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Global cryptocurrency exchange Binance announced that it would use a lottery format for the next Binance Launchpad project, according to a blog post published by the company.
The current first come first serve a system which was being used on the Binance Launchpad Token until recently, will be stopped once the next project commences. It will be replaced with a lottery system.
The announcement explains how Binance Coin holders will be able to claim up to a maximum of 5 lottery tickets based on their BNB balance over a 20-day period prior to the lottery draw date.
Users will be able to claim 1 Ticket for every 100 BNB. A KYC account verification will also be implemented with every user. Country restrictions also apply.
This feature was introduced in an effort to solve the issue of customers’ lengthy waiting times in queues, without getting any tokens in the end.