Last Updated: 03 June 2024
A. Acceptance of these Terms
By accessing and/or using the Launchpool Services (as defined below), you acknowledge and agree that you will be bound by and will comply with these Launchpool Service terms (“Launchpool Terms”), as updated and amended from time to time, and that you have read and understood these Launchpool Terms, together with any additional documents or terms referred to or incorporated into these Launchpool Terms. If you do not understand and accept these Launchpool Terms in their entirety, you should not use the Launchpool Service.
B. Scope of these Terms and Changes
These terms govern your access to and use of the Binance Service identified as “Launchpool” on the Platform and any ancillary services made available by Binance in accordance with these Launchpool Terms (“Launchpool Service”).
These Launchpool Terms are supplemental to and shall be read together with the Binance Terms of Use available here (“Terms of Use”) and the specific terms and conditions set out on the Launchpool Page in respect of the relevant Launchpool Offer (the “Launchpool Offer Terms”). In the event of any conflict or inconsistency between these Launchpool Terms, the Launchpool Offer Terms and the Terms of Use, the order of precedence will be first the Launchpool Offer Terms, then these Launchpool Terms and then the Terms of Use. All terms and clauses contained in the Terms of Use (except to the extent expressly modified in these Launchpool Terms) are incorporated by reference and have the same force and effect as if set forth in their entirety in these Launchpool Terms. These Launchpool Terms constitute Product Terms. References in the Terms of Use to the Binance Services shall include references to the Launchpool Service.
Binance may make changes to these Launchpool Terms (or any terms or information incorporated by reference) at any time in accordance with the Terms of Use.
C. Consent
By accepting these Launchpool Terms, you hereby unconditionally and irrevocably (a) confirm that you understand and accept any and all associated risks with your participation in the Launchpool Service and (b) explicitly consent to Binance Group Entities using your Digital Assets as described in these Launchpool Terms and the Risk Warning.
D. How to Participate in Launchpool
You can participate in a Launchpool Offer and earn Project Tokens by temporarily locking your LP Assets with Binance. When you participate in a Launchpool Offer, neither Binance nor any other persons will be able to use, stake, invest or otherwise manage your LP Assets. Your LP Assets will be locked with Binance for the sole purpose of calculating your allocation of Project Tokens. In addition, neither your LP Assets nor your Project Tokens will be pooled with those of other users.
Before you participate in a Launchpool Offer you will be required to confirm the Launchpool Offer you wish to participate in and specify the amount of LP Assets you will use to participate in the Launchpool Offer.
Binance may at its sole and absolute discretion specify a minimum or maximum amount of LP Assets required to participate in a Launchpool Offer.
The types of supported LP Assets will vary depending on the Launchpool Offer and Binance reserves the right to vary the types of supported LP Assets from time to time at its sole and absolute discretion.
E. Project Tokens
The amount of Project Tokens available for each Launchpool Offer may vary. The amount of Project Tokens that you will receive for participating in a Launchpool Offer will also vary and generally will be calculated by reference to your total amount of locked LP Assets as a percentage of the Total Pool LP Assets. Binance may at its sole and absolute discretion impose upper limits to the amount of hourly allocated Project Tokens, as stated on the Launchpool Page.
By locking your LP Assets in accordance with a Launchpool Offer, you will accrue Project Tokens in accordance with the Launchpool Offer Terms and these Launchpool Terms. Your total accrued allocation of Project Tokens will be updated every hour or at such other frequency as may be specified in the relevant Launchpool Offer. You may claim your accrued Project Tokens at any time after they have been accrued. Upon claiming, Project Tokens will be transferred to your Spot Account.
LP Assets can only be locked in one Launchpool Offer at a time. For example, if User A has 100 BNB, they cannot lock 100 BNB in Launchpool Offer A and concurrently lock some or all of that BNB in Launchpool Offer B. However, User A can divide their BNB holdings across multiple Launchpool Offers. For example, User A can allocate 60 BNB into Launchpool Offer A and 40 BNB into Launchpool Offer B.
LP Assets locked in each Launchpool Offer and any unclaimed Project Tokens allocated to you in connection with a Launchpool Offer will be automatically unlocked and transferred to your Spot Account at the end of the relevant Launchpool Period.
Participation in Launchpool is subject to eligibility based on your country or region of residence and Binance’s KYC and compliance procedures.
Project Tokens are rounded down to a number of decimal places determined by Binance in its sole discretion, which may vary for different Project Tokens.
You will generally be able to unlock your LP Assets at any time with no delay, following which your assets will be available for other purposes including participating in any other available Launchpool Offers. However there may be a delay in unlocking your LP Assets in some circumstances, including but not limited to events of extreme market volatility, network delays, validator or protocol failure, a significant number of simultaneous instructions to unlock LP Assets from other Binance users, or other unanticipated events.
F. Definitions
Unless otherwise defined, capitalised words used in these Launchpool Terms shall have the same meaning given to them in the Terms of Use. The rules of interpretation set out in the Terms of Use shall apply to these Launchpool Terms, except that references to clauses are to clauses in these Launchpool Terms, unless otherwise stated.
Binance Group Entities means Binance and each Binance Affiliate.
Launchpool Offer means an offer by Binance to provide you with Project Tokens in return for you locking LP Assets with Binance during the Launchpool Period in accordance with these Launchpool Terms and the Launchpool Offer Terms.
Launchpool Offer Terms has the meaning given to it in clause 3.
Launchpool Page means https://launchpad.binance.com or the Launchpad page within the Mobile App.
Launchpool Period means the time period during which users can participate in a Launchpool Offer by locking LP Assets, as stated on the Launchpool Page in respect of the relevant Launchpool Offer.
Launchpool Service has the meaning given to it in clause 2.
Launchpool Terms has the meaning given to it in clause 1.
LP Assets means the Digital Assets which you lock to participate in a Launchpool Offer.
Project Tokens means Digital Assets that are available for allocation to users that participate in a Launchpool Offer by locking LP Assets during the relevant Launchpool Period.
Spot Account means the Binance Account that you use for spot transactions.
Terms of Use has the meaning given to it in clause 3.
Total Pool LP Assets means the total amount of LP Assets that are locked by users participating in a specific Launchpool Offer.