Singapore-based crypto exchange KuCoin officially announced and launched its second public token sale (IEO) through its Spotlight platform. Notably, this is the first IEO to feature the exchange’s new lottery-based system.
Starting today, investors can obtain the lottery tickets that grant access to participate in the initial offering for Trias (TRY), a new blockchain project hoping to develop a decentralized, trusted cloud infrastructure and ecosystem for enterprise-ready applications.
According to the announcement, the actual Trias offering will take place on May 14 at 2:00 AM (EDT). 400 million TRY will be offered at $0.004 USD per TRY, with a hard cap of $1.6 million. Each user with at least one winning ticket will be able to purchase a fixed block of 125,000 TRY ($500).
“Up to 7 lottery tickets can be obtained per account,” states the announcement. “The more lottery tickets that are obtained, the greater the chance to win.”
The complete list of conditions for obtaining lottery tickets can be reviewed on the Spotlight page or in the sale announcement.
This news comes after KuCoin’s first Spotlight IEO, MultiVAC (MTV), sold out in 7 seconds, raising 1,902,000 KCS — worth around $3.44 million at that time. The new lottery format comes as a result of issues during and after the first IEO, including rampant botting and a major KCS sell-off.
KCS is currently up 0.6% on the day to $1.17, making it the sixth-largest exchange token with a $105 million market cap.
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.