Matic Network (MTX), a platform for scalable and instant blockchain transactions based out of India, has been announced as the next project set to launch its token on Binance’s token sale platform, the Binance Launchpad.
— Binance (@binance) April 1, 2019
According to the announcement, the sale will begin on April 24 at 4:00 AM (EDT) and will be the first implementation of Binance’s new lottery format that is designed to ensure more fairness and transparency. In the new format, the number of tickets users can claim depends on the amount of Binance Coin (BNB) they hold over a 20-day period leading up to the day of the lottery, up to a maximum of 5 tickets per eligible account.
This sale features 16,666 winning tickets, which entitle the holder to spend up to $300 per ticket — 114,068.44 MTX based on the token sale price of 1 MTX = $0.00263. In total, 1,900,000,000 will be offered in the sale, 19% of the total supply.
“We are humbled by the overwhelming support and interest in Launchpad projects that is helping unlock the large potential of blockchain technology and aiding in crypto adoption and I believe that Matic Network is going to play a key role in this future,” said Binance CEO Changpeng Zhao. “We are constantly evolving and adapting for our community’s interest and the new Launchpad criteria is a response to accommodate the high demand, and ensuring a better user experience, fairness and transparency.”
According to the project’s website, Matic Network aims to become the go-to platform for developers to deploy and run decentralized applications (dapps) on top of Ethereum (ETH) with its layer-2 scaling solution that utilizes sidechains for off-chain transactions. The new platform also leverages a Plasma framework and proof-of-stake validators.
“Matic’s developer-and-community driven platform allows any existing application to adopt and interact with the decentralized ecosystem for tangible scalability and better user experience,” said Matic Network CEO Jayntibhai Kanani. “Binance Launchpad will help further realize our goal in enabling businesses and developers to create real-world and end-user applications at large scale.”
BNB is currently up 2% on the day to $18.17, giving the largest exchange token a $2.57 billion 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.