Binance Launchpad Publishes Matic Token Sale Details
Binance Launchpad, the token sale platform from the stables of leading cryptocurrency exchange, Binance, has announced details concerning the upcoming Matic Network (MATIC) token sale event via a blog post on April 1, 2019.
50 BNB to Qualify
Per the Binance Launchpad team, the MATIC token sale event will follow the previously announced lottery format, and interested participants are now required to have a minimum of 50 BNB tokens to secure a lottery ticket, instead of the previous 100 BNB threshold.
Binance Launchpad claims it has decided to slash the minimum BNB balance required for users to participate in each token sale event from 100 BNB to just 50, due to feedback it received from members of its community.
The Matic Advantage
According to Binance, the Matic Network is a Layer 2 scaling solution just like the Bitcoin Lightning Network, however, unlike Lightning, Matic achieves scale by using sidechains and the Plasma framework for off-chain computation and asset security respectively.
With its decentralized network of Proof-of-Stake (PoS) validators, the Matic Network aims to be the number one platform for developers looking to build and run scalable and secure decentralized applications (dApps), says Binance Launchpad.
Reportedly, The Matic Network is highly scalable, with a throughput of 10,000 transactions per second (TPS) on a single sidechain, it has a user-friendly interface, low transaction fees and more.
MATIC Token Sale Details
The Matic (MATIC) token sale event is scheduled to commence on April 24, 2019, at 8:00 AM UTC and runs till April 26, 2019, at 2:00 PM UTC.
Interested participants are required to start increasing their BNB balances from April 1, 2019, as Binance Launchpad would start recording users’ BNB balances from April 5, 2019, at 0:00 AM every day for 20 days.
Accordingly, each Binance account holder will be able to claim up to five lottery tickets according to their BNB holdings (50 BNB per ticket).
On April 24, 2019, at exactly 0:00 AM UTC, the final screenshot of users’ balances will be taken to determine the number of people eligible to claim the lottery tickets for the Matic token sale. And by 8:00 AM on that same day, qualified users will be able to start claiming their tickets on the Binance Launchpad site till 8 AM on April 25, 2019, after which the lottery draws will begin immediately.
And At 2:00 PM UTC on April 25, 2019, winning tickets will be announced, and the exact amount of BNB will be deducted from the accounts of participants with winning lottery tickets within 24 hours.
For each winning ticket a user holds, he/she will be able to purchase about 114,068 MATIC tokens (roughly $300).
The Binance Launchpad has conducted several hugely successful token sale events so far, including Fetch.AI, BitTorrent Token, and Celer.
At press time, BNB token continues aiming for the moon, with a price and market cap of $19.54 and $2.76 billion respectively.