Introducing the SafePal (SFP) Token Sale With a New Binance Launchpad Subscription Format!
Binance is excited to announce the 18th project on Binance Launchpad – SafePal (SFP). The token sale for SafePal will follow a NEW Launchpad subscription format, with the recording of user BNB balances starting at 2021-02-02 0:00 AM (UTC).
Binance will record user BNB balances for 6 days from 2021-02-02 0:00 AM (UTC) to 2021-02-08 0:00 AM (UTC). The final BNB holding amount for each user will be determined as the average of the 6 days, using the Daily Average BNB Balance calculation previously announced here.
- Token Name: SafePal (SFP)
- Launchpad Hard Cap: 5,000,000 USD
- Hard Cap Per User: 20,000 USD (200,000 SFP)
- Total Token Supply: 500,000,000 SFP
- Total Tokens Allocated to Binance Launchpad: 50,000,000 SFP (10% of Total Token Supply)
- Public Sale Token Price: 1 SFP = 0.10 USD (price in BNB will be determined prior to subscription)
- Token Sale Format: Subscription
- Supported Sessions: BNB only
What is the new Launchpad Subscription Format?
The new subscription format allows BNB holders to commit an amount of BNB towards a token sale, where their final allocation of the new token is determined by the ratio of their committed BNB against the total committed BNB by all participating users. To ensure a fair allocation for all participants, we will be setting a max cap of token allocation per user.
How do I participate?
Your 6-day average BNB balance will be your maximum participation limit. During the subscription period, you can participate by committing BNB from your spot wallet towards the token sale.
Is there a limit to how much I can commit?
You can commit any amount of BNB up to your total 6-day average BNB balance. For example, if you have an average of 2,000 BNB over the 6 day calculation period, you may commit 2,000 BNB during the subscription period.
How is my final allocation calculated?
Once the subscription period is over, each user’s token allocation will be roughly calculated as follows: (Individual committed BNB / Total committed BNB by all participants) * Total SFP tokens to be sold. The final calculation is likely to deviate from this estimation due to the hard cap per user. Users will likely receive a slightly different final allocation than estimated using the formula above. For further information on the exact calculation details, read the article here.
- Preparation Period 2021-02-02 0:00 AM (UTC) to 2021-02-08 0:00 AM (UTC): During this period, user BNB balances will be calculated in hourly snapshots for each day over a 6-day period. Your final average daily BNB balance over these 6 days will determine the maximum amount of BNB that you can commit later on.
- Subscription Period 2021-02-08 4:00 AM (UTC) to 2021-02-08 8:00 AM (UTC): Subscription will open at this time for all eligible users for a 4 hour period. Users must also sign the Token Purchase Agreement at the same time, prior to committing their BNB. Please note that once committed, your BNB will be locked and you will not be able to redeem or access any other functions such as transfers, withdrawals or trading until final token distribution.
- Calculation Period 2021-02-08 8:00 AM (UTC) to 2021-02-08 9:00 AM (UTC): Subscription closes and token allocation calculation begins.
- Final Token Distribution 2021-02-08 9:00 AM (UTC): Your final token allocation will be calculated and the corresponding BNB will be deducted from your already-locked BNB amount. Once deducted, your SFP and BNB tokens will both be transferred to your spot wallet.
Please note that the subscription format will not be limited to Launchpad sessions going forward. We may use the subscription format for new listings, allowing users to purchase already-circulating tokens at a discount prior to the start of trading. As such, we may use average BNB balances calculated for a period prior to the time an announcement is made.