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Binance Launchpad rolls out Matic Network in new lottery system format




Binance Launchpad rolls out Matic Network in new lottery system format
Source: Pixabay

Binance, the world’s largest cryptocurrency exchange, rolled out Matic Network, a layer-two scaling solution via the exchange’s token launch platform, Binance Launchpad.

Announcing the launch via a blog post, the exchange stated that the Matic Network will follow the lottery system elaborated on in the 24 March Launchpad update. However, the minimum threshold is now 50 Binance Coins [BNB], as against the previous threshold of 100 BNBs.

The Matic Network will see the use of sidechains for off-chain computation, ensuring that the security of the asset is maintained using the Plasma framework and Proof-of-Stake [PoS] validators operating on a decentralized network.

10 billion Matic Tokens [MATIC] will be on offer for a price of $0.00263. The token supply allocated to Binance Launchpad is 19 percent of the total supply, with the Foundation and the Ecosystem taking in 21.86 percent and 23.33 percent, respectively.

Binance announced the token sale will be conducted in April 2019. The ratio of BNB to MATIC will be determined a day prior to the sale.

Source: CoinMarketCap

Last week, when the exchange notified users of the new lottery system with reference to the Launchpad token sale, Binance also stated that the next set of projects will be announced in the next two weeks. The Matic Network is the first of these two projects.

Since the number of BNBs held determines the number of lottery tickets allotted, Binance coins are in high demand. This has precipitated a surge in the coin’s price. The seventh largest coin in the market rose by a massive 3.46 percent against the US Dollar, over the hour.

Binance Coin has been riding a wave of bullish momentum since the beginning of the year, surging into the top-10 and overtaking heavyweights like Stellar Lumens [XLM], Tether [USDT] and TRON [TRX].

The twitterverse’s response to the latest token sale and the lottery format was mixed,

Syed Basit Ali lamented,

“Disappointing lottery system for small investors”

Matthew Willemsen however, was buoyed by the announcement,

“19% of token supply! Now that’s more like it. Major improvement on the supply allocated for each of the BTT, FET, and CELR token sales.”

Ruslan Krastev questioned the intent of the exchange, querying,

“what’s up with all those newly launched shitcoins?”

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