Binance announced its 4th project to be sold on its Launchpad platform, Matic Network.
Now, it is time for Matic Network. However this time, the method will be different as there were some problems happened before because of the high demand.
Binance Launchpad – Matic Network Sale
Token sale will take place on April 24th.
As I mentioned before, Binance will implement a new token sale method. Binance change their sale method from first-come-first-served model to lottery based model.
As a result, in the new method, users will purchase lottery tickets, which will then be selected randomly.
Binance Launchpad sale will happen in April 2019 for a total raise of $5,000,000 USD worth of BNB at $0.00263 per token.
The BNB to MATIC rate will be determined on the day of the sale.
Users will be able to claim up to a maximum of 5 lottery tickets based on their BNB holdings over the 20 days (represented by X below) leading up to the lottery draw day.
Your BNB balance will start being recorded on 5th April.
Please ensure that you have sufficient BNB in your account, as this will affect the amount of lottery tickets that you will be able to claim.
For more details, please visit this link.
MATIC Token Sale and Economics
Token Type: ERC-20
Total Private Sale Allocation: 3.80% of total supply
Seed Allocation: 2.09% of total supply
Seed Sale Token Price: $0.00079USD / MATIC
Early Supporters Allocation: 1.71%
Equity Early Supporters Token Price: $0.0026USD / MATIC
Current Circulating Supply: N/A
Amount Raised Public Sale: $5.00 MM
Sale Allocation: 19% of total supply.
Sale Price: $0.00263 USD / MATIC
Sale Date: April 2019
Token Distribution: Within 15 days after end of token sale
Token Supply Distribution
- Private Sale tokens comprise 3.80% of total supply.
- Launchpad sale tokens comprise 19% of total supply.
- Team tokens comprise 16% of total supply.
- Advisors tokens comprise 4% of total supply.
- Network Operations tokens comprise 12% of total supply.
- Foundation tokens comprise 21.86% of total supply.
- Ecosystem tokens comprise 23.33% of total supply.
What is Matic Network?
“Matic Network is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation, while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators. ”
Matic Network brings massive scale to Ethereum using an adapted version of Plasma with PoS based side chains.
Matic is a contributor of Ethereum ecosystem.
Moreover, they worked on the implementations of Plasma MVP and WalletConnect protocol. Furthermore, the popular Ethereum event notification engine – Dagger.
There are already some projects that builded apps with Matic.
Key Features of Matic
Plasma framework provides a solution for faster and less costly transactions with finality on the main chain.
Matic is aiming to add more side chains horizontally to increase the total TPS on the Matic Chain while using the same decentralized PoS layer.
They achieved up to 10,000 TPS on a single sidechain on internal testnet which looks pretty good.
Matic’s architecture enables to be runned in very low-cost machines with low storage.
Moreover, Matic Network wants to enable mobile device based PoS miners too.
Multiple micropayment channels with other off-chain solutions
The Matic Network uses a state-based architecture on an EVM (Ethereum Virtual Machine), it does not require payment channels to be opened between two parties.
Matic team will work on different Mobile and Web browser integration tools. They will also publish the designs and prototypes of these.
Matic sidechains are public in nature (vs. individual dApp chains), permissionless and capable of supporting multiple protocols.
MATIC Overview & Use Cases
The MATIC token has three essential use cases:
1- Proof of Stake
In order to be a validator, network participants have to stake their coins.
2- Transaction Fees
The transaction fees on Matic sidechains are paid in MATIC tokens. The more apps used, the more transaction volume and fees.
3- Protocol Funding Ecosystem
Matic wants to enable a separate staking mechanism for supporting the ecosystem projects. They will reserve a percentage of the transaction fees in-protocol to support the developers.
Co-founder & CEO
Full-stack developer and blockchain engineer. Contributor to Web3, Plasma, WalletConnect. Previously data scientist at Housing.com.
Co-founder & COO
Blockchain Programmer and Entrepreneur. Previously CEO of Scopeweaver, CTO (Ecommerce) Welspun Group.
Co-founder & CPO
Previously AVP (Product Management), IRIS Business. Stints at SNL Financial, Dexter Consultancy and Cognizant Technologies.
VP – Operations & Marketing
Previously Project Manager @ EXL and Data Analyst @ Mu-Sigma.
Google Summer of Code 2018. Previously Blockchain Protocol Developer @ KaraChain.