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
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

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.

  • Traders Are 'Valuable Resource' for Crypto Market: Analyst
    Traders Are 'Valuable Resource' for Crypto Market: Analyst
  • Coinbase Phasing Out ‘Coinbase Pro’ for ‘Advanced’ Mode in Main App
    Coinbase Phasing Out ‘Coinbase Pro’ for ‘Advanced’ Mode in Main App
  • Robinhood Plans ‘Web 3’ Crypto Wallet for DeFi Traders, NFT Buyers
    Robinhood Plans ‘Web 3’ Crypto Wallet for DeFi Traders, NFT Buyers
  • That’s over $2.85 billion in commitments at current market prices for BNB.

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Shaurya Malwa

    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