By A recent public sale of an astonishing 59.9 million BitTorrent Tokens (BTT) which is worth around $7.2 million, sold out in minutes on Monday amidst some technical glitches which added to the frustration of some users.
At around 3:00 UTC, the token sale platform launched to BTT investors in two separate sales, one for investors using the native token to the Tron blockchain (TRX) and the other for users paying with BNB, Binance’s native exchange token. It was reported that each BTT token was worth around $0.00012 during both sales as per sale information which was uploaded to the Binance site.
Currently, BTT stands as BitTorrents first token in the peer-to-peer networks seventeen-year history.
Tron acquired the decentralised file-sharing service last summer, and the plans for BTT which operates on the Tron blockchain were released as a white paper earlier this month.
Both sales on Monday began at the same time and were both scheduled to end when the clock ran out at 10:00 UTC on the 3rd of February or when the hard cap of the sale was reached. Notably, the minimum purchase amount was 100,000 BTT.
As per a tweet from Justin Sun, Tron founder and CEO, the 23.76 billion token cap for the BNB session was achieved in a crazy 13 minutes and25 seconds, and the TRX sale reached the 35.64 billion token cap in just 14 minutes and 41 seconds.
Information provided by Binance revealed that were 622 participants in the TRX sale and 340 in the BNB sale.
Chanpeng Zao, CEO and founder of Binance, tweeted that sale could very well have ended in seconds if they had not experienced the technical issues during the sales.
Zhao’s tweet read:
“Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical.”
Zhao added in a later tweet:
“Full transparency. The issue experienced today was caused by the ‘user agreement confirmation’ button caching/locking. Most of the stress tests focused on the buy process; this part was not covered thoroughly enough. The order of requests received was preserved.”
The first many airdrops for TRX token holders is scheduled for February 11, and at that time 10.89 billion tokens or 1.1% of the total circulation supply will be dropped. Following airdrops are set to take place all the way through to 2025 as per a post on the 20th of January by the BitTorrent Foundation.
Only time will tell just how quickly these BTT tokens will increase in value, what are your thoughts? Leave us a comment below.
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