Transparency is key in any aspect human live. Transparency breeds trust that will make users follow you anywhere. Binance has so far failed to follow the transparency route with the latest Safepal Launchpad.
Binance adopted a new method which is the subscription method. Users will have to put BnB in their account for number of days which the average will then be taken.
The average BnB will determine the amount of BnB to be committed. That's what binance said only to bring out something new from thin air.
The announcement on Binance states that
Users that committed 50 BNB received an allocation of 245.34246523 SFP and will have 0.35556747 BNB deducted.
Users that committed 500 BNB received an allocation of 2453.42465251 SFP and will have 3.55567474 BNB deducted.
Users that committed 5,000 BNB received an allocation of 24,534.24652518 SFP and will have 35.55674746 BNB deducted.
It's absolutely crazy. We are literally using 50 BNB worth more than $3500 at the time of posting to get less than $30 worth SFP at presale price of $0.1.
I don't know what binance want to achieve with this, but they have simply shown that a centralised exchange will always be centralised. There is no transparency whatsoever which is bad for an exchange like Binance.
I urge CZ to revert back to the lottery method. That is better than this shady Subscription - commitment - and allocation method.
Originally Posted on LeoFinance Beta