Binance has just announced the 16th IEO sale, the Injective Protocol (INJ) project on Binance Launchpad. According to the announcement, Binance will still use the lottery to issue INJ, the time to snapshot (take a picture) of users’ BNB balance will last within 6 days, from 07:00 on October 13, 2020 to 07:00 on October 19, 2020. The final BNB holdings for each user will be determined as the 6-day average, using the daily average BNB balance calculation. Snapshots are taken hourly by Binance to calculate the average balance for the day.
What is Injective Protocol (INJ)?
Injective Protocol is the first Layer-2 decentralized trading protocol that unlocks the full potential of decentralized cross-chain derivatives trading and borderless DeFi. The platform supports a wide range of derivative products such as CFDs, perpetual swaps and more. INJ is the native token of Injective Protocol and is used on various functions such as governance of the protocol similar to Yearn Finance (YFI), where governance decisions are made through a DAO structure, value capture exchange fees, derivative collateral, liquidity mining, and staking.
The Injective Platform allows users to:
- Participate in decentralized cross-chain derivatives trading with zero gas fees.
- Reach generates cross-chain returns for a multitude of assets.
- Create and trade on any derivatives market with just a price feed, thus opening up more opportunities to trade on markets not available on other exchanges.
IEO ALPHA sale opening details
- Token name: Injective Protocol (INJ)
- Hard cap Launchpad: 3,600,000 USD
- Total token supply: 100,000,000 INJ
- Total Tokens Allocated to Binance Launchpad: 9,000,000 INJ (9% Total Token Supply)
- Public Sale Token Price: 1 INJ = 0.40 USD (price in BNB will be determined before the draw date)
- Token Sale Format: Lottery
- Maximum number of winning lottery tickets: 18,000 VND
- Allocation for each winning ticket: 200 USD (500 INJ)
- From 07:00 on October 13, 2020 to 07:00 on October 19, 2020: During this period, users’ BNB balances will be calculated using hourly snapshots for each day over a 6-day period. Your last daily average BNB balance for these 8 days will determine how many tickets you can claim.
- From 13:00 on 19/10/2020: Ticket claim period will open at this time to all eligible users within a 24-hour period (ticket allocation and BNB holding rules). Users must also sign the Token Purchase Agreement at the same time, before completing the ticket purchase request. Please note that users will only be able to claim tickets once.
- From 13:00 on October 20, 2020: Claim ticket request ends and users start “voting”.
- From 15:00 on 20/10/2020: Winning tickets are announced and the corresponding BNB will be deducted from each winning user’s account.
You can learn more about Injective Protocol (INJ) here.
According to AZCoin News
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