Harmony Protocol Prepares for ONE Token Initial Exchange Offering on Binance
The initial exchange offering already distributed participation tickets, expecting holders of Binance Coin (BNB) to win a chance at owning ONE tokens.
The Harmony Protocol initial exchange offering (IEO) is undergoing its lottery ticket claim during May 27-28 on Binance, after completing the Binance Coin (BNB) balances snapshot and awarding the tickets. The highly publicized token sale is expected to perform well, comparable to projects like Matic Network (MATIC), BitTorrent Token (BTT) and the other Binance-based IEOs.
In addition to the Binance listing, the Harmony protocol and its ONE token expect to move into the mainnet phase in just a month.
IEO tokens remain highly speculative, and there is no guarantee ONE token will outperform or repeat the performance of previously listed projects.
The ticket claim period started on May 27 at 6:00 UTC, and will run until May 28, 6:00 UTC. The token sale starts with a ticket purchase, allowing users to win the right to buy a predetermined amount of ONE tokens.
In addition to the token sale, separate tickets may also win $300 worth of additional ONE tokens. The price at token sale is $0.003175, roughly based on the BNB price of around $34. Following the ticket activation and the announcement of winners after 8:00 UTC on Tuesday, users will have a window to fund their accounts with BNB and buy the predetermined amount of ONE tokens.
The Harmony Protocol IEO also follows the rule of a relatively limited sale, capping the event at the equivalent of $5 million. Each user will be limited to 5 lottery tickets, and 12.5 of the total ONE supply will be sold. There will be 12.6 billion tokens in total on the Harmony Protocol network.
The ONE token was also offered at a discounted price through Binance, while the assets were sold at around $0.006 during an earlier seed capital round.
IEO token sales of various sizes have displaced the classic ICO crowdsale, and come on the tails of a rather stagnant security token market, where strict regulations and low liquidity have led to a slowdown in security token sales (STOs).