Crypto Wiki
July 10, 2024

Binance Launchpad Prepares for Matic Network Sale

Binance Launchpad, Binance’s tokens launch platform, prepared for the sale of Matic Network (MATIC) tokens. It is the fourth project to be featured on the platform. Instead of the earlier first-come, first-served strategy, a new lottery system was used for this token sale. In this article, MPost will explore this news.

With the usage of sidechains for off-chain computation and Layer-2 scaling solutions, the Matic Network project provides a scalable platform for decentralized applications. Asset security was ensured by the Ethereum Plasma structure and a distributed network of Proof-of-Stake (PoS) verified users.

As mentioned in the statement, Binance Launchpad received 1.9 billion MATIC tokens, or 19% of the entire token supply, as a result of the MATIC token sale. One day before the lottery date, the price of the BNB equivalent was decided, and the public token sale price was set at $0.00263 per MATIC.

Users could claim up to five lottery tickets depending on their BNB holdings within the 20 days prior to the lottery draw date under the new token distribution scheme established by the lottery format. The user’s minimum BNB balance during this period determined how many tickets they were allotted, ranging from one to five.

Prior Binance Launchpad token sales, like those for Fetch.AI, BitTorrent, and Celer Network, saw high demand and quickly collected millions of dollars. However, not long after being live on Binance, the value of the Celer Network token fell precipitously.

With the new lottery format and stringent project scrutiny, Binance Launchpad aimed to provide a fairer and more efficient coin distribution process for the Binance Matic Network token sale. Larger BNB holders were also catered for, while users with lower holdings were given the opportunity to participate in the lottery system.

WalletConnect, Dagger, the well-known Ethereum event notification engine, and Plasma MVP implementations were among the notable contributions Matic Network has previously provided to the Ethereum community. Many in the blockchain world were drawn to the project’s emphasis on scalability and decentralized applications, which created excitement for the token sale.

In order to be eligible for participation, Binance stressed the need of adhering to the lottery timeframe and finishing the required procedures, such account verification and signing the Token Purchase Agreement. Users were also prompted by the exchange to make sure they had enough BNB in their accounts to cover any withdrawals for winning lottery tickets.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.

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Gregory Pudovsky
Gregory Pudovsky

Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.

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