The much anticipated Celer Network (CELR) token sale on the Binance Launchpad has concluded raising $4 million in under 18 minutes. The after stats show that the event, not surprisingly, as oversubscribed.
Binance CEO Changpeng ‘CZ’ Zhao noted on Twitter that as many as 39,003 investors expressed their interest to purchase the tokens but only a mere 3,129 were lucky enough despite the purchase caps set to specifically allow more people to get lucky.
As announced in the terms of the token sale two weeks back, the CELR sale was to be conducted in one session that only accepted the Binance native token Binance Coin [BNB]. Priced at 0.000434 BNB per CELR, it means that 1 BNB would then purchase as much 2,303.35821 CELR tokens. The BNB exchange rate at the time of the sale was set to 15.4325 USD. Binance reports that all 597,014,925 CELR tokens were sold on those 17 minutes despite a few technical issues.
According to the terms and conditions of the sale, investors were allowed to purchase tokens worth a minimum of $20 (2985.074626865672 CELR tokens) and $1,500 (223,880.597 CELR tokens) being the maximum. Even with these caps in place, more than 35,000 investors left the token sale “somewhat unhappy” according to CZ.
Celer Network is a layer-2 scaling platform that enables fast, easy and secure off-chain transactions for not only payment transactions, but also generalized off-chain smart contracts. This sale comes in the heels of two previous token sales hosted on the Binance Launchpad. The first, hosted on January 28th, was the BitTorrent sale which raised $7.1 million in about 13 minutes. The second sale for Fetch.ai (FET) tokens was conducted on February 25th, raised $6 million and was over in 11 minutes.
As a result of the technical problems in this token sale, CZ vowed that he and his team will be working on improving the experience for future token sales. In addition, he noted that they could use a different strategy going forward, but did not offer any details on that matter.