Token Sale on Binance Launchpad Raises $6 Million Within ‘22 Seconds’

The Fetch.AI (FET) token sale on top crypto exchange Binance’s Launchpad platform closed yesterday, Feb. 25, reaching its hard cap of $6 million dollars with the sale of over 69 million tokens. In a tweet published the same day, Binance CEO Changpeng Zhao — known in the industry as CZ — reported the sale had been completed within a dizzying 22 seconds.

Fetch.AI describes itself as a project that aims to create an “economic internet” by conjoining machine learning, artificial intelligence, multi-agent systems, intelligent smart contracts and distributed ledger technology.

Yesterday’s token sale was set to close with either the fulfilment of the hard cap or on March 3. As CZ reported, the token sale saw an extraordinary bottleneck on the exchange’s token sale platform due to high demand, thus closing within “the first 22 seconds”:

“24000 people pre-signed the User Agreement, 19860 people successfully submitted a buy order, 2758 people got a piece. The first 22 seconds.”

According to a Binance blog post on Feb. 25 dedicated to the results of the token sale, the tokens were actually “sold to token sale participants within 11 minutes and 14 seconds.” Presumably, the longer time period accounts for processing time for submitted buy orders.

According to the public token sale description on Binance Launchpad, 1 FET token — which is designed as an ERC20 token — was sold at a rate of 0.00858400 Binance Coin (BNB). This equates to $0.0818, at a BNB-USD exchange rate of $9.53 at press time. User token purchases were capped at a value of $3,000, with a minimum investment of $20.

Out of a total issuance of 1,152,997,575 FET, initial circulating supply has been set at 11 percent of the total token supply. Yesterday’s public sale reportedly accounted for 6 percent — or 69,204,152 FET.

For the public sale, token distribution is reportedly set to occur within fifteen days after the sale’s closure.

As reported, Binance’s Launchpad platform recently hosted a similarly speedy public token sale — although this time, a matter of minutes not seconds. The sale of Tron-based BitTorrent token (BTT) in late January netted $7.1 million dollars with the sale of 50 billion tokens in 15-18 minutes. CZ claimed at the time that the sale would have in fact also closed within seconds had it not been for technical issues.