Binance announced the launch of Launchpad token sale and Launchpool farming for Alpha Finance Lab [ALPHA], a platform dedicated to researching and innovating in the DeFi space. This news comes days after going live on public Binance Smart Chain Testnet.
According to the official release, the token sale for Alpha Finance Lab will follow a lottery format. Binance will be recording user BNB balances for a period of 8 days from 30th September to 8th October. In addition, the final BNB holding amount for each user will be determined as the average of the 8 days, using the mechanism of Daily Average BNB Balance calculation.
Another DeFi addition to its ‘Innovation Zone’
The Alpha Finance Lab Launchpool will support BNB, BUSD, and BAND staking to farm ALPHA tokens, and the farming is scheduled to start on the 30th of September, read the blog post. Following this, ALPA token will be listed on Binance’s Innovation Zone on the 10th of October and trading will be opened for ALPHA/BTC, ALPHA/BNB, ALPHA/BUSD, and ALPHA/USDT pairs.
Besides, the Launchpad hard cap is set to $2,000,000 out of the total token supply of 1,000,000,000 ALPHA. Meaning 10% of the total token supply is allocated to Binance Launchpad. The public sale token price is set at 1 ALPHA = $0.02 while the price in BNB will be determined prior to the lottery draw date.
However, users from Belarus, Democratic Republic of Congo, Cuba, Iraq, Iran, North Korea, Sudan, Syria, United States of America and its territories (American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, and the U.S. Virgin Islands), Zimbabwe will not be able to participate in token sales on the Binance Launchpad platform.
What is Alpha Finance?
Alpha Finance’s long-term goal includes onboarding the general masses to DeFi via an ecosystem of Alpha products that redefine traditional finance in a decentralized manner. Additionally, Alpha Lending is the first product built by Alpha Finance Lab. It is essentially a decentralized lending protocol with algorithmically adjusted interest rates built on Binance Smart Chain. Its native utility token ALPHA currently functions as liquidity mining, governance voting, and staking.