Binance Coin [BNB] surges by 15% following Launchpad roll-out announcement

Binance coin [BNB], the seventh largest crypto asset on CoinMarketCap, pumped by over 15% and posted significant gains while slowly emerging from the crypto winter.

At press time, BNB held a market cap of $2.45 billion. The coin’s price was clocked at $17.35. The crypto asset registered a 24-hour trading volume accounting for $326.90 million. Further, Binance’s native token exhibited a growth rate of 9.71% over the past seven days.

The coin continued to show bullish movement despite hitting minor lows. BNB token gained traction after the cryptocurrency exchange revealed a new structure for the token launch on its native Launchpad. According to the latest announcement, the token launch will be conducted as a lottery, as opposed to the previous system of first-come-first-served.

Binance’s official blog released the table below. It presents the new structure that would allows users holding more BNB tokens with greater access to the lottery tickets.

The latest token launch drew considerable flak from BNB token holders, with some calling the format unfair and accusing the trading platform of catering only to BNB whales. Addressing these criticisms, Binance’s CEO and Founder, CZ tweeted,

“Will address some of the questions/concerns/feedback in this thread. Our new Launchpad model is not set in stone. It’s the result of multiple detailed discussions over the weekend, while considering all angles. We will consider suggestions and will make certain tweaks.”