By
Chimamanda U. Martha
April 19th, 2024
Binance’s Harmony IEO will follow a lottery format. The total token supply makes up 12,600,000,000 ONE tokens, 12.5% of which will be allocated to Binance Launchpad.
Binance, the largest crypto-exchange in the world, has announced a new project named Harmony (ONE) and provided the details on the Harmony token sale which starts with the recording of user BNB balances on May 19, 2019 and will follow a lottery format.
What Is Harmony?
Based on Binance Launchpad, Harmony is an Initial Exchange Offering (IEO) project aimed at delivering scalability and decentralization. This open infrastructure builds a high-performance consensus platform that will enable decentralized economies for 10 billion people. Compared with other public blockchains, Harmony’s full-stack approach applies 10x innovations in networking, systems, and consensus algorithms.
Harmony’s key features are as follows: full scalability, secure sharding process, more efficient and faster consensus, adaptive-thresholded PoS, scalable networking infrastructure, and consistent cross-shard transactions.
Harmony Token Sale Details
Harmony token sale will have a format of a lottery, with users’ BNB balances recorded. The recording is set to start on May 19 at 23:59:59 (UTC). Until then, users can begin depositing or purchasing BNB into their account and sign the Token Purchase Agreement. The team will calculate the average BNB holdings on each account over the holding period, and users will be allowed to claim up to a maximum of 5 lottery tickets based on their average BNB holdings at a snapshot time each day over the 7 days, up to May 26.
Then, final BNB balances in user accounts will be recorded to determine eligibility to claim lottery tickets. On May 27, ticket claim will open for all eligible users for a period of 24 hours. The Token Purchase Agreement can be signed during this time as well.
The lottery draw will start on May 28 at 06:00 (UTC). Two hours later, winning tickets will be announced and the respective BNB will be deducted from the winning users’ accounts. On May 29, the IEO will be closed.
The total token supply makes up 12,600,000,000 ONE tokens, 12.5% of which will be allocated to Binance Launchpad and available for public sale. The price is 0.003175 USD per token. On the lottery draw date, this amount will be determined in BNB.
The maximum number of winning lottery tickets is 16,666, and allocation per winning ticket accounts for 300 USD.
More IEOs Launched This May
Initial Exchange Offering is an evolution of the ICO. In comparison with the latter one, in IEOs, the investors send their digital tokens to the exchange account instead of contributing them to the Smart Contract. The advantage of IEOs is their user-friendliness since investors only need to create an account at the particular exchange, fund their wallets and purchase tokens once it goes live.
Harmony is not the only IEO event that is set to take place in May. In 43 hours, GoWithMi IEO will start. The project aims to create a distributed map network for everyone’s benefits and supports multi-chain. On May 20, the Volume Network will start its token sale. Their mission is to create large-scale commercial applications for global use cases. On May 22, Reserve IEO will be launched. This project aspires to protect people against hyperinflation. On May 28, Chromia token sale will commence.