Binance CEO Vows to Find Common Ground for New Launchpad After Users Refute It “Isn’t Fair”
The Binance Launchpad was created as a platform for consumers to launch token sales, rather than these entrepreneurs being left to create an entire infrastructure on their own. The service only recently launched, and users are already having difficulties with the token sales. A Steemit user has said that Binance has already gotten a lot of funds from the token sales, which means that the majority of the tokens have already been purchased by BNB whales and the close friends of the founder. As a result of their purchase, these buyers can turn around and sell the tokens with huge profits.
The user, “cool4y,” specifically spoke on the “lottery” style of the Launchpad, saying that it is “utterly unfair.” He said that someone that held 100 BNB for at least 20 days did not have as much of a chance as a major crypto whale with 10 accounts, giving them 25 tickets. The user adds that the odds are more in favor of the wealthy, offering more profit to “CZ and his friends.”
Others in the crypto community seemed to have a similar feeling about the experience, especially in comparison with the “first come, first serve” system that they had before. Much of these impacted users even called out the CEO, saying that he favored the rich and pandered to the whales.
Zhao decided to take to Twitter to try and address all of this negative feedback that he’s been receiving, saying that the only way people should participate in the sale is with “spare funds,” adding that users need to possess “an adequate level at that.”
Feedback 1, whale issue, can't afford to hold 100 BNB.
Reducing it is possible, but would mean lower % chance of winning, and more dissatisfaction after the sale.
You should only participate in LaunchPad sales with spare funds, and should have an adequate level at that.
— CZ Binance (@cz_binance) March 24, 2019
Other issues were addressed as well, like the idea of whales developing multiple accounts. He said that the KYC and anti-fake KYC measures should be able to check for these issues on the trading platform. While, clearly, it is not easy or even possible to please everyone, CZ said that the Binance team would consider lowering the limit as one of the efforts to finding a middle ground.