Binance’s recently concluded IEO Launchpad project Harmony will soon be the first project whose tokens will be available for trading on both the traditional Binance.com trading platform as well as its decentralized counterpart Binance DEX.
The Harmony tokens, called ONE token, will be listed on both exchange platforms on June 1st at 04:00 AM (UTC). This follows a proposal by the Harmony team to the Binance Chain validator network to include the ONE tokens on the DEX platform.
The proposal was made on May 29th and luckily got approved a day later on May 30th.
“As Harmony (ONE) will be the first token to start trading on both Binance exchange and Binance DEX at the same time following the successful token sale on Binance Launchpad, users will now have the option to trade Harmony ONE tokens on both exchanges,” announcement post by Harmony published on May 30th.
To celebrate the event, Harmony has announced a giveaway to Binance DEX users for 25 million ONE tokens (worth approximately $75,900 using the Launchpad rates).
5 million ONE tokens will be given away daily for five days through the 6th of June. The main requirement is to hold at least 100 BNB in your wallet. Another consideration will be trading activity as the giveaway will require participants to trade in excess of 100,000 ONE tokens (worth about $300) daily during the duration of the giveaway. According to the announcement, the rewards will be airdropped automatically to winning participants to their wallets.
A few points to note about the giveaway, as shared by Harmony, include the following:
- The recorded trading volume on each address will reset daily at 0:00 AM.
- BNB balances for each day will be recorded in the first Binance Chain block after 0:00 AM (UTC), on the next day
- Each full day refers to 0:00 AM to 0:00 AM of the next day, a full 24 hours
- Trading volume refers to total buys and sells (excluding wash trades)
As a primer, the Harmony team is building a blockchain that is based on the sharding technology which should result in a highly scalable and secure blockchain.
Harmony relies on Proof of Stake as its consensus mechanism. As opposed to Proof of Work on which Bitcoin and other leading blockchain are based, Proof of Stake is more centralized at the benefit of scalability.
The project is built by a team of 12 people comprising fellows from leading tech companies such as Apple, Google, and Amazon.
In partnership with Binance, the team conducted a successful IEO on the leading cryptocurrency exchange’s token launching platform Launchpad where it raised $5 million to help with the development of the blockchain.