Binance has announced the fourth project to be held on its Launchpad fundraising platform in 2019. So far, all of the previously held ones (BitTorrent, Fetch.AI, Celer Network) turned out to be massively successful, raising their designated hard caps in a matter of minutes and sometimes seconds.
However, this time the format of the sale will be different, as the leading cryptocurrency exchange took measures to handle the incredibly high participation demand for the Binance Launchpad.
About Matic Network
The Matic Network is designed to be a layer 2 scaling solution which uses side chains for off-chain computation, while also ensuring asset security by using the Plasma framework and Proof-of-Stake (PoS) consensus algorithm.
It’s worth noting that Matic Network has also been a significant contributor to Ethereum’s ecosystem and has done a lot of work on the implementation of Plasma MVP (Minimum Viable Plasma).
The aim of the project is to become the go-to platform where developers will be able to deploy and to run their decentralized applications.
— Binance (@binance) April 1, 2019
Binance Launchpad New Lottery Format
Regarding the token sale, it’s going to take place on April 24th. Binance Launchpad will allocate a total of 19 percent of the entire token supply, which is 1,900,000,000 MATIC tokens.
The price during the public sale is set to $0.00263.
More interesting, however, is the fact that the Matic sale will happen using Binance Launchpad’s new lottery model. As reported by Cryptopotato, Binance decided to change the format to a lottery one in order to cope with the huge participation demand.
So, in the new format, instead of trying to buy MATIC tokens directly, users will have to purchase Lottery tickets, which will then be selected randomly, allowing their holders to buy a predetermined amount of MATIC tokens per ticket.
The allocations per winning tickets for this sale is $300 or 114,068.44 MATIC tokens. Users won’t be able to buy more than that for one ticket.
The maximum amount of winning lottery tickets is set to 16,666. There is also a 20-day minimum BNB holding balance requirement. In order to participate in the Matic sale, each person should hold a minimum of 100 BNB tokens for the past 20 days prior to the sale.
Additionally, the more BNB one holds, the more lottery tickets he’d be able to take advantage of. However, the maximum amount of tickets one can get is limited to 5, in order to allow more people to get in.
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