In an official release, the cryptocurrency exchange has announced the final results of the fundraising event for Celer Network. According to it, the entire sale was completed in a little over 17 minutes, raising the project’s hard cap of $4 million worth of CELR tokens. However, this is due to the new queue feature in the Launchpad.
The sale for Celer Network (CELR) tokens raised more than $3.9M from 3,129 investors in the single session.
Just under 600M CELR tokens were sold in a sale which completed in 17 minutes. Participants in the sale, which began at 14:00 GMT on Tuesday afternoon, bought CELR with the exchange’s native token, Binance Coin (BNB). Individual contributions were limited to $1,500 each.
Total Token Supply was 10,000,000,000 CELR and the Public Token Sale Price 0.0067 USD what is, if you ask us, pretty big price.
From Celer Network they say they want to develop a fast, scalable payments solution, which uses smart contracts to offer zero-fee transactions. Built on Ethereum (ETH), the project has already hosted seed and private funding rounds in 2018.
CELR tokens were being sold at 0.00043400 BNB – roughly $0.006 – each. 1 BNB could purchase 2,303.35821 CELR tokens. Although this was higher than the seed-level price, it was a 55% discount from the private sale, as Crypto Briefing previously reported.
Like previous Launchpad sales, CELR was oversubscribed. Some investors on Twitter described difficulties in participating, with many sale requests held in a queue and, ultimately, unsuccessful.
More than 39,000 would-be investors tried to buy CELR tokens, only one in ten of whom were actually successful. Changpeng Zhao, CEO at Binance, has since come up with somewhat of an explanation, outlining that the platform experienced “capacity/caching issues” even with the upgraded version. He also noted that a grand total of 39003 people had tried to purchase CELR tokens, while only 3129 managed to get some.
still had capacity/caching issues with this "upgraded" version. Will keep working on it for a better experience in the future. STATS: 39003 people tried to buy, 3129 people got some. 35000 people will be somewhat unhappy. pic.twitter.com/opJnNOeuhA — CZ Binance (@cz_binance) March 19, 2019
While Binance Launchpad has so far proven its merit for launching fundraising events successfully, it’s definitely clear that there’s still a lot of work to be done in order to handle the massive demand of buyers.
This marks the third successful token sale on the Binance Launchpad platform since the beginning of the year, and yet another one which managed to raise millions in a matter of minutes. The first one was that of Justin Sun-owned BitTorrent, which sold out in less than 15 minutes, while the second one was of Fetch.AI, which sold out even quicker.
Celer Network is a layer 2 scaling platform designed to provide a scalability and efficiency boost to blockchains. decentralized applications. Celer Network employes a layered design consisting of “cCos”, “cRoute” and “cChannel”.
The hard cap for the CELR is set at almost exactly $4 million, which goes in line with the Binance Launchpad strategy of setting lower hard caps than what we’re normally accustomed to seeing in token sales.
We already wrote of how Binance Coin (BNB) achieved an all-time high (ATH) against Bitcoin (BTC) in the crypto markets. The new ATH of BNB is valued at 0.0036626 BTC. Further looking at the USD value, BNB peaked at a recent high of $13.75 and currently up 20% in 24 hours. Investors who had bought the dip on December 15th last year when BNB was at $4.50, are now in the range of 200% in profits.
From Celer Network they said that they are looking to build a fast and free payments solution. Designed as a means to scale dApp activity on platforms like Ethereum (ETH), it uses smart contracts that effectively offer users zero-fee transactions. By going off-chain with DAG-based side channels, the project claims it can offer performance fifteen times better than solutions like the Lightning Network.
All in all, it seems that Binance Launchpad is here to give ICOs the second chance. Though it has just started its functioning and it has hosted only two token sales yet, the community has already made a conclusion that thanks to Binance ICOs will be back.