On Aug. 7, cryptocurrency exchange Binance revealed that Perlin (PERL) would become the eighth project to grace its initial exchange platform called Binance Launchpad.
In response, investors showed some love for Binance Coin, the exchange’s native token.
Investors trying their luck
The new token sale will be conducted through a lottery and airdrop format. The allocation of lottery tickets will be based on the users’ daily average holdings of BNB.
In order to determine eligible participants, Binance will be recording the BNB balances of its users for 15 days (since Aug. 9 until Aug. 23). One’s daily average balance has to exceed 50 BNB to take part in the lottery. It takes 500 BNB (or more) to claim a maximum of ten tickets.
Those who won’t be lucky enough to appear among the lottery winners will split an airdrop pool.
An airdrop pool of 3,874,500 PERL (approx 300,000 USD) will be split and distributed to eligible participants after the lottery draw.’
BNB beats the market
Perlin is a PoS-based smart contracts platform that boasts a throughput of 31,000+ TPS. The PERL token automatically appeared in the spotlight after the announcement given the hype surrounding other IEOs (although, most of them have proven to be unsustainable).
Binance Coin (BNB) has spiked by more than three percent on the Perlin news. According to Coin360 data, it is currently the only top coin in the green with Bitcoin recovering after another fakeout.