By
Chimamanda U. Martha
April 19th, 2024
Binance Launchpad has just announced the results of Matic Network IEO, which was conducted under the new lottery system.
Binance has just conducted their Lottery Draw and completed the sale of Matic Network (MATIC) tokens. This is the fourth token sale of Binance Launchpad this year and the first token sale under new lottery rules. However, Binance will also open trading for MATIC/BNB, MATIC/BTC and MATIC/USDT trading pairs at 2019/04/26 3:00 PM (UTC) with trading starting tomorrow.
The token sale was conducted through a single session where participants purchased MATIC tokens using Binance Coin (BNB). In this session, all 1.9 billion MATIC tokens were sold to Launchpad participants who won in the lottery. There was 16.666 winning participans with 58.38 % of winning tickets.
Here’s the timeline of how the sale for MATIC tokens were conducted:
April 24, 2019 0:00 AM (UTC): Binance Launchpad recorded final BNB balances in user accounts and closed the Token Purchase Agreement.
April 24, 2019 8:00 AM (UTC): The ticket claim process opened for all eligible users for a 24-hour period.
April 25, 2019 8:00 AM (UTC): The ticket claim process closed. 13,170 users participated in the lottery claiming a total number of 28,547 tickets. Binance Launchpad began the lottery draw.
April 25, 2019 10:00 PM (UTC): Binance Launchpad announced that there are 16,666 winning tickets, held by 9,443 total winners. That puts the percentage of winning tickets at 58.38 percent, among all 28,547 tickets claimed.
The winners’ BNB balances will be deducted based on their number of winning tickets within 24 hours. If you won the lottery, please ensure that you have sufficient BNB in your account to deduct if you have a winning ticket by April 26, 2019 10:00 AM (UTC).
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.
Token trades under the name Matic Token (MATIC) and total token supply will be 10,000,000,000 MATIC what presents 32,3% of Total Token Supply.
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).
Users were 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 meant 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.
Binance noted that the lottery draw was a completely transparent system with a random selection of lottery tickets. However, users had to mandatory follow the country restrictions and KYC procedure for account verification.
At the time of writing BNB Coin was on the rise for 2.81% to $22.93 and is keeping rising.