Binance, the leading cryptocurrency exchange, has announced WazirX IEO On Binance Launchpad on January 21, 2020. The WazirX token sale will follow a lottery format, with the recording of user BNB balances already having started at 2020/01/04 00:00 AM (UTC).
Binance will record user BNB balances for 30 days from 2020/01/04 00:00 AM (UTC) to 2020/02/03 00:00 AM (UTC). The final BNB holding amount for each user will be determined as the average of the 30 days. The lottery is already happening in full swing because Binance started recording them on January 4, and the balance recording will continue till February 3. However, Binance explains that they determine the average BNB holding amount for each user from the 30-day average, which they previously announced in 2019.
In short, “Total Daily Average BNB Balance = Daily Average Spot Account Balance + Daily Average Margin Account Balance + Daily Average Sub-accounts Balance + Daily Average Binance Lending Account Balance + Daily Average Binance Futures Account Balance+ Daily Average Binance Fiat Account Balance.”
WazirX is the Indian based cryptocurrency exchange with an advanced trading interface and features to buy, sell and trade cryptocurrencies. It is an exchange with a Live Open Order Book system that allows users to trade 80+ digital assets like Bitcoin, BNB, Bitcoin Cash, Litecoin, Dash and many more. WRX, the native token of WazirX, is the utility token forming the backbone of the WazirX ecosystem. The WRX token is built on Binance Chain with future use cases including trading fee discounts, WRX trade mining (unlock and earn WRX tokens by performing trades), paying for margin fees, and more, where users can deposit/withdraw cryptocurrencies and also cash in/cash out USDT through Peer-to-Peer (“P2P”) to Indian Rupees (“INR”) with ease and speed, as well as securely store one’s digital assets in the WazirX wallet.
However, the exchange is acquired by Binance in November 2019.
Changpeng Zhao (CZ), the CEO of Binance, commented:
“The young demographic in India gives an edge to adapt and build on new financial technologies, and I believe this will play a vital role in making India a global blockchain innovation center to also spur cryptocurrency adoption throughout the larger public in the country.”
When Binance moved to India enabled Indians to directly purchase and sell cryptos using fiat currency, rupees (INR) through its fiat gateway, Wei Zhou, the CFO of Binance, said:
“Building fiat-to-crypto bridges remain a key mission for Binance.”
Following are the simple steps to participate in the Launchpad:
- Create an account on Binance: The first step for participating in the token sale is to create an account on Binance. After you successfully register, go to the Launchpad section of the navigation menu. Now, you can see all the completed and upcoming IEOs on Binance.
- Verify your account: In order to participate in Binance Launchpad IEOs, you have to pass a know your customer (KYC) process. This is done to verify your identity and location, as residents of some countries are prohibited from buying tokens on Binance Launchpad.
- Select WazirX IEO: After you are verified, select the WazirX IEO from the list of upcoming and completed Binance Launchpad token sales.
- WazirX IEO requirements: In order to be eligible for the WazirX IEO, you have to complete the identity verification process, accept the token purchase agreement, and be a resident of a supported country.
NOTE: Residents of these countries are not allowed to participate in the WazirX IEO: Afghanistan, Albania, Belarus, Bosnia & Herzegovina, Burundi, Cambodia, Canada, Central African Republic, Côte d’Ivoire, Cuba, Democratic Republic of the Congo, Ethiopia, Guinea, Guinea-Bissau, Iran, Iraq, Kosovo, Kyrgyzstan, Laos, Lebanon, Liberia, Libya, Mainland China, Malawi, Malaysia, Mali, Mozambique, Myanmar (Burma), New Zealand, North Korea, Republic of Macedonia (FYROM), Serbia, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Tanzania, Thailand, Timor-Leste (East Timor), Trinidad & Tobago, Tunisia, Turkmenistan, Uganda, United States of America (USA), Uzbekistan, Venezuela, Yemen, Zimbabwe.
WRX Token Sale Details
- Token Name: WazirX (WRX)
- Launchpad Hard Cap: 2,000,000 USD
- Total Token Supply: 1,000,000,000 WRX
- Total Tokens Allocated to Binance Launchpad: 100,000,000 WRX (10% of Total Token Supply)
- Public Sale Token Price: 1 WRX = 0.02 USD (price in BNB will be determined prior to the lottery draw date)
- Token Sale Format: Lottery
- Max Number of Winning Lottery Tickets: 10,000
- Allocation Per Winning Ticket: 200 USD (10,000 WRX)
- Supported Sessions: BNB only
- WRX will be issued as a BEP2 asset on Binance Chain.
- 2020/01/04 00:00 AM (UTC) to 2020/02/03 00:00 AM (UTC): During this period, user BNB balances will be calculated in hourly snapshots for each day over a 30-day period. Your final average daily BNB balance over these 30 days will determine the number of tickets that you will be able to claim.
- 2020/02/03 06:00 AM (UTC): Ticket claim will open at this time for all eligible users for a 24 hour period. Users must also sign the Token Purchase Agreement at the same time, prior to completing the ticket claim. Please note that users will only be able to claim tickets once.
- 2020/02/04 06:00 AM (UTC): Ticket claim closes and the lottery draw begins.
- 2020/02/04 08:00 AM (UTC): Winning tickets are announced and the respective BNB will be deducted from each winning users’ accounts. Please ensure you have sufficient BNB in your spot exchange account to be deducted within 24 hours if you have a winning ticket. Please note that BNB in open orders, margin accounts, lending products, sub-accounts, futures accounts, or fiat accounts will not be eligible to be deducted.
Lottery Ticket Allocation
Users will be able to claim up to a maximum of 10 lottery tickets based on their daily average BNB holdings (represented by X below) over the 30-day period leading up to the ticket claim date.
For example, 50 ≤ X < 100 means that your average BNB balance over the entire specified period is kept at 50 BNB or more, but does not exceed 100 BNB.
|Daily Average BNB balance (X)||No. of Lottery Tickets|
|50 ≤ X < 100||1|
|100 ≤ X < 150||2|
|150 ≤ X < 200||3|
|200 ≤ X < 250||4|
|250 ≤ X < 300||5|
|300 ≤ X < 350||6|
|350 ≤ X < 400||7|
|400 ≤ X < 450||8|
|450 ≤ X < 500||9|
Key Metrics (as of January 21, 2020)
|Binance Launchpad Sale Price||$0.02|
|Circ. Supply||186,821,429 WRX (18.68%)|
|Max Supply||1,000,000,000 WRX|
Token Supply Distribution
- Launchpad Sale tokens comprise 10.00% of the total token supply.
- Private Sale tokens comprise 5.00% of the total token supply.
- Foundation tokens comprise 30.00% of the total token supply.
- Product & Marketing tokens comprise 20.00% of the total token supply.
- Partnership & Ecosystem tokens comprise 20.00% of the total token supply.
- WRX Airdrop tokens comprise 11.10% of the total token supply.
- WRX Trade Mining tokens comprise 3.90% of the total token supply.
Current Community Growth Strategies of WazirX include:
- Innovative rewards programs such as WRX Trade Mining
- Consistently publishing media coverage with guest posts or features
- Participating in AMAs, conferences, and interviews with influencers
- Releasing continuous monthly updates
- Sponsoring events, and partnering with influencers
Future Community Growth Strategies of WazirX include:
- Creating and growing dedicated Telegram communities for different countries
- Hosting and participating in more meetups, conferences, and social activities to continue building an offline community presence
- Launching more innovative rewards programs
- Partnering with wallets and De-Fi apps to provide a fiat gateway solution
So, the project is looking to raise $2 million worth of BNB by selling 100 million of its WRX tokens (10% of the total WRX supply).
If you pass all of these requirements, you can participate in the WazirX IEO lottery to get a chance at acquiring WRX tokens at the token sale price.
Each winning ticket entitles its holder to purchase $200 worth of WRX (price is calculated in BNB). This amount in BNB will be automatically deducted from a user’s account on the day of the sale if they chose to claim tickets for the WazirX token sale. For additional details, you can visit the Binance support page.
Source: binance.com | research.binance.com | amp.coincodex.com | coinspeaker.com