Binance Launchpad for Space ID Tokens Receives Over $2.8B in BNB Commitments

Over 8.4 million bnb tokens have been committed to the Space ID token sale, which was raising $2.5 million from exchange users.

AccessTimeIconMar 22, 2023 at 8:45 a.m. UTC
Updated May 9, 2023 at 4:11 a.m. UTC

Binance launchpads continue to be a lucrative and hyped bet for traders looking to get allocations to tokens of new projects.

Space ID, the latest launchpad, whose subscription ended in the European morning hours on Wednesday, received over 8.4 million bnb (BNB) tokens in commitments from 99,000 holders over a 48-hour period that started early Tuesday.

That’s over $2.85 billion in commitments at current market prices for BNB.

CoinDesk - Unknown
Over 8.4 billion bnb tokens have been committed for the ID token sale. (Binance)

All of that money won’t flow into Space ID’s ID tokens, however, as the project’s hard cap for funding is a relatively paltry $2.5 million. These tokens were offered at a rate of 0.00007412 BNB for each 1 ID, with 100 million ID offered in total.

The final allocation will be calculated based on the number of BNB commitments to total number of holders who participated.

Space ID is a Web3 domain management, allowing users to exchange, register and manage crypto-based domain names. ID can be used on the platform as a governance token.

Binance Launchpad uses a lottery system for its token distribution. Once a new initial exchange offer (IEO) is announced, a snapshot is taken of potential investors’ bnb holdings over a set period that varies according to the sale.

After the BNB holding period, a claim ticket button will appear for 24 hours to users which need to confirm their lottery tickets, after which the lottery will start and the winners will automatically allow users to become participants of the token offering in exchange for BNB tokens.

Previous Binance launchpads have increased by several multiples for investors – which likely generates massive hype and interest.

A December launchpad for Hooked Protocol’s HOOK tokens raised 9 million in BNB commitments from traders, offering its tokens at just 10 cents at the time. HOOK trades for $2.50 as of Wednesday – yielding a 2,300% return for early participants.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about