- Over 114,000 Binance users commit more than 10.18 million BNB ($2.43 billion) to participate in the ARKM public sale.
- ARKM tokens, associated with the data analytics firm Arkham, commence trading on Binance after public sale.
In a groundbreaking event for the cryptocurrency space, over 114,000 Binance users have locked up 10.18 million BNB (worth approximately $2.43 billion) to participate in the public sale of Arkham Intelligence’s ARKM tokens. Arkham Intelligence is an on-chain analytics provider that sets itself apart from others in its sector due to unique financing and supported chains. The ARKM token is the firm’s native cryptocurrency.
Binance’s Pioneering Public Sale Format
To ensure an even playing field for all participants, Binance implemented a subscription format for the ARKM public sale. Over a six-day period starting July 11, Binance monitored the BNB balances of its users, basing the final token allocation on these average balances. This method resulted in an astonishingly successful sale, with 114,454 users committing 10.18 million BNB. The total committed amount outpaced the expectations, resulting in a staggering over-subscription rate of 990 times the ARKM token’s supply.
Each user’s contribution was acknowledged proportionally. For instance, those who committed 50 BNB were given an allocation of 246.1109 ARKM, while larger contributions of 500 BNB and 5,000 BNB fetched 2,461.1088 ARKM and 24,611.0879 ARKM, respectively. Upon completion of the sale, the corresponding BNB tokens were deducted from users’ locked balances, and the remaining BNB along with the newly acquired ARKM tokens were deposited in participants’ wallets.
ARKM Hits Binance Trading Floor
Post public sale, Binance wasted no time in listing ARKM in its innovation zone under five trading pairs – ARKM/BTC, ARKM/USDT, ARKM/TUSD, ARKM/BNB, and ARKM/TRY. The ARKM token commenced trading at 12:00 (UTC). As a special incentive, users enjoy zero maker fees on the ARKM/TUSD trading pair.
In a bid to protect its users, Binance introduced an innovative initial price mechanism for the ARKM token launch. The maximum transaction price for ARKM was set 10 times higher than its public sale price for the initial five minutes of trading. As the trading progresses, this limit has been lifted, allowing the market to determine the price.
At the time of writing, ARKM is trading at $0.73, marking a significant 46% increase from its listing price. This token sale’s immense success underscores the burgeoning interest in blockchain analytics solutions and promises exciting prospects for Arkham Intelligence and the entire cryptocurrency ecosystem.