The IEO rally could be coming to an end.At the start of this year, Binance, in collaboration with Tron, launched an initial exchange offering (IEO) for BitTorrent. This was not only one of the first token sales to sell out after the prolonged Crypto winter, the tokensbecame the first to deliver an incredible price appreciation in over 2 quarters.
The success of BitTorrent’s IEO led to a rapid shift in the industry as token sales morphed into IEOs across a vast number of exchanges.A heavy demand of exchange services led to a massive price appreciation in exchange tokens; many exchanges forced IEO participants to hold onto the exchange’s respective utility token. However, people’s willingness to hold on to the exchange tokens was contingent on their interest in the token sale. There are only a few high-quality projects that still have not issued a token. As exchanges have tried to rapidly capitalize on projects that’d even remotely qualify as quality developments, there’s nothing left to scrape in the barrel. Due to this, Binance is now hosting an unprecedented IEO which involves the issuance of a casino platform’s tokens. WINK IEO signals a need for an alternative. Binance’s upcoming IEO is for WINK, a platform that hosts Tron-enabled casino games. While the exchange’s past token sales like Harmony and Elrond Network were highly publicized and in-demand projects that had been supported by leading industry voices, WINK is anomaly among the high-caliber list of Binance IEOs.
WINK is a project associated with some of the most questionable tactics in the Crypto space. Beside the matter that it’s a casino platform, the project utilized FOMO tactics like transaction mining of dividend-issuing tokens to drive its user base.
A vast portion of the platform’s volume is associated with users who merely use it to mine the dividend-issuing token. As exchanges, including Binance, need to rely on a constant pipeline of IEOs...