Binance Reveals Details Of The First Lottery …

Binance Reveals Details Of The First Lottery …

Binance Reveals Details Of The First Lottery IEO On Its Platform

Binance cryptocurrency exchange this Monday announced details of its initial token offering (IEO) on the Binance Launchpad platform, which will take place under a new scheme..

The Matic Network (MATIC) project was chosen for the next campaign on Binance Launchpad. The main part of the IEO starts on April 24 at 11:00 Moscow time. For IEO, 1.9 billion MATIC will be allocated, or 19% of the total token emission. The cost of 1 MATIC during the campaign will be $ 0.00263 (the price in BNB will be announced the day before the start of sales). Thus, the total amount of attracted financing will be about $ 5 million.

Matic Network’s proposal differs from previous IEOs in the order of distribution of tokens. If during earlier campaigns tokens were issued to investors on a first come, first served basis, which caused a lot of criticism due to technical problems that arose against this background, then at a new stage Binance decided to test the lottery model.

Starting from April 5, 03:00 Moscow time, once a day, the exchange will record the balances of users’ accounts for 20 days and, on the basis of these data, on April 24, it will calculate the number of tickets due to each of them, which must be requested on the same day. Also, before this date, all potential participants in the campaign should sign an agreement for the purchase of tokens. On April 25, at 11:00 Moscow time, the distribution of tickets will end and the lottery will start. On the same day at 17:00 Moscow time, winning tickets will be announced, from the accounts of the owners of which the corresponding amount of BNB will be debited towards the purchase of MATIC tokens. One winning ticket allows you to receive tokens worth $ 300.

Binance Reveals Details Of The First Lottery ...

Below you can see the number of tickets provided to the user, depending on the number of BNBs in his account at the time of fixing over a 20-day period. Binance notes that it has lowered the minimum threshold for a single lottery ticket from 100 BNB to 50 due to popular demand.

Matic Network is a second-tier platform for fast, simple and secure transactions outside the main blockchain using Plasma technology. The solution is focused on serving smart contract transactions so that users of decentralized applications do not have to sacrifice convenience when abandoning centralized alternatives.

Binance Reveals Details Of The First Lottery ...
Binance Reveals Details Of The First Lottery ...

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