ICOs that take place on the Binance launchpad are so popular that they are reaching their designated hard cap in a matter of seconds. As a result, more and more projects are looking to jump on the Binance Launchpad bandwagon and tap into this incredible pool of funding. A project by the name of Matic is the next ICO to step up to the plate and will be the first ICO to launch under the Binance Launchpad lottery system, which has been implemented to handle the sheer demand for these ICOs.
What does Matic Do?
Matic is set to be the next hot ICO and will very likely be a success, but what does Matic do and offer that makes it so special? The Matic Network is a second layer scaling solution that uses side chains for additional computational power and an enhanced level of transactions per second. It also delves into asset security with the use of Plasma framework and a Proof-of-Stake (PoS) consensus algorithm. Matic has been one of the largest contributors to the Ethereum Plasma MVP implementation. So, if you’re looking to back a project aimed at making Ethereum blockchains faster than ever before, Matic might just be the project for you.
The Lottery System Goes Live
Until now, the Binance Launchpad ICO system was a free for all, with investors being able to buy as many tokens as they wanted – so long as they were the first ones there. This caused a lot of outrage in the Binance Launchpad community and a huge pump and dump pattern of the BNB token. In a bid to keep the BNB token trading steadily and the punters happy, Changpeng Zhao created the lottery system.
Under the lottery system, only investors who have held their BNB for more than 20 days will be able to buy a lottery ticket, with 1,666 tickets being drawn in total. A ticket will be valued at $300 and with an ICO price of $0.00263 winning ticket holders will receive 114,068.44 MATIC tokens. Investors holding 500 BNB or more for a period of 20 days upwards will be able to buy up to five lottery tickets.
No More 10 Second ICOs
Back in February, Binance Launchpad saw the Fetch.AI ICO sell out in a record-breaking 10 seconds. The entire $6 million hard cap was reached in record time, kicking off the entire lottery system fiasco. While the lottery system will essentially be completed in seconds as soon as the ICO goes live, it won’t be a classic free for all or as impressive when it sells out in 10 seconds or less.
The Matic ICO will take place on April 24th – so you’re just in time you get your BNB tokens – and will allocate 19% of the total token supply of 1,900,000,000 MATIC tokens. This ICO looks set to be hot and spicy, so we recommend you quickly stock up on BNB to get yourself a lottery ticket.