On Wednesday (October 16), Binance announced that the 10th cryptoasset to go on sale this year on its initial exchange offering (IEO) platform, Binance Launchpad, would be the Kava (KAVA) token.
Some Background Information About Kava
On 28 February 2019, Xpring, Ripple's investment and incubator arm, announced that it had invested in blockchain startup Kava Labs, calling the company "the world’s first Interledger solutions provider." Interledger is "an open protocol suite for sending payments across different ledgers.
Xpring's blog post went on to explain Kava's involvement with Interledger:
The team has worked on open source plugins for the Bitcoin Lightning Network and Ethereum. These plugins enable BTC, ETH and XRP to be sent via the Interledger network. Kava services blockchains, wallets and exchanges to integrate with Interledger to enable cross chain transactions.
Kava's website says that Kava platform means Decentralized Finance (DeFi) for crypto. The following assets can be used as collateral with Kava's cross-chain CDP (Collateralized Debt Position) platform: BTC, ATOM, XRP, and USDT. This platform, which is built using the Cosmos SDK, is secured by over 100 validators.
Kava's backers include the aforementioned Ripple as well as Arrington XRP Capital, IOSG Venture, and Dokia Capital.
Details of the Token Sale
Binance says that this token sale will" follow a lottery & airdrop format" (the recording of users' BNB balances started on 23 September at 00:00 UTC). These balances will be recorded for 30 days (from 00:00 UTC on 23 September 2019 to 00:00 UTC on 23 October 2019).
The total token supply is 100 million KAVA. 6.52% of this amount has been allocated to Binance Launchpad for the purpose of the token sale.
The public sale price for one KAVA token will be $0.46 (we will find out the BNB price later).
The maxium number of winning lottery tickets is 15,000, and the allocation per winning ticket is $200. Those Launchpad participants unlucky enough to obtain one of these winning tickets have to rely on the KAVA airdrop (a pool of 326,087 KAVA tokens will be "split and airdropped" to these people).
As for the lottery's timeline, here are the key dates:
- 00:00 UTC on 23 September 2019 to 00:00 UTC on 23 October 2019: this is when users' BNB balances are "calculated in hourly snapshots";
- 06:00 UTC on 23 October 2019: ticket claim will open to eligible users at this time;
- 06:00 UTC on 24 October 2019: ticket claim closes at this time, and lottery draw starts;
- 08:00 UTC on 24 October 2019:
- Winning tickets get announced.
- After this time, KAVA gets airdropped to those without winning lottery tickets.
Featured Image Courtesy of Binance