Binance Launchpad's Harmony IEO Will Use a Lottery Mechanism

Binance Launchpad has announced their next intriguing project – the Harmony (ONE) token sale. As with their last initial exchange offering – Matic – a lottery mechanism will be used to decide who gets to participate.

The Harmony token sale

The Harmony token (ONE) is a BEP2 asset, which implements highly scalable FBFT consensus utilising BLS multi-signatures. The token incorporates secure randomness generation protocol that is using VDF. In addition, Harmony adopts sharding with adaptive Proof-of-Stake for better network security, stealing some of the spotlight from projects like Zilliqa.

As a result of its technology stack, Harmony delivers a high-throughput, low-latency, and low-fee consensus platform that is designed to power decentralised economies of the future. 

Changpeng Zhao, CEO of Binance, praised the project, stating that:

The ambitious team behind the Harmony project proposes to solve this problem using sharding to parallelize transaction processing. I believe the team’s commitment to opening up blockchain technologies for billions of people will allow them to make a significant contribution to addressing the issue of scaling.

The Binance Launchpad session will start on May 27 06:00 AM (UTC) and will continue until May 29 08:00 AM (UTC) with a hard cap goal of 5,000,000 USD. An amount of 1,575,000,000 ONE tokens will be allocated to Binance Launchpad, which is around 12% of the total supply. 

Lottery information

The participation rules remain unchanged for the most part. This means that Binance will calculate each account’s average BNB holdings for seven days. Each day at 23:59:59 (UTC) during the 7-day cycle, Binance will take a snapshot of their customers’ BNB balance in order to calculate their average BNB balance for the period. Users will be able to sign the Token Purchase Agreement in the meantime.

The tracking period started at May 19 (Midnight) and will continue for the next 7 days (8 snapshots in total) in order to regulate eligibility for claiming lottery tickets. Eligible users can claim their tickets after May 27 06:00 (UTC) for a 24-hour period. Even users who missed the first four snapshots are eligible to receive the maximum number of lottery tickets by compensating with a 1000 BNB purchase and holding (instead of 500 for all 8 snapshots).

Once the ticket claim step ends on May 28 06:00 (UTC), the draw begins and the winning tickets will be announced two hours later. Users who have winning tickets should have sufficient BNB in their accounts to be deducted within 24-hours after the announcement. Having once applied for a ticket, users are obligated to invest its corresponding BNB amount.

The maximum number of winning tickets is 16.666. Furthermore, all enthusiasts are able to claim a maximum of five lottery tickets and everybody who wants to participate in the token sale should complete their account verification beforehand.

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