Binance has announced the launch of Beta Finance (BETA). The exchange will follow the Launchpad subscription format to issue BETA, the time to record users’ BNB balance will for 8 days from 2021-09-30 00:00 AM (UTC) to 2021-10-08 00:00 AM (UTC).
What is Beta Finance
Beta Finance is a cross-chain permissionless money market protocol for lending, borrowing, and shorting crypto. Beta Finance has created an integrated “1-Click” Short Tool that enables DeFi natives to take the opposite side of a trade and counter volatility, as well as allow anyone, anywhere, anytime to create money markets for a token automatically, unlocking new asset utilization.
Beta Finance’s mission is to offset volatility and facilitate greater stability for the long-term, mainstream adoption of DeFi by individuals and institutions through building critical DeFi tooling and infrastructure.
With a focus on the user experience, Beta Finance allows DeFi users to initiate, manage, and close short positions with single clicks, while providing relevant metrics and information before position execution. Lenders are able to lend out any token, creating the market permissionlessly if it is yet to exist, and start earning yield on their holdings. Traders are able to pay a premium to execute short trades and hedging strategies with accessibility to all tokens.
Token allocation
- 6.76% Marketing
- 10.13% Team
- 63.53% Development
- 19.57% Operations
The Beta Finance team holds its funds in crypto, stablecoins and fiat. Funds are stored with cold storage multi-signature wallets and USD bank accounts. Any movement of funds requires the approval of at least 3 out of the 5 executives and advisors of Beta Finance.
- Token Name: Beta Finance (BETA)
- Launchpad Hard Cap: 3,000,000 USD
- Hard Cap Per User: 20,000 USD (333,333.33 BETA)
- Total Token Supply: 1,000,000,000 BETA
- Total Tokens Allocated to Binance Launchpad: 50,000,000 BETA (5% of Total Token Supply)
- Public Sale Token Price: 1 BETA = 0.06 USD (price in BNB will be determined prior to subscription)
- Token Sale Format: Subscription
- Supported Sessions: BNB only
Subscription Timeline:
- Preparation Period 2021-09-30 00:00 AM (UTC) to 2021-10-08 00:00 AM (UTC): During this period, user BNB balances will be calculated in hourly snapshots for each day over a 8-day period. Your final average daily BNB balance over these 8 days will determine the maximum amount of BNB that you can commit later on.
- Subscription Period 2021-10-08 06:00 AM (UTC) to 2021-10-08 10:00 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 2021-10-08 10:00 AM (UTC) to 2021-10-08 11:00 AM (UTC): Subscription closes and token allocation calculation begins.
- Final Token Distribution 2021-10-08 11:00 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 BETA and BNB tokens will both be transferred to your spot wallet.
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