Binance Launchpad to Test its Lottery With Matic Network
Binance Launchpad, the token sale platform of major cryptocurrency exchange Binance, aims to test its new approach to a token sale with Matic Network, a developer of a Layer 2 scaling solution, on April 24.
The project looks to raise c. USD 5 million worth of BNB, which is the native token of Binance, at c. USD 0.00263 per token (MATIC) for 19% of their total token supply, the exchange announced on Monday. It compares with the USD 0.00079 seed sale token price and the USD 0.0026 "eguity early supporters token price."
As reported last week, Binance announced new rules for token sale on Binance Launchpad that would increase demand for BNB. Therofere, the MATIC token launch will be conducted as a lottery, instead of a first-come-first-served system. The number of tickets one can claim depends on the amount of BNB one holds over a 20-day period in a Binance account leading up to the day of the lottery, up to a maximum of 5 tickets per eligible account.