Binance’s Arkham Launchpad Trials Price Limit To Protect Users From Volatility
- Binance Launchpad is releasing a new token called Arkham (ARKM).
- The token sale will last for 24 hours starting from July 17, 2023, 06:00 (UTC).
- Users can subscribe to BNB at any time during these 24 hours and commit their BNB based on their past six-day average BNB holdings.
Binance announced that its new Launchpad Arkham (ARKM) will be trialing an initial price limit mechanism where for the first five minutes of trading the maximum transaction price is set at ten times the public sale token price to protect users from high volatility.
Binance has announced the release of a new token called Arkham (ARKM) on its Launchpad, which will go on sale for 24 hours starting from July 17, 2023, 06:00 (UTC) to July 18, 2023, 06:00 (UTC). Users can check their eligibility and commit their BNB to the token sale based on their past six-day average BNB holdings.
The BNB rate for the ARKM token sale has been set at 0.00020576 BNB or 0.05 USD (using a BNB price of 243 USD). After the subscription period ends, Binance will list Arkham (ARKM) in the innovation zone and open trading for ARKM/BTC, ARKM/USDT, ARKM/TUSD, ARKM/BNB, and ARKM/TRY trading pairs on July 18, 2023, 12:00 (UTC).
To protect users from high volatility when trading commences under Launchpad, Binance will trial an initial price limit mechanism where, for the first five minutes of trading, the maximum transaction price is set at ten times the public sale token price (i.e., in the case of ARKM, $0.50, ten times the public sale token price). After the initial five minutes, there will be no restrictions, and trading will continue normally. Note that this initial price limit mechanism is being trialed for the ARKM token launch, and it is yet to be determined if this will be an ongoing feature of all future Launchpads.
Users will have 24 hours to subscribe by committing their BNB tokens between July 17, 2023, 06:00 (UTC) and July 18, 2023, 06:00 (UTC). Users can subscribe to BNB at any time during these 24 hours. Users must also sign the ARKM Token Purchase Agreement before committing to their BNB. The hard cap for ARKM token allocation per user is 15,000 USD (300,000 ARKM or 61.728 BNB), and the maximum amount of BNB that each user can commit has been calculated based on their past six-day average BNB balance.
Once committed, users’ BNB will be locked, and they cannot redeem or access any other functions, such as transfers, withdrawals, or trading, until final token distribution. After the subscription period ends on July 18, 2023, at 06:00 (UTC), the ARKM token allocation calculation will begin and will take one hour.
The final ARKM token allocation results will be revealed on July 18, 2023, 07:00 (UTC), at this point, the respective BNB will be deducted from users’ already-locked BNB amount within 60 minutes. Once deducted, users’ ARKM and remaining BNB tokens will both be transferred to their spot wallet.
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