Janis is a cryptocurrency enthusiast and a bitcoin adherent. He has a background in video production, but for the past couple of years, he is a full-time crypto researcher and writer. He has a good understanding of multiple cryptocurrencies and loves to cover daily news. He considers himself a semi-bitcoin maximalist but always is open to any kind of new ideas that could be put on the blockchain. In his free time, he likes skateboarding and cars.
In recent news, Binance Launchpad, which is a platform for new project token sales and fundraisings, announced a new IEO for Troy (TROY).
Binance yet again greets us as “Binancians” and announces a new project called Troy (TROY) on its Binance Launchpad platform. If you have ever participated in a lottery format token sales, then you already know how it is, but if not, let us explain.
Binance already started recording user balances on November 3, 2019. Generally, Binance will record user BNB balances until December 3, 2019 (for a whole month), and the final BNB balance will determine the average BNB amount in the user account, and that will affect how many tickets a user will get.
Then users will have to sign a Token Purchase Agreement at the same time while claiming tickets. Binance notes that users will only be able to claim the tickets once.
After the tickets will have been claimed, the next day on December 4, the lottery draw begins, and as the lottery timeline reads, the winners will be announced on December 4, 8 AM (UTC).
Also, they will airdrop approximately 30 million TROY tokens to the participants who didn’t win the lottery. Lottery participants cannot apply for the airdrop.
Troy Trade is looking to provide crypto brokerage services to institutional clients by offering spot trading, margin trading, derivatives, data, storage, lending and even stacking. The TROY token itself is intended as the token which will gain access to all these functions on the platform.
Troy has allocated about 8% of its total supply to the Binance Launchpad. That is 800 million tokens. There also is a limit to the winning tickets. Only a lucky bunch of 20,000 people will get the winning ticket. One winning ticket will account for about $200 or 40,000 TROY.
“In addition, a pool of 10,000,000 TROY tokens (approx 50,000 USD) will be equally split and airdropped to users with account verification from an eligible country or region who did not claim tickets, but held at least 50 BNB,” reads the TROY airdrop details.
This session only supports Binance Coin (BNB) and TROY will initially be issued as a BEP2 asset on Binance Chain.
Troy Trade recently had made a partnership with Harmony, a blockchain network. They provide them R&D resources for research and development of layer-1 scaling solutions.