The Fetch.AI (FET) on top crypto exchange ’s Launchpad platform yesterday, Feb. 25, reaching its hard cap of $6 million dollars with the of over 69 million . In a tweet the same day, CEO — known in the industry as CZ — reported the 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 technology.
Yesterday’s was set to close with either the fulfilment of the hard cap or on March 3. As CZ reported, the saw an extraordinary bottleneck on the exchange’s platform due to high demand, thus 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 on Feb. 25 dedicated to the results of the , the were actually “sold to participants within 11 minutes and 14 seconds.” Presumably, the longer time period accounts for processing time for submitted buy orders.
According to the public on Launchpad, 1 FET — which is designed as an ERC20 — was sold at a rate of 0.00858400 Coin (). This equates to $0.0818, at a BNB-USD exchange rate of $9.53 at press time. User 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 supply. Yesterday’s public reportedly accounted for 6 percent — or 69,204,152 FET.
For the public , distribution is reportedly set to occur within fifteen days after the ’s closure.
As reported, ’s Launchpad platform recently a similarly speedy public — although this time, a matter of minutes not seconds. The of -based (BTT) in late January netted $7.1 million dollars with the of 50 billion in 15-18 minutes. CZ claimed at the time that the would have in fact also closed within seconds had it not been for technical issues.
Published at Tue, 26 Feb 2019 21:08:00 +0000
