Binance's new IEO system is off to a rocky start
The lottery ticket claim for the upcoming Matic Network (MATIC) token on Binance Launchpad has opened today, and it has gone...less than swimmingly.
In case you missed it, Binance recently abandoned the first-come-first-serve model they implemented for their first three IEOs (BTT, FET and CELR) after massive server issues and an avalanche of customer complaints. For example, out of about 35k people that attempted to partake in the CELR token sale, less than 10% were able to actually purchase the coin.
As a result, Binance has since shifted to a lottery system for all future IEOs, available to those hodling BNB for a period of time and complying with additional requirements, such as signing the Token Purchase Agreement.
Today, users that HODLed at least 50 BNB for the past 20 days can check their eligibility and the amount of lottery tickets that they can claim for the upcoming MATIC IEO. However, as with the 3 previous token sales, the Binance telegram group has been inundated with complaints for most of the day:
“I cannot claim the tickets. It says "Sign the agreement" Where to sign? On launchpad itself it says You have already completed your account verification”
Many IEO hopefuls seem to be confused about the Token Purchase Agreement in particular, the signing of which has also closed today. Some are not sure if they’ve signed the agreement at all, while others appear to be critically overdue:
Others still have criticized what they deem a troubling lack of clarity and information, preventing them from complying with the IEO requirements:
Those that got past the Agreement issues were also confused about claiming the actual lottery tickets:
As a result, we’ve seen a surge of mentions of ‘agreement’ and ‘tickets’ on crypto social media, with more than 310 combined mentions for the past 24 hrs:
Overall while the lottery system is still likely to improve on some of the shortfalls of previous Binance-hosted IEOs, that is hardly a difficult ask. Even so, the new system seems to come with its own share of built-in deficiencies and customer frustration. Will be interesting to see how CZ responds this time around.