Binance officially announced the fourth project to take place on its Launchpad platform for fundraising and so far it held the ones of BitTorrent, Celer Network and Fetch.AI which we previously reported about in our blockchain news that turned out to be a major success.
However, for the new token sale, the format will be changed after the crypto exchange giant decided to handle the massive participation demand for the Launchpad platform.
The new Matic Network is designed to be a 2 layer scaling solution which uses additional side chains for an off-chain computation while also making sure that the asset is kept secure by using the Plasma framework and Proof-of-Stake (PoS) consensus algorithm.
The upgraded platform is also a major contributor to Ethereum’s ecosystem and has been a huge support for the implementation of the Plasma Minimum Viable Plasma on the Ethereum network. The goal of the Matic Network is to become the first platform for developers to use and to deploy decentralized applications.
According to a tweet, Binance stated that the token sale will start on April 24th where the Launchpad will provide 19 percent of the total token supply which is about 1,900,000 MATIC Tokens. The starting price during the public sale goes from $0.00263.
It is also very interesting to notice that the Matic sale will happen on the new lottery model of the Binance Launchpad platform. Binance decided to switch to a lottery format in order to deal with the participation demand that is growing immensely.
With the new format, users will be able to buy Lottery tickets without buying the MATIC tokens directly. The lottery tickets will be selected randomly so the holders can buy an already determined amount of the tokens per ticket. The maximum amount of a winning lottery ticket is 16,666 and there is also a 20-day minimum holding balance requirement. Each user should be able to hold a minimum of 100 BNB tokens prior to the sale.
The more BNB tokens each user holds, the more lottery tickets he can take. The maximum lottery tickets a user can get is five so more people can have the ability to enter the token sale.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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