Success of Binance Launchpad IEOs Leaves Largest Exchange in the World Without Competition
- Binance is leading the competition in token launches against other platforms in the IEO space.
- Competing platforms include OKEx, Huobi Global Kucoin, and Bittrex.
There is no denial that Binance is the largest cryptocurrency exchange in the entire world, but it is rapidly progressing from being the leader in the initial exchange offering (IEO) market.
The company has used their launchpad program to launch several tokens so far, which have been fairly successful. However, there does not appear to be any platforms in the space that can hold a candle to their progress.
Both BitTorrent and the Matic Network have some high aspirations, while Binance is holding down their position as a major competitor in the IEO space. Other competing platforms have been backed by OKEx, Huobi Global Kucoin, and Bittrex.
Ceteris Paribus released data on their progress, revealing that Binance showed a 501% return with their token sales. The highest returns they have seen come from MATIC (870%), BTT (869%), and Fetch AI (128%). The return on investment (ROI) recorded for these tokens are 11.0x, 13.8x, and 3.2x, respectively.
The rival exchange to Binance – Malta’s OKEx – is in the second place, with 272% in returns, based on the token sales alone. The most notable token sale has been with Blockcould (BLOC), which recorded 399%. This platform was followed by Allive (ALV) at a 145% increase. The ROI for each was 5.7x (BLOC) and 5.4x (ALV).
In third place is Huobi Global, even though they held the Top Network TOP token that had a 417% IEO return with 3.8x ROI. However, their other big IEO return was with Newton (NEW), which showed a 106% increase with 2.3x ROI.
Clearly, Matic has been a major subject of interest as far as token sales through IEOs, and there are many influencers in the crypto market that believe that correction in the market would not impact Binance’s performance with these tokens.
BlockFyre’s founder, Jonathan Habicht, said that the “dump” that caused the price to tumble by over 41% would most likely occur another time. Habicht added that it is likely that Binance will be able to use the performance of their IEOs to push the token up to the top 50 tokens ranked on CoinMarketCap. The founder continued, saying that the dump with Matic “was brutal,” but he seems another pump happening.
The $Matic dump was brutal but I have a feeling that it will start pumping again.
Don’t take my word for it but I believe, Binance will not let this thing go until its in the top 50. They want to showcase that their IEOs are successful.
Wouldn’t buy the dip though, too risky. pic.twitter.com/9WquPsrDNx
— Jonathan Habicht🔥 (@HabichtJonathan) May 22, 2019
The Binance coin, BNB, is presently trading at $31.86, increasing by just over 1% in the last 24 hours.