Binance is an online centralised exchange that offers users a range of financial products and services related to digital currencies. With Binance, you can trade directly on the exchange and also have the opportunity to invest in listing projects through the Binance Launchpad.
So how can I participate in the token sale on Binance? This article will guide you step by step on buying tokens in general and buying C98 on Binance LaunchPad in particular. Let's start!
Binance Launchpad Overview
Binance Launchpad is Binance's exclusive token "launchpad" to help Blockchain projects raise capital. With the reputation and influence of the Binance exchange and its ecosystem, Binance Launchpad helps increase the project's reach across other crypto-ecosystems.
To be listed on Binance Launchpad, projects must go through a verification process and have strict selection criteria, thus ensuring quality and good development potential.
Additionally, Binance also has many advantages in supporting Blockchain projects and thanks to their ecosystem. Most of the projects listed on Binance Launchpad before already showed outstanding performances, such as Polygon, Axie, WarzirX, Band Protocol, Cartesi, etc.
Coin98 is a DeFi ecosystem which is designed to make it easy for users to access DeFi. In order to reach the goal, Coin98 has developed a set of products that fully fit users' needs, from transactions, storage to asset management, lending, and savings.
In particular, Coin98's product suite is provided on Multi-chain, providing an outstanding DeFi experience. Users are not required to go through many steps or have a deep understanding of Blockchain.
To better understand the vision of Coin98 Labs with the values that the team wants to bring to users through each of these products, you can refer to the Coin98 Ecosystem.
Conditions to participate in buying C98 on Binance Launchpad
You need to ensure that you meet the requirements that Binance offers; details are as follows:
- Have a Binance exchange account (KYC completed). If you do not have a Binance account, you can register right here.
- It is required to hold BNB tokens before the opening date (July 23). Specifically, the holding time of BNB will be from 2021-07-16 0:00 AM (UTC), to the same time on 2021-07-23 0:00 AM (UTC). The system will take a snapshot of the BNB balance on your wallet (unknown capture time) from the opening period. After 2021-07-23 0:00 AM (UTC), the registration and token allocation will be closed.
- Commit opening time (commitment) amount of BNB: from 2021-07-23 6:00 AM (UTC) to 2021-07-23 10:00 AM (UTC).
- Token allocation calculation time: Takes place from 2021-07-23 10:00 AM (UTC) to 2021-07-23 11:00 AM (UTC)
- Token allocation time: 2021-07-23 11:00 AM (UTC)
- You can hold within the above 7 days (but not necessarily full 7 days). If you hold less than the above time, it is still valid because the amount of BNB after 2021-07-23 12:00 PM (UTC) will be the average tokens hold for the week (for example, one person holding 10 BNB for 7 days will be equal to holding 70 BNB in 1 day)
- For the amount of BNB stored on Margin, Futures wallets, etc., the amount of BNB must be greater than 0 and must not be negative during the period you hold them; the BNB amount will be counted as zero if the balance is negative.
- The system will calculate the user's Participation Limit. After the verification process, you can commit and lock any amount of BNB to your Participation limit to receive Launchpad tokens.
How to buy C98 Token on Binance Launchpad
Stage 1: Preparation Period
- Hold any amount of Binance Coin (BNB) before the registration period (usually 7 days in advance).
- Each project will have a different holding time; for the Coin98 (C98) project, you need to hold BNB during this period, 2021-07-16 0:00 AM (UTC) to 2021-07-23 0:00 AM (UTC).
Stage 2: Subscription Period
Step 1: You can access the Launchpad section on Binance or click here directly.
If you access it on your phone, in the main interface, click Launchpad as shown below:
On the computer, you bring the pointer to the square interface on the screen so that the sub-interface appears and click "Launchpad."
Step 2: Scroll down, and you will see the announcement for the sale of Coin98 (C98), and registration is open. To see complete information about the project, you need to click on the project or click "View Details."
After that, you can check all the details about the IEO project, including:
- Sale price: Selling price.
- Total Token Supply: Total Supply.
- Hard cap per user: Limit tokens to buy per person
- Token Type: Token Type.
- Date & time to start: Time to open for sale.
Stage 3: Calculation Period
To be eligible to participate, you need to hold BNB as instructed in phase 1. Based on the amount of BNB we have, the system will proceed to register participants.
Registration time will be displayed on the right corner of the screen (in the form of a countdown).
Based on the time & amount of BNB you previously kept, the system will calculate each person's maximum commitment limit, which is also the amount used to commit to & buy tokens.
You proceed to register to buy C98 Token by following these steps:
Step 1: When you have a balance of BNB on your spot & hold wallet as required, you choose Commit BNB (commit BNB) ⇒ Enter the amount of BNB you want to engage and click Commit now.
Below is an illustration until July 23, 2021, Binance Launchpad will open the registration after the process:
Step 2: During this time, the registered BNB will be locked. At this point, you need to wait until the end of the countdown time to go to stage 4 (allocation of tokens).
Stage 3: Final Token Allocation
After the end of the lock time, this is the computation phase of the system.
After the registration period ends, the system calculates the number of user tokens acquired (lasting about 1 hour) based on the Commitment Ratio.
The exchange will allocate tokens based on the amount of BNB that you have registered for the deduction; after this process, participants will receive the corresponding number of IEO tokens, and the remaining BNB will be transferred to the Spot wallet.
The summary of this tutorial can be found in the picture below:
IEO events are always great opportunities for investors with many desirable investment potentials; new projects all have advantages in different platforms. However, for successful investment participation, you need to understand the level of risk with your cash flow, information about the project, and your investment purpose.
Above, I have detailed instructions on how to buy C98 on Binance LaunchPad. If you have any questions or suggestions, you can comment below!
I hope you guys participate and get the expected results!