Binance, the renowned crypto exchange, has just wrapped up the public sale of ARKM tokens for Arkham Intelligence, an on-chain analytics provider. The public sale, hosted on Binance Launchpad, reached its hard cap of $2.5 million.
The sale elicited a high level of interest from investors, resulting in an oversubscription by 990 times, according to figures released by Binance. The total token supply for Arkham is 1 billion ARKM, of which 50 million were allocated to the Binance Launchpad, accounting for 5% of the total supply at a pre-determined sale price of $0.05.
The sale used a subscription format, where Binance tracked users’ BNB balances over a six-day period starting from July 11. Each user’s final allocation of tokens was determined based on their average BNB balance during this period. 114,454 participants committed 10,182,983 BNB ($2.4 billion) during the subscription period.
The final conversion rate for the sale was 4.92 ARKM tokens per BNB. This meant that users who committed 50 BNB during the subscription were allotted 246 ARKM tokens to purchase (at the sale price of $0.05), according to Binance. Binance announced it would commence trading ARKM tokens on its platform at 8 a.m. ET today.
ARKM tokens can also be claimed as an airdrop by early Arkham users, separate from the Binance launch. At the time of writing, ARKM is trading at $0.65 on the Uniswap decentralized exchange, 13 times its public sale price.
