Perlin Network (PERL) IEO – Binance Launchpad
Perlin Network has launched another round of funding as an IEO on the Binance Launchpad.
As a reminder, Perlin Network has already done three rounds of funding in the past year, as follows:
January 2018 – Raised a total of $12.4MM at ~$0.06 per token, which sold 20% of the token supply.
May 2018 – Raised a total of $24.2MM at ~$0.12 per token, which sold 19.49% of the token supply.
July 2018 – Raised a total of $17.3MM at ~$0.20 per token, which sold 8.36% of the token supply.
For the next round of valuations that will be happening on the Binance Launchpad, the PERL tokens will be valued at $0.07743 per token for 8.38% of the total supply.
Having already raised $53.9MM, I would be very concerned about why Perlin Network is looking to do another round of funding after they had just done their third round in July 2018.
The thinking process is:
If they aren’t anywhere close to running out of funds, why are they doing an unnecessary raise?
And if they’ve already gone close to running dry of the $53.9MM they had raised previously, I would be very concerned about their cash burn and financial management.
We would advise investors to take caution for the PERL IEO. If you are still planning to invest into the IEO, you can do so here.
So what has changed since the third round of fundraising back in July 2018 till now with the PERL IEO?
Well for one thing, they’re no longer in the “early days” of the project.
When we first covered the ICO back in 2018, their website wasn’t even fully complete yet!
With the PERL IEO happening, they now basically have a fully developed website, a testnet client release, as well as a closed release of “Perlin Clarify“.
Their initial promise of a Q2 release for the new consensus mechanism and Noise v2 Release has been delayed, according to the Binance Research Report.
So what’s new? Well.. a complete website and a testnet public launch. The rest are still intangible for the general public.
Should You Participate in the PERL IEO?
Although Binance IEOs have all historically launched with a positive return on investment for IEO investors, there is a key difference between this IEO and previous IEOs.
That is, nearly 50% of the total token supply has already been sold to ICO investors in the past year, and it’s likely that a large portion, if not all, is unlocked for trading.
As the PERL token has not been listed anywhere else previously, it’s likely that previous investors are going to take the opportunity to reduce or sell their PERL holdings once it is listed on Binance.
Furthermore, like we mentioned above, there is a serious concern with why they might need to raise another $6.7MM in the upcoming PERL IEO – they’ve already raised over $50MM in the past (just a year ago!).
The biggest question to answer is: if you think PERL will also go up upon listing like every other Binance IEO had in the past, then it might be worth taking the risk to do a quick trade.
PERL IEO Token Sale Information
And that’s it folks! As always, please DYOR before making any financial investments.
For interested readers, below is our coverage of the PERL ICO back in 2018.
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Perlin are aiming to build a DAG -based protocol using an incredibly simple yet powerful new consensus called Avalanche. The new consensus offers an improved paradigm that is secure, scalable and leaderless while also producing speeds of 1600+ tps in early tests.
Nonetheless they’re causing quite a stir. Their TG channel has swelled to 23k members. They’re not bots either.
What’s All the Fuss?
Well this for a start:
“I don’t know, this is terrifyingly good. I’m fairly confident in my developer capabilities, and this outplays me. All of this work in 3–4 months. I’m terrified to see what these guys are going to accomplish. This isn’t just a compute-as-a-service platform, this isn’t just an AWS EC2 competitor, this is a new paradigm.
I seriously don’t know, I’m at a loss for words. I want to work with these guys.
This is as good as I’ve seen in quite a while.” -Andre Cronje
Well known and respected code reviewer Andre Cronje rarely buys the hype and he’s apparently in awe of what he’s seen from a technical perspective. Perlin are producing the goods already so who knows what they’ll be capable of.
Perlin have got a very strong team.
Dorjee Sun (CEO) is a veteran of the cryptosphere and no stranger to leading successful projects. He was COO of Santiment.net, a cryptocurrency data leader which launched in 2017. That project went from a marketcap of $11m to $460m within that short space. He also led Project Transparency which includes 38 projects with a $1.3B overall cap. Additionally he’s advised and invested in multiple blockchain projects including Republic Protocol, Devery, Powerledger, Loki Network, Airbloc, Quadrant, Swiss Diamond Coin, Blue Frontiers, Open Health Network and Virgil Capital.
Kenta Iwasaki (CTO) has a similarly checkered career to date. He’s worked extensively on research papers primarly under NAVER. He’s won several internationally recognised hackathons for projects taking place under the eye of Standford University, HKUST, University of Pennsylvania, General Electric, IBM, University of Waterloo and ETH Denver. He also founded an internet marketing system called Dranithix.
Other team members and strategic advisors include Prof. Anup Malani, Dr. Taylor Sittler and Vincent Zhou (FGB Capital), Taiyang Xhang (Republic Protocol). These are some well-connected people.
What to Watch For
Token-metrics for Perlin have not been released yet. Our guess is the valuation for this project will be high. In an era of inflated project valuations it’s important to keep an watchful eye on token metrics. While projects may prove to be successful it does not mean that early investors will be successful; it’s important not to confuse the two.
Perlin have many competitors – even within the relatively new world of DAG protocols. Amazing tech isn’t much use unless it can drive adoption. The simplest ideas can often be the most widely used. Our Cryptokitty friends can give testament to this I’m sure.
If Perlin can continue as they began we believe they’ve got a bright future. The term “Ethereum Killer” has been thrown around far too much but in Perlin’s case it may not be just hype. We rate them as a Rising Star ICO and believe they are definitely worth keeping an eye on as more details are released.
Note: No payment was made by this ICO for this article. We always label our sponsored content clearly at the top of the article.
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