Kava Labs, a decentralized finance (DeFi) project that offers collateralized loans and a stablecoin, is looking to raise $3 million via an initial exchange offering (IEO) on Binance Launchpad, the exchange’s token sale platform.
The IEO opens on Oct. 23, at an issue price of $0.46 per KAVA token, according to information on the Binance Launchpad website. Kava is looking to offload 6.52% of its total token supply for the IEO.
Kava’s IEO is the tenth token sale on Binance Launchpad, according to The Block’s research, and the previous nine IEOs have raised a total of $49 million.
IEOs have become a theme of 2019, with around 270 blockchain projects raising funds via the method so far, according to The Block’s research. And out of the 35 IEOs launched on legitimate exchanges, nearly 90% of them have lost more than half of their value compared to their all-time highs.
Binance, which popularized the concept of IEOs, by far has had the highest average USD return, while Bittrex the lowest, per The Block’s research.