. Many IEOs has been done IEOs too as according to data by the ICO Analytics, Multivac which is in 37% negative in 14 days performance window. Then there is Top Network having a 22% decline, Veriblock in 17% red in same 14 days Performance window. DOS Network is in 29% Green in 7 days Window and 5% Green in 14 days window, but it has -26% in 30 days performance window. We will still see more projects coming out to do IEOs still despite the disappointing numbers.
Despite the low prices in the tokens prices, the funding rounds have continued to record successes. As many of those who have continued to remain pessimistic on this new fundraising method citing issues such as trust, accountability, transparency and government legislative concerns, the race to join the next IEO is still on and as the sentiments with many founders show, they are enthusiastically in favour of IEO. Who wouldn’t by the way?
You don’t grow by refusing to eat. You grow by doing what people do to grow. Is IEO here to stay? That is not for me to answer, let the market decide.
Binance To Launch Open Blockchain Project Venus To Develop Stablecoins Pegged to Local Currencies
Binance announces plans to initiate an open blockchain project. The project named ‘Venus’ is a initiative to develop stablecoins pegged to fiat currencies of nations.
Opening the new week, Binance announces plans to initiate an open blockchain project. The project named ‘Venus’ is a initiative to develop stablecoins pegged to fiat currencies of nations. This was announced in a blog post made by the exchange. The initiate will see to the creation of hundreds of stablecoins pegged to the local currencies.
In order to successfully execute the vision of project Venus, the firm stated that they will need new alliances and partnerships with governments, corporations, technology companies and other cryptocurrency companies and projects developing ground breaking solutions for the blockchain and cryptocurrency industry.
According to the Binance, Project Venus will utilize the public chain of Binance – BinanceChain for secure operations of the stablecoins that will be created. The Binance Chain was released early this year and has currently in itself several blockchain projects including two stablecoins which are the BTC pegged stablecoin BTCB and the Binance BGBP Stablecoin.
Binance had earlier in recent weeks completed the audit of its British Pound backed Stablecoin BGBP. The audit was carried out by an audit firm CertiK. At current the BGBP is listed on Binance against a couple of trading pairs.
Promoting the accelerated development and actualization of the initiative, Binance has revealed it will provide full technical support, compliance risk control system and multi-dimensional cooperation network that are needed to build Venus while leveraging existing infrastructure and regulatory establishments.
Calling for partners, Binance encourages like-minded people and organizations to contact it and discuss the “infinite possibilities of the digital world together”.
Launched over two years ago, Binance continues to be innovative, resilient and despite various challenges such as hacks, leaks etc, the top cryptocurrency exchange continues to forge on with greater intensity.
Coinbase Divulge A System Glitch Affecting Password Of Thousands Of Users
Disclosing a system glitch that affected thousands of its customers, US Cryptocurrency Exchange Coinbase revealed that the potential vulnerability affected passwords of users. The vulnerability was discovered on the signup page and it caused users registration details to be stored in clear text in the firm’s internal web server logs.
Notifying customers of the development, the exchange said in a blog post that it had began emailing the 3420 customers affected by the bug.
Assuring its customers, Coinbase revealed the problem has been fixed and that logged information was not improperly accessed, misused, or compromised. To boost confidence, it required customers to change their passwords as a “best-practice” precaution.
Giving description how it happened, the exchange explained that inn a very specific and rare error condition, the registration form would not load correctly and any attempt to create a new Coinbase account under this condition would fail. Despite the failure, the details of the user including proposed passwords, email addresses names etc would be sent to the firm’s internal logs.
However, if the user tries again on a reloaded page, the registration will proceed correctly and password will be securely hashed. But in the case of these 3420 customers, the users successfully registered using a password with a hash that matched the one previously logged.
Responding to the issue, the firm said it identified the bugs and fixed it. It also traced back all the places where the logs might have ended up. A password reset for the impacted account was triggered for customers to change their passwords.
According to Coinbase, “We maintain incredibly high standards for securing the Coinbase platform, and any time we fall even slightly short of those standards, we mobilize a team to figure out what went wrong, and how we prevent it from happening again. We also believe in being transparent with our customers, which is why we’re sharing the results of our investigation today“.
Coinbase had recently announced the acquisition of institutional business from Xapo as it continues its expansion mission across the cryptocurrency and blockchain industry.
Coinbase Expands Its Custody Business As It Acquires Xapo’s Institutional Business
US Cryptocurrency Exchange Coinbase had announced in a blog post few hours ago of the acquisition of Xapo’s institutional business as it expands its crypto custody business. According to Coinbase, the “acquisition caps off a tremendous period of growth and innovation for Coinbase Custody”.
Coinbaase Custody has been able to grow to over $7 billion in custody stored on behalf of over 100 clients in more than a dozen countries. Making it the largest, most globally recognized and most trusted institutional custodian in the world.
According to Coinbase, the goal is to build a “trusted foundation for institutional investment in Bitcoin BTC and crypto assets in general.”
Xapo was founded to address two of the biggest issues with Bitcoin’s success and adoption—accessibility and security. And in less than 4 years it’s become the largest custodian of the cryptocurrency, securing over $10 Billion for its members, according to its website
“Xapo’s Institutions was built specifically for the needs of businesses and financial institutions. It provides the same advanced security of Xapo’s industry-leading, secure bitcoin storage platform but with the flexibility needed to organize and manage your corporate accounts with ease.”
Based in San Francisco, Coinbase was founded in mid of 2012 as a digital wallet and platform where merchants and consumers can exchange digital currencies such as Bitcoin, Ethereum etc. It currently operates across over 50 countries of the world with a record of about 30 million users trading over $150 billion.
According to Coinbase, this is a legacy they will extend and bring to another step closer to achieving its mission.
Bitcoin Is Back Above $10,000 After Binance Successful Upgrade
Bitcoin back over $10,000 after the Binance successful upgrade since the cryptocurrency market saw recent profits swept away as it dips. Though, other cryptocurrencies are also experiencing significant loss across board with bitcoin also, Bitcoin is the only cryptocurrency standing out amongst the top ten cryptocurrency.
Binance on the 14th of August announced a system upgrade which would commenced on the 15th of August 2019. The upgrade is expected to last for a maximum of 8 hours with major improvement to its platform such as; Matching Engine API, new order type etc.
According to the firm, deposits and withdrawals are expected to be suspended
#Binance System Upgrade Complete
Trading activity will resume at 10:00 AM (UTC).
From now until the commencement of trading, users will be able to cancel orders, process deposits, withdrawals, and use all other account-related functions.https://t.co/5cGJ3yWwtu pic.twitter.com/ZdMKv5OuRs
— Binance (@binance) August 15, 2019
The Upgrade was successfully completed just over two hours ago and and co-incidentally, the bitcoin price rallied climbing just over 10,000 USD.
For those who hodl during the period cryptomarket saw the dip across all cryptocurrencies, CZ joined them in celebrating the ascent of bitcoin to the current price.
It looks like #Bitcoin came back with us.
Upgrades are tough, but a necessary part of #BUIDLing.
Thank you for your patience🙏 https://t.co/fickSUXaYW
— CZ Binance (@cz_binance) August 15, 2019
Bitcoin is currently trading as at press time at $10095 reporting a loss of 4.12%.
Deposits and withdrawals are currently enabled on Binance however, it recommended to users to open their Margin positions and re-assess their collateral balances priort to the start of trading to migitate against price fluctuations that may occur.
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