Binance, the world’s largest crypto exchange, revealed Wednesday that the ninth initial exchange offering on the Binance Launchpad will be Kava (KAVA), a DeFi platform that offers decentralized leverage and hedging of major cryptocurrencies like Bitcoin (BTC), Tether (USDT), XRP (XRP) and Cosmos (ATOM).
According to the announcement, the lottery snapshot period for BNB holders began on September 23 and will conclude on October 23 at 00:00 AM (UTC). The average amount of BNB held over the period will determine the lottery ticket entries each user can claim. The lottery draw begins on October 24 at 06:00 AM (UTC) and winning tickets will be announced at 08:00 AM (UTC).
The hard cap for the sale is set at $3 million with 6,521,739 KAVA (6.52% of Total Token Supply) planned to be distributed. Each winning lottery ticket will receive 434.78 KAVA ($200 worth). In addition, a pool of 326,087 KAVA tokens (approx $150K) will be split and airdropped to all launchpad participants that do not receive a winning ticket.
“Kava is the first DeFi project that we decided to support within Binance Launchpad,” said Binance CEO Changpeng “CZ” Zhao. “We believe that this sphere has a great potential for development as it facilitates the process of borrowing and lending for users and needs no trust for that. Being used as collateral due to Kava’s platform, BNB will get another use case and also bring additional value for our users.”
Kava co-founder Brian Kerr added, “Kava aims to be the de facto DeFi platform for users of all major cryptocurrencies. While most DeFi applications are limited to specific blockchains, our multi-collateral debt position system will provide open access to necessary DeFi services to all the major cryptocurrencies. Kava’s debut on Binance Launchpad is very strategic for us as we are excited to make BNB one of the first assets supported by our platform.”
Related: Kava Token Economics
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.