Binance Launchpad has announced the launch of its 18th project, SafePal (SFP).
It is a crypto wallet that aims to provide a secure and easy-to-use cryptocurrency management platform for the masses.
Out of a total of 500,000,000 SafePal (SFP) tokens, 50,000,000 will be offered for sale, equivalent to 10% of the supply, with a hard cap of $5 million, while each individual user will be able to purchase a maximum of $20,000.
The price will be 0.10 USD per SFP token, but purchases can only be made with BNB tokens.
In addition, the token sale will take place under a new formula, namely the subscription formula.
How to buy SFP tokens from Binance Launchpad
Thanks to the new token sale subscription formula, BNB holders will be able to commit a certain amount of their BNB to the token sale, and the final amount of tokens purchased will be determined by the ratio between the BNB committed by the individual user and the total BNB committed by all users participating in the token sale. In addition, there is a maximum limit of BNB that can be committed per user.
The average BNB balance will constitute the maximum limit that can be committed by the single user.
For the SFP token sale, Binance will record the BNB balances of users for 6 days, from 0:00 AM (UTC) on 02/02/2021 to 0:00 AM (UTC) on 08/02/2021. The final amount of the individual user’s BNB balance will be determined as the average of the 6 days, using the calculation of average daily balances.
At that point, from 4:00 AM (UTC) to 8:00 AM (UTC) on 08/02/2021 it will be possible to subscribe for a period of 4 hours. Users must also sign the token purchase agreement, as well as pledge their BNB. Once pledged, the tokens will be locked until the final distribution of the SFP tokens.
At the end of the subscription period, the following formula will be applied for the allocation of tokens: (BNB individually pledged / total BNB pledged by all participants) * Total SFP Tokens to be sold.
However, no one will be allowed to buy more tokens than the maximum limit set per individual user, which in the case of SFP is $20,000.
From 8:00 AM (UTC) to 9:00 AM (UTC) on the same day, token allocation calculations will be performed, after which token distribution will take place. The BNB used as payment for the purchase will be deducted from the blocked ones, and the tokens will be transferred to the spot wallet of the users.