Binance Launchpad, the exclusive token launch platform of Binance that helps transformative blockchain startups raise funding to develop their products and drive user adoption, has completed the sale of Kava tokens. This is the tenth token sale of Binance Launchpad this year and the seventh token sale under the lottery rules.
The token sale was conducted through a single session where participants purchased Kava (KAVA) tokens using BNB. In this session, all 6,521,739 KAVA tokens were sold to Launchpad participants who drew and claimed winning lottery tickets. In addition, 326,087 KAVA tokens will be split and airdropped to all Launchpad participants that do not have a winning ticket.
The timeline below provides an overview of how the Kava token sale was conducted:
October 23, 2019, 00:00 (UTC): Binance Launchpad ended the 30-day period for recording BNB balances on an hourly basis each day.
October 23, 2019, 06:00 (UTC): The ticket claim process opened for all eligible users for a 24-hour period. Users could also sign the Token Purchase Agreement during this time.
October 24, 2019, 06:00 (UTC): The ticket claim process closed. 27,126 users participated in the lottery claiming a total number of 166,452 tickets. Binance Launchpad began the lottery draw.
October 24, 2019, 08:00 (UTC): Binance Launchpad announced that there are 15,000 winning tickets, held by 11,450 total winners. That puts the percentage of winning participants at 42.21% of all 27,126 users and the percentage of winning tickets at 9.01% of all 166,452 tickets claimed. Lottery winners will get 434.7826 KAVA tokens per winning ticket. The winners’ BNB balances will be deducted based on their number of winning tickets within 24 hours. If you won ticket(s) in the lottery, please ensure that you have sufficient BNB in your account.
Binance Launchpad will also airdrop a total of 326,087 KAVA to the 15,676 participants who did not hold any winning tickets. We will distribute 4.25884519 KAVA for each of the 76,567 tickets held by those who did not win in the lottery.
Kava’s team is building a cross-chain decentralized finance (DeFi) platform on Cosmos, allowing users to access decentralized leverage and hedging for major cryptocurrencies such as Bitcoin (BTC), XRP, Cosmos (ATOM) and BNB.
“We are pleased that Kava has joined the ranks of successful projects at the Binance Launchpad. Our community appreciated the project’s potential, and we hope that the launch on Binance will open the gate for the project plans implementation and will contribute to the overall development of the cryptocurrency industry,” said Binance CEO CZ (Changpeng Zhao).
For more information about KAVA tokens, read this comprehensive Kava research paper provided by Binance Research on the project.