Binance, one of the world’s leading cryptocurrency exchanges, has launched Arkham (ARKM) token on its launchpad, becoming the 32nd crypto project to be launched on the platform.
The crypto exchange unveiled Arkham (ARKM) via a blog post on July 17, where it also announced the opening of a 24-hour subscription model for the token sale on the Launchpad. Interested users can check their eligibility on the platform and commit their BNB to the ARKM sale based on their past six-day average BNB holdings. The subscription-based model was employed to minimize the risk of insider trading and to comply with regulations.
Once the subscription is complete on July 18 at 12:00 (UTC), Arkham (ARKM) will be listed in Binance’s innovation zone where the exchange will open trading for ARKM/BTC, ARKM/USDT, ARKM/TUSD, ARKM/BNB, and ARKM/TRY trading pairs.
Binance also listed out the terms and conditions to participate in the ARKM token sale.
Users can subscribe to the token sale with BNB at any time during the 24-hour period. Interested participants must sign the ARKM Token Purchase Agreement before committing to their BNB. The maximum amount of BNB tokens a user can commit is calculated based on the hourly snapshots of their spot wallets over the course of six days between July 11 and 17.
Users must note that only BNB in spot wallets can be used to commit to the ARKM token sale. If the user’s BNB is stored in other accounts such as Launchpool or BNB Vault, they will have to redeem the tokens to their spot wallet before subscribing. Another thing to keep in mind is that once committed, the BNB will be locked and users will not be able to redeem or access any other functions on the Binance exchange such as transfers, withdrawals, or trading for the tokens until the final distribution of ARKM is complete.
The calculation for ARKM token allocation begins right after the subscription period ends on July 18 at 6:00 (UTC) and will take a total of one hour. The final allocation results will be announced at 7:00 (UTC).
Based on the allocation volume, the respective BNB will be deducted from the total amount of BNB that was already committed by the user for the ARKM token sale. Once the process is complete, both the ARKM and the remaining BNB tokens will be transferred back to the user’s spot wallet.
Users must note that there is a hard cap of 15,000 USD (300,000 ARKM or 61.728 BNB) that can be allocated per user. According to Binance, 1 ARKM is equal to 0.00020576 BNB or 0.05 USD based on the calculation that the price of BNB is 243 USD.
Binance users from Belarus, Cuba, the Crimea Region, the Democratic Republic of Congo, Iran, New Zealand, North Korea, South Sudan, Syria, the USA, and its territories, and Zimbabwe will not be able to participate in token sales on the Launchpad platform.
Furthermore, Binance also introduced measures to protect users from high volatility when trading begins under Launchpad. For the first time, the exchange will trial an initial price limit mechanism where the maximum transaction price is set at ten times the public sale token price for the first five minutes of trading. However, there will be no price restrictions once the five-minute period is over and trading will continue as normal.
The initial price limit feature is being tested for the launch of ARKM tokens and it is yet to be confirmed whether Binance will be using the feature for its future Launchpads.