Binance has just announced the launch of SafePal (SFP). The exchange will use the lottery to issue SFP, the time to record users’ BNB balance will for 6 days from 2021-02-02 0:00 AM (UTC) to 2021-02-08 0:00 AM (UTC). Users 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.
What is SafePal
SafePal is a cryptocurrency wallet that aims to provide a secure and user-friendly crypto management platform for the masses. SafePal provides hardware wallet and software wallet product lines, all paired and managed through the SafePal App, where users can easily store, manage, swap, trade, and grow their crypto wealth. SafePal supports 20 blockchains, including Binance Chain and Binance Smart Chain, 10,000 tokens, and NFT assets. It has integrated with Binance DEX, Binance Spot Trading, and all DApps on Ethererum, BSC and Tron networks. SafePal is also the first hardware wallet portfolio of Binance Labs.
SFP is SafePal’s BEP-20 native utility token and will have the following use cases:
- Fees & Discounts: pay fees and get discounts on SafePal products such as the SafePal hardware wallets and SafePal Swap.
- Staking Rewards: stake SFP tokens to get rewards from the SafePal Earn program.
- Bonus & Airdrops: SFP token holders have the privilege to receive special coupons, join exclusive campaigns and claim special collectibles from SafePal and its ecosystem partners.
- Community Governance: SFP token holders can initiate proposals and vote on how treasury funds will be deployed and on new features such as adding new blockchains on the SafePal products.
- 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
Lottery Timeline:
- 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.
To learn more about SafePal (SFP), read Binance Research’s in-depth report here.
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