By
Steve Muchoki
April 19th, 2024
Binance today announced the next project on Binance Launchpad – Matic Network (MATIC). The MATIC token sale will follow a new lottery format, using the new rules previously announced by Binance.
The newly-announced token sale to be hosted o Binance Launchpad is Matic Network. It is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation, while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators. Matic aims to be the de-facto platform on which developers will deploy and run decentralized applications.
Matic Network has been a significant contributor to the Ethereum ecosystem having worked on implementations of Plasma MVP (Minimum Viable Plasma), WalletConnect protocol and the popular Ethereum event notification engine – Dagger.
Launchpad session starts 24th of April 2019 at 08:00 AM (UTC) and will end on 26th of April at 2:00 PM (UTC). Token Name is Matic Token (MATIC) and total token supply will be 10,000,000,000 MATIC.
Total tokens allocated to Binance Launchpad is 1,900,000,000 MATIC what presents 19% of total token supply. Public token sale price is 1 MATIC = 0.00263 USD (price in BNB will be determined 1 day prior to the lottery date).
Max Number of Winning Lottery Tickets will be 16,666 and allocation per winning ticket will be 300 USD (114,068.44 MATIC).
Users will be able to claim up to a maximum of 5 lottery tickets based on their BNB holdings over the 20 days (represented by X below) leading up to the lottery draw date.
For example, 50 ≤ X < 200 means that your BNB balance over the entire 20-day period is kept at 50 BNB or more, but does not exceed or reach 200 BNB.
Based on community feedback, Binance decreased the lowest threshold to participate to 50 BNB.
At the time of writing BNB Coin was on the rise for 3,66% to $17.97.
Meanwhile, as we know, Binance planned to announce the new project for its Launchpad on April 2nd. Be as it may, the company did it today, and the only thing we hope for is that this news is not a Fool’s Day fake.
Scalability, High Throughput and Smooth User Experience
Key feature of MATIC Network is definitely scalability meaning fast, low-cost and secure transactions on Matic sidechains with finality achieved on mainchain and Ethereum as the first compatible Layer 1 basechain.
Also, there is high throughput – achieved up to 10,000 TPS on a single sidechain on internal testnet; Multiple chains to be added for horizontal scaling.
User experience shows smooth UX and developer abstraction from mainchain to Matic chain including native mobile apps and SDK with WalletConnect support and security is guaranteed by Matic chain operators being themselves stakers in the PoS system.
Matic sidechains are also public in nature (vs. individual DApp chains), permissionless and capable of supporting multiple protocols.
From Binance they said:
“Decentralized Apps are making huge progress but the current blockchain ecosystem is not prepared to scale as per the demand. We aim to change that by not only achieving scale but also simplifying the interaction for Dapp Users. We want to make interacting with the decentralized ecosystem so simple that users should be able to use DApps without worrying about the complexity of the system underneath.
Having said that, we’ve been busy building Matic Network’s core components & while at it we have been recognized for our work. The scaling platform is Matic’s main focus and after a long period of development, we are happy to inform the community that we will be launching the Matic alpha net soon.”
Binance Launchpad Gains Almost 380% for Its Three IEOs
Don’t forget that Binance launchpad has recorded gains of over 379% for its three Initial Exchange Offerings (IEO) this year. Analysts say that the demand is likely to rise and other exchanges are already replicating IEO model.
The Binance Launchpad platform has already conducted three successful token sales until now. This includes the sales of Tron’s BitTorrent Token (BTT), Celer Network Token (CELR), and Fetch.Ai Token (FET).
As per the announcement, the new token sale format includes a lottery system instead of the existing first-come-first-served system. The number of lottery tickets issues will depend on the users’ BNB balance 20 days before the lottery event date. Higher the BNB balance a user holds, the more lottery tickets he/she can receive. The maximum lottery tickets eligible per account in 5.
Binance notes that the lottery draw will be a completely transparent system with a random selection of lottery tickets. However, users have to mandatorily follow the country restrictions and KYC procedure for account verification.