Binance Launchpad, the exchange’s token sale platform will raise an initial exchange offering (IEO) for Kava Lab’s, DeFi project on the 23rd of October.
According to a report, the decentralized finance (DeFi) project offers collateralized loans and a stablecoin. Thus, it is looking to raise $3 million from the IEO on Binance Launchpad, the exchange’s token sale platform. Accordingly, the IEO will commence on the 23rd of this month.
Besides, the KAVA token will be issued at $0.46/KAVA token. Also, a total of 326,087 KAVA tokens (approximately 150,000 USD) will reportedly be airdropped to participants without a winning ticket.
Kava Labs announced the partnership via its Twitter handle. The tweet read: “There is definitely no better launch partner than @binance. We’re really grateful to have their support. Ours plans is to enable #BNB and bring our stablecoin to the @Binance_DEX following the launch of our DeFi platform.”
More info on the project
Binance post revealed more information concerning the development.
The Kava token sale will follow a lottery & airdrop format, which require recording user BNB balances.
Accordingly, Binance will record user BNB balances for 30 days from 23rd Sept. the 23rd of Oct. Then, the final BNB holding amount for each user will be determined from the average of the 30 days.
Also, the post explained how the amount airdropped to each participant that doesn’t have a winning ticket will be calculated. “The amount airdropped to each participant that does not have a winning ticket will be calculated as = (Number of non-winning tickets held by each non-winning participant / Total number of non-winning tickets across all non-winning participants) x Total Airdrop Pool,” the post reads.
Importantly, participants without a winning ticket won’t be eligible for the airdrop.
To remind, WINk (dApp based on the TRON network) announced the release of its token (WIN) on the Binance Launchpad. Also, the token sale platform has been commended for choosing, cultivating, and offering new cryptos to investors. Thus, playing a crucial role in keeping businesses afloat and the demand for BNB strong.
You can learn how to participate in Binance Launchpad ICOs and IEOs here.