Binance Launchpad Prepares for Matic Network Sale
The next asset to be distributed through the Binance token sale platform, Matic Network Token, will arrive this April 24th.
Binance Launchpad is preparing for its next token sale, choosing the Matic Network project. The token sale is scheduled for April 24, and it will be the first one using the lottery principle to distribute the tokens.
The fourth offering of tokens for Binance Launchpad marks a renewed model for mass token sales, which relies on close scrutiny of the projects. Usually, Binance lists the newly sold token within days, in pairings against Bitcoin (BTC) and Binance Coin (BNB). The token sale will involve 1.9 billion MATIC out of a total supply of 10 billion tokens.
Other use cases for MATIC include a general fast and cheap payment system. The network is presented as fast enough to run decentralized exchanges. The MATIC token can also serve as a fast, agile in-game token, to displace centralized in-game currencies.
This time, Binance has decreased the lowest possible threshold to participate in the token sale to 50 BNB, which serve to buy one lottery ticket. Winning the right to buy the next token is binding, as the BNB balance will be automatically deducted.
Matic Network is a next generation blockchain structure, using proof-of-stake and additional sidechain computation to generate higher speeds. The chief goal of the project is to offer a better app experience, as well as the ability to compete with traditional apps. Matic Network is especially well-adapted for running distributed fintech apps, the team claims.
Ahead of the token sale, BNB went through another rally, mostly caused by the spiking BTC price that easily crossed above $4,800. BNB traded at $18.84, getting ahead of Stellar (XLM) to take the seventh position by market capitalization. BNB has not only appreciated in dollar terms, but has kept most of its positions against BTC.
The Binance Launchpad token sales are a renewal of the token sale model, still allowing the inflow of new types of assets. Still, the scale is much smaller, as the first quarter of 2019 saw around $130 million gathered during token sales.