Elrond is a project that has created a highly scalable blockchain platform that uses Secure Proof-of-Stake and Adaptive State Sharding. In 2019, the Elrond team raised funds by selling tokens through an initial exchange offering (IEO) on the Binance cryptocurrency exchange.
Note: The Elrond project’s token was initially known as ERD. In 2020, the project conducted a token swap/migration in which ERD tokens were exchanged for eGLD tokens at a ratio of 1,000 : 1. Elrond sold ERD during the token sale, but we will be providing figures denominated in eGLD in this section. For example: 5 billion ERD tokens were sold in the Binance Launchpad token sale, and this is equivalent to 5 million eGLD.
Through the eGLD token sale, the Elrond team managed to raise $3.25 million. In the years after the token became available for trading, the price of the token increased substantially compared to the eGLD ICO price, which means that users who bought tokens during the token sale saw the value of their holdings increase. At its highest point, the price of eGLD was up about 832x compared to the eGLD token ICO price.
Key dates, project details, and price data pertaining to the Elrond ICO:
- The Elrond token sale was held on Binance Launchpad in July 2019
- The Elrond team raised $3.25 million through the token sale
- A total of 5 billion ERD tokens was sold through the sale (equivalent to 5 million eGLD)
- The Elrond ICO was available to Binance users who held a certain amount of BNB on the exchange
- The price of eGLD later increased up to 832x of the token sale price
What was the ICO price of Elrond (eGLD)?
The Elrond ICO price was the equivalent of $0.65 per token. The price itself was denominated in BNB, which was the only cryptocurrency accepted in the Elrond token sale.
When did the Elrond ICO start? How long did it last?
Binance began recording the BNB balances of its users on June 22, 2019 to determine which users were eligible for the Elrond token sale. The Elrond token sale was conducted on July 2, 2019. The Elrond team also held a private sale in 2019.
How much money was raised during the Elrond ICO campaign?
The Elrond token sale successfully reached its hard cap (the maximum amount the team was looking to raise) of $3.25 million.
How many tokens were sold in the Elrond ICO?
A total of 5 billion ERD tokens were sold in the Elrond ICO. After the swap to eGLD, this is equivalent to 5 million eGLD tokens.
How much of the total eGLD token supply was sold in the ICO?
During the time of the token sale, 5 million eGLD tokens represented 25% of the total eGLD supply (20 million). However, the maximum supply limit for eGLD is 31,415,926 eGLD tokens.
How was the eGLD supply distributed?
The Elrond project’s plan for distributing the eGLD supply was the following:
- Binance Launchpad token sale: 25%
- Private token sale: 19%
- Tokens reserved for team members: 19%
- Reserve: 17%
- Marketing: 8.5%
- Ecosystem rewards: 7%
- Project Advisors: 2.5%
- Community: 2%
On which platform was the Elrond ICO held?
The Elrond ICO was held on the Binance cryptocurrency exchange. The Binance Launchpad platform allows the exchange’s users to participate in token sales, which are usually called initial exchange offerings (IEOs). IEOs are very similar to initial coin offerings (ICOs), with the main difference being that IEOs are conducted through a cryptocurrency exchange. Many crypto users use the terms ICO and IEO almost interchangeably, so you might also encounter the term Elrond IEO.
How many people participated in the Elrond ICO?
The Elrond ICO was conducted on Binance Launchpad through a lottery system. Each winning lottery ticket represented the “right” to buy $300 worth of eGLD, or around 461 tokens.
The maximum number of winning tickets was 10,833, and each user could receive up to 5 tickets. Binance didn’t publish the number of users that participated in the token sale, but given the information above, we can provide a very rough estimate that between 2,160 and 10,830 people participated in the Elrond ICO.
