Binance Announces Completion of Band Protocol Lottery And Launches Three New BAND Pairs

| Updated
by Tolu Ajiboye · 3 min read
Binance Announces Completion of Band Protocol Lottery And Launches Three New BAND Pairs
Photo: Binance Blog

The lottery draw for the earlier announced Band Protocol has been completed with more than 9% of winning tickets. The Binance announcement also states that BAND trading pairs have been launched, and also includes airdrop details.

Binance has announced the completion of the Band Protocol Lottery Draw which was first announced a week ago. The initial announcement revealed that the Band Protocol token sale will be hosted by Binance’s IEO platform, Binance Launchpad, as a way to support the startup. Binance also announced that the lottery will quickly follow the token sale and with an airdrop as well.

Now, the announcement states that the Band Protocol lottery draw was completed with a 9.43% ratio of winning tickets and Binance will officially begin the BAND/BNB, BAND/BTC and BAND/USDT trading pairs, at 12:00 UTC on Wednesday the 18th of September, 2019. The token purchase price for each BAND token is set at 0.02281717 BNB which is approximately $0.473.

The earlier mentioned airdrop will see the distribution of exactly 631,800 BAND tokens, which is about $300,000 which will be airdropped to everyone who partook in the launch but do not have a winning ticket. The exact amount of BAND tokens that each person will get in the airdrop will be based on the following calculation:

“(Number of non-winning tickets held by each non-winning participant / Total number of non-winning tickets across all non-winning participants) x Total Airdrop pool.”

The conclusive report shows that there were 19,258 people who had non-winning tickets totaling 83,003. Based on this calculation, the airdrop will give exactly 7.61177307 BAND for each ticket owned by a non-winning participant.

The token sale advertised a hard capital of $5,850,000 with a total token supply of 100,000,000 BAND. Of the total token supply, exactly 12,368,200 BAND were allotted to the Binance Launchpad representing 12.37% of the total token supply, with a maximum of 19,500 winning lottery tickets.

Band Protocol is on a mission to become one of the most scalable and security-tight decentralized networks globally. The network also allows developers with decentralized applications (DApps) and encourages these developers to spread their focus through different industries such as gaming, finance, e-commerce, and even gambling as well, pooling them all together on its own platform.

The Band Protocol CEO and founder, Soravis Srinawakoon, spoke about Band Protocol before the sale, highlighting what the networks hope to bring to the industry. He said:

“Currently, the trusted oracle problem is a significant hurdle for mass adoption of decentralized applications, as its weakness in security severely limits the use cases that can be built using smart contracts. Band Protocol provides a compelling alternative for projects to solve this, with an infrastructure middleware layer protocol that facilitates faster, cheaper, more secure, easier-to-integrate oracles for blockchains,”

Earlier today, the CEO of Binance, Changpeng “CZ” Zhao, revealed on Twitter that there will be 6 announcements published today by Binance. Assuming the BAND token sale conclusion and trading pairs is one of them, the Binance community eagerly awaits the remaining five.

Altcoin News, Binance, Bitcoin News, Cryptocurrency news, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

Share this article
Related Articles