The crypto-space is in love with launchpad projects. Binance is running launchpad projects regularly and they have seen several times that more than 200,000 accounts have joined in such sales. Avalaunch is doing regular launches on the Avalanche blockchain, but they have a KYC requirement, making it unattractive to many users. And then you have PenguinFinance, a platform running launchpad projects as well, but with no KYC. And now they are about to send BinaryCat off on an exciting journey. Is this a token sale you should join? What are the requirements? Is PenguinFinance a safe platform? Is BinaryCat a legit project?
The BinaryCat launchpad project on PenguinFinance will open for registrations on December 17th and it will close on December 21st. The distribution of tokens will start on December 22nd and end on December 27th.
As you can see from the image above, the tokens will be sold at $0.04 per token and a total of 12,5 million tokens will be sold during the sale. The token being sold is the $KITTY token.
Can I trust PenguinFinance?
Based on what I have seen and experienced, PenguinFinance has a great team of developers, lots of people working with communication, and constant help available in their Discord channel. If you look at the official information, you can also find the following information giving further credibility to the team and the project.
“Our Masterchef & Penguin Token contracts have been thoroughly audited both by paid developers from other DeFi projects and blockchain security firm Certik.“
“Our team is anonymous to the public (identities shared with core team members @ Ava Labs) to ensure that no one can use personal information to potentially compromise the security of the project.“
Both these sentences are giving the project a new level of trust, and that is why I have no personal trouble trusting this project.
What is BinaryCat all about?
BinaryCat has been around for some months, and the project first planned to run on Polygon, before they ended up moving to Avalanche. They do not have a working product running on Avalanche yet, but they have a test-version of the product running on an Avalanche testnet. If you want to test the product, follow the instructions at: https://medium.com/@BinaryCat/binary-cat-app-walkthrough-2939db9c506e
In the image above, you can see that the current price of AVAX is $104,87, and I have placed a bet that I believe the price will go up in the next interval. This is just a bet placed with testnet AVAX tokens, so there was no risk involved (and I lost). There is still some work that needs to be done on the interface because it doesn’t really show clearly if you win or not, and you should be able to look back in time to see older trades (now they are disappearing, so I have no chance to see what happened 30 minutes ago), but these are just minor adjustments I believe the team will fix to make the platform easier to use in the future.
But, what is it all about? With BinaryCat, you can bet on the price of a crypto asset, and more functions will probably be added in the future. What does this mean? At a very moment, you can see that the price of AVAX is $103.45. Now you have the chance to place a bet about whether AVAX will go up or down in the next minutes (most likely a 10-minute interval). If your bet is correct, you will win your bet and money from the rest of the pool (who voted in the opposite direction), if you lose, your money will go to the pool and to the people who placed a bet on the right price movement (in opposition to your bet).
That is the easy explanation of the platform. The KITTY token will be the governance token of the platform, meaning that it will give power to the owners as they will be able to influence the platform and its future. You can stake KITTY tokens and receive rewards from fees paid by people using the platform (a 2% fee is deducted from the betting amount on all bets).
If you lose a bet, you will still be rewarded with KITTY tokens for taking part in a bet.
So, should I buy KITTY tokens?
To be honest, I expect the price to increase quite a lot when the tokens are distributed and made available for trading. In other words, this will most likely be a good project to invest in, even though you might just want to sell the tokens at once. But, the project itself is also interesting, and I really liked the interface and it is easy to use, and it might be interesting for those who like to do quick trading and bet on different price movements.
The main challenge for the BinaryCat team is to get new users to the platform. If you bet alone, this will be boring. But, if they manage to bring thousands of users to the platform and you will see that there is a constant pool of people betting, then this will be interesting and worth looking into. And if it should really take off, then those KITTY tokens with which you will earn fees constantly and also influence the future of the platform, will be worth a lot in the future.
In other words, BinaryCat has a real potential – the biggest challenge will be onboarding new users and reaching the masses with the news about the project.
How can I join the BinaryCat launchpad project on PenguinFinance?
It is very easy. All you need is a MetaMask wallet with some AVAX tokens (running on the Avalanche network). You can then head over to https://penguinfinance.org/launchpad-kitty. Connect your wallet and you are almost ready. In order to join the sale, you must have at least 250 iPEFI tokens on the platform. You can easily get that as you buy PEFI tokens on TraderJoe or on Pangolin.
It is important that to get 250 iPEFI tokens, you will have to buy approximately 310 PEFI tokens. When you have 310 PEFI tokens, go to the PenguinFinance website and stake your tokens in the nest. This will turn your PEFI tokens into iPEFI tokens which can later be used to register for the BinaryCat launchpad project on PenguinFinance.
You will lock your iPEFI tokens for the registration time, and when the registration is finished, you will be able to buy the number of tokens that you have been allocated. Normally there are way too many who want to buy tokens, so even if you register to join the sale with tokens worth $1000, you will most likely only be allowed to purchase tokens for a small percentage of the total price.
This is the third launchpad project on PenguinFinance so far, but if you keep the iPEFI tokens, they will make it easier for you to join similar events in the future, and your normal of PEFI tokens will automatically grow as you keep your iPEFI tokens, meaning that this is a good long-term investment in general (if you trust in the platform).
I am planning on joining the BinaryCat token sale. What about you? Do you have any comments or questions? I would love to hear from you!