Binance just announced its 4th token sale of the MATIC token which will be held on its token launch platform, Binance Launchpad.
This time the format of the launch has been changed to a lottery platform rules for which has been pre announced. Binance Launchpad has had three very successful projects before this namely – BitTorrent, Fetch.Al, Celer Network.
But this time, the people at Binance have paid close attention to its community feedback section and decreased the lowest limit to be eligible to participate to 50 BNB. This has been done to solve the problem of more people demanding to be able to participate.
About Matic Network
“Matic Network is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation, while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators. Matic aims to be the de-facto platform on which developers will deploy and run decentralized applications. Matic Network has been a significant contributor to the Ethereum ecosystem having worked on implementations of Plasma MVP (Minimum Viable Plasma), WalletConnect protocol and the popular Ethereum event notification engine – Dagger.”
Coming back to the token sale, it is scheduled to be on the 24th of April. 19 % of the total MITAC tokens are going to be allotted to Binance Launchpad which is 1,900,000,000 MITAC tokens.
The token sale will be based on the new lottery format where users, instead of buying the tokens directly, will buy tickets that will be chosen at random in a lottery draw. The winning tickets will be announced on 25th of April. The change in format has been introduced to deal with the high demand of participation.
The allocations per winning tickets is 300 USD which is 114,068.44 MATIC and the maximum number of tickets are 16,666.
Before the lottery draw, users have a minimum of 20 days to collect as much BNB as they can. There is also an eligibility criterion which decides whether a person can buy tickets or not. There should be a minimum of 50 BNB in your user accounts at the end of your 20 days.
The amount of BNB decides the amount of tickets a user can buy. But the maximum number of tickets a user can buy is decided at 5 to enable high scale participation.
Do you think this project will be as successful as their other three ventures? What do you all think all the new format introduced by Binance? Give us your views in the comments section below.