The top crypto exchange Binance has declared the token sale of Hooked Protocol (HOOK) on its Binance Launchpad. That token sale will be in line with the Launchpad subscription pattern. The maintenance of the record covering the BNB balances of the consumers would begin on the 24th of November 2022. The company would collect the information about the BNB balances of the customers for 7 days between the 24th of this month and the 1st of December.
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Binance Declares HOOK Token Sale on Its Binance Launchpad
The conclusive amount of BNB holding for every customer will be decided as the 7-day average, utilizing the calculation of the Daily Average BNB Balance. The company additionally shared the details of the token sale of HOOK. It disclosed that 2,500,000 USD was in the hard cap of the Launchpad. On the other hand, the per-user hard cap was nearly 15,000 USD (equaling up to 150,000 HOOK).
Binance also revealed the cumulative token supply as 500,000,000 HOOK. The sum of tokens specified for Binance Launchpad was 25,000,000 HOOK (accounting for five percent of the entire token supply. The firm additionally disclosed the token price for the public sale, noting that 1 HOOK would equal 0.1 USD. Apart from that, the company shared the particulars about the subscription timeline.
The respective timeline would comprise four stages namely, the preparation phase, the subscription phase, the calculation phase, and the last token distribution. In the 1st phase, the calculation of the BNB balances of the clients would be carried out. The 2nd phase would see the subscription procedures for the eligible consumers for 3 hours.
The consumers must also simultaneously ink the Token Purchase Agreement. This is required to be done before committing the BNB tokens. A noteworthy thing is that the BNB tokens, which are once committed, will get locked with no permission for the transfer. The consumers would not be allowed to access them or use any other functions till the ultimate distribution.
The Consumers to Receive BNB and HOOK Tokens in their Spot Wallets
The 3rd phase would start after the closure of the subscription. In this period, the calculation of the token allocation would be performed. In the end, the final distribution of the tokens would take place. Following the calculation of the conclusive token allocation, the platform would deduct equivalent BNB tokens from the already-locked amount of BNB. Then the BNB and HOOK tokens would be transacted to the users’ spot wallets.