BitTorrent ICO Sold Out in 15 Minutes
In an official blog post, Binance announced the conclusion of the BitTorrent token (BTT) on its Binance Launchpad on January 28. The ICO (Initial Coin Offering) raised $7.1 million through the sale of 59.8 billion BTT tokens. All tokens were sold out in less than 15 minutes.
Two Different Sale Sessions
According to the information on Binance’s website, each BTT token was sold at a price of $0.00012. The minimum amount for purchase was 100,000 BTT.
The token sale platform was opened at 03:00 UTC with two different sale sessions taking place. One session was for investors who paid using the Tron’s native token, TRX, while the other session was specifically for investors who paid with Binance’s native token, BNB.
Both sales began simultaneously and were to close either at 10:00 UTC on February 3, or when the hard cap was reached.
Justin Sun, the Chief Executive Officer and founder of Tron stated that the BNB session’s 23.76 billion hard cap was reached in only 13 minutes and 25 seconds. The TRX session, which had a 35.64 billion hard cap, closed in 14 minutes and 41 seconds.
According to the information from the sale, the BNB session had 340 participants and the TRX session had 622 participants.
According to the Chief Executive Officer and founder of Binance Changpeng Zhao, if they had not been faced with technical issues, the sale would actually have closed in seconds. He said that because of a system issue, the total time for the sale was 18 minutes, otherwise it would have taken just 18 seconds.
Full Transparency About Technical Issues
Zhao also said that he wanted to be completely transparent about the technical issues they faced during the sale. He said that the problem was caused because the user agreement confirmation button kept locking.
Zhao said that most of the stress tests that had been conducted prior to the sale had focused on the actual purchase process and that this part of the procedure had not be tested thoroughly enough. However, despite that, the order in which the requests were received had been preserved in the entire process.
Airdrops in the Future
TRX token holders will get the first of multiple airdrops of the BTT tokens on February 11. At this time, 10.89 billion tokens will be disbursed. That is 1.1% of the total number of BTT tokens in circulation.
Future airdrops will continue through to 2025.