So you are ready to participate in the latest IEO offered by the Binance Launchpad? But got some doubts on the new system implemented by Binance for the Launchpad? Do not worry, as we are here to help you clear all your doubts associated with it. TLDR
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies. Since early 2018, Binance is considered as the biggest cryptocurrency exchange in the world in terms of trading volume.
And with a project called GIFTO, Binance Launched its Launchpad. Binance Launchpad is a platform to launch Tokens. Binance Launchpad focuses mostly on Protocol Projects, and each project has to go through a thorough analysis to get their project listed there.
For this article, we will consider the Project Matic to explain how the things would be with the new Binance IEO System in the Binance Launchpad.
Matic Network is a Layer two scaling solution. It achieves scaling by utilizing sidechains for off-chain computation. It ensures asset security using the Plasma framework and a decentralized network of PoS (Proof of Stake) validators. Matic aims to be the de-facto platform on which developers will deploy and run Dapps (Decentralized Application). Matic Network has been a significant contributor Plasma MVP, WalletConnect protocol and Ethereum event notification engine – Dagger.
According to the announcement on Binance on 1st April 2019, the Matic Network Launchpad session time is between 2019/04/24 08:00 AM (UTC) to 2019/04/26 2:00 PM (UTC)
The new IEO system is based on Lottery System. Where each one of you has to get, a Lottery Ticket to participate in the Launchpad Session. For this IEO, you need to have an X amount of BNB (Binance Coin) to get Lottery Ticket.
The no. of tickets you can get is based on the amount of BNB you hold. Details of which is shown below:
As you can see, a person holding at least 50 BNB or above consistently for more than 20 days can participate. 50 BNB at the current rate is around $900 (1 BNB ~ $18)
If you have more BNB, you will have consecutive ticket numbers. So, if you got five tickets, and the first one is 10037, then the next four will be 10038, 10039, 10040 and 10041
In the case of Matic IEO, the snapshot from 5th April 2019 to 24th April 2019 will be taken, at 0:00 AM UTC each day. So, make sure that you hold at least the amount required in each level on all these days to participate in this IEO.
If by any chance, you had, say 205 BNB which if you hold for 20 days gets you 2 Lottery Ticket, but out of the 20 days, you had only 199 BNB at the time of snapshot on a single day, you will drop to the next below level. So while trading, if you are interested in participating in the IEO, keep this factor in mind.
Now on or before 24th April 2019, make sure to complete the KYC as well as to sign the Token Agreement. After that, you won’t be able to sign the Token Agreement, even if you hold the required BNB.
So, you have completed 20 days of holding? Now what?
After the 20 days, on 24th April 8:00 AM UTC, a ticket claim window will open in Binance Launchpad, which will allow you to claim your hard HODLed Lottery Ticket. This claim window will only be available for just 24 hours.
Once the 24 hour period is over, the claim window closes, and in the case of Matic IEO, the winning tickets will be published in Binance Launchpad.
For each IEO, there will be a specific allocation per winning ticket. In the case of Matic IEO, the distribution is $300 worth of Matic Tokens, which will be around 114K MATIC Tokens. Please do make sure that you have the required amount of BNB for the winning ticket. So, if you have two winning tickets, make sure you have at least $600 worth of BNB in your account.
In the case of Matic IEO, the number of winning tickets is 16,666.
To Recap (in General):
- Buy at least 50 BNB before the Snapshot Date.
- Hold for 20 or X Days, where X is the number specified by Binance Launchpad to HODL for eligibility to get the Lottery Ticket
- On or before the Last Snapshot, complete the KYC as well as sign the Token Agreement for the IEO
- After the Last Snapshot, claim the Lottery Ticket for the IEO
- Check if you are among the users who have a winning Lottery Ticket, if you are, before claiming, make sure you have the minimum amount required for the Token Allocation (Specified as Allocation Per Winning Ticket)
- Congrats now you own the Token!
We wish you all the very best for every Binance IEO you participate! Comment here if you were able to get into Binance IEO!