This Monday Binance Cryptocurrency Exchange announced the details of the initial placement of tokens (IEO) on the Binance Launchpad platform, which will follow the new scheme.
For the next Binance Launchpad campaign, the Matic Network (MATIC) project was selected. The main part of IEO starts on April 24 at 11:00 Moscow time. For IEO, 1.9 billion MATIC or 19% of the total token emission will be allocated. The cost of 1 MATIC during the campaign will be $ 0.00263 (the price in BNB will be announced a day before the start of sales). Thus, the total amount of attracted financing will be about $ 5 million.
The Matic Network offer differs from the previous IEOs in the distribution of tokens. If during the earlier campaigns, tokens were released to investors on a first-come, first-served basis, which caused many complaints because of technical problems that arose against this background, at the new stage Binance decided to try out the lottery model.
Starting from April 5, at 3:00 am Moscow time, the exchange will record user account balances for 20 days and, on the basis of this data, on April 24 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 campaign participants should sign an agreement to purchase 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 charged against the purchase of MATIC tokens. One winning ticket allows you to get tokens worth $ 300.
Below you can see the number of tickets provided to the user, depending on the number of BNBs that were in his account at the time of fixation during the 20-day period. According to numerous requests, Binance lowered the minimum threshold for receiving one lottery ticket from 100 BNB to 50.
Matic Network is a second-tier platform for performing fast, simple and secure transactions outside the main blockchain using Plasma technology. The solution is focused on servicing transactions of smart contracts so that users of decentralized applications do not have to sacrifice convenience when they refuse centralized alternatives.
Publication date 04/02/2019
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