- Lookonchain identified a whale transaction in preparation for ARKM token sale.
- The whale adopted a strategy to circumvent the allocated ARKM limit per user.
- Binance plans to execute the ARKM token sale in four steps.
Lookonchain, the onchain smartmoney analytical platform, reported a whale deposited 141,835 BNB tokens to Binance, worth $35 million. Lookonchain indicated the deposit was divided into four batches and made through four different Binance deposit addresses.
The timing of the whale transaction led Lookonchain to suggest it could be in preparation to participate in the recently announced Arkham (ARKM) token sale. By depositing via four separate wallet addresses, Lookonchain observed it could be a strategy to boycott the 300,000 ARKM limit imposed on participants in the exercise.
According to the rules of the token sale exercise, the maximum allocation of tokens per user is 300,000 ARKM, and the token sale’s hard cap is $2.5 million.
On Monday, July 10, 2023, Binance announced the launch of the ARKM token sale as the 32nd project on Binance Launchpad. According to the announcement, Binance will record user BNB balances for six days, at the end of which it will make its calculations. The calculations would determine each user’s final BNB holding and the amount for ARKM allocations.
Binance divided the token sale exercise into four stages following a particular timeline. The initial stage is the preparation period, where participants’ balances will be calculated in hourly snapshots. A subscription period will follow when eligible users sign a Token Purchase Agreement before committing their BNB. After signing, the BNB tokens will be locked until the final token distribution.
The third stage is the calculation period. At this time, the subscription will be closed, and token allocation calculations begin following a predetermined protocol. Final Token Distribution is the last part of the token sale exercise. It entails deducting the corresponding BNB tokens from the users’ wallets after concluding allocation calculations. After this stage, the users’ ARKM and BNB tokens will be transferred to their spot wallets.
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