Binance has announced the next project on its token launch platform Launchpad. The project is Matic Network, a layer-2 scaling solution that employs Proof of Stake consensus mechanism. This will the fourth project on the newly relaunched Launchpad following three previous successful token sales.
However, contrary to the other projects, Matic’s token sale will be conducted through Binance’s new token sale system of lottery tickets. In Binance’s announcement, the Matic token sale will be held starting on the 24th of April as from 8:00 AM (UTC) through the 26th of April at 2:00 PM (UTC).
1.9 billion MATIC tokens will be up for grabs during the token sale which represents 19% of the total token supply which will stand at 10 billion after the token generation event. 1 MATIC token will sell for $0.00263 and the BNB equivalent will be announced 24 hours before the scheduled token sale begins.
There is a new lower threshold for any token sale participant which is pegged at 50BNB (an equivalent of about $1,000). The maximum threshold is capped at $1,500, split amongst each of the five possible tickets a lucky participant will win. Each ticket is allocated a $300 limit and each participant can get a maximum of five tickets. This means that for every ticket, one can purchase as many as 114,068.44 MATIC tokens.
Binance also announced the start of the lottery ticket timeline. Interested token sale participants are advised to start purchasing Binance coins as soon as now and the lottery timeline will kick start on the 5th of April at 0:00 (UTC) and run through the 24th. The Binance system will track the account balances of the participants during this 20-day period to determine the number of tickets that the user will be allocated.
After this period, the users will be allowed to claim their lottery tickets starting from 8:00 AM (UTC) on April 24th, the same time the token sale begins. The lottery tickets will be available to be claimed for a period of 24 hours. Binance will then announce the winning tickets on the 25th at 2:00 PM (UTC), following which the respective BNB for each ticket will be deducted automatically from the user account. Binance advises the participants to ensure that prior to the winning lottery tickets announcement, their accounts have sufficient BNB balances. The token sale will be conducted through a single BNB session.