Earlier on in the month, Ethereum World News correctly predicted that the Fetch (FET) token sale on the Binance Launchpad will sell out as fast as BitTorrent did on the 28th of January. BTT sold out within 18 seconds of the launchpad going live with the token sale.
Fetch (FET) Sells out In 22 Seconds
The FET token sale kicked off today at 2pm UTC and within 22 seconds, the sale was complete. Changpeng Zhao had initially tweeted that the sale had been completed in 10 seconds but he later revised that number to 22 seconds. The full stats for the event can be found in his tweet below.
In an exclusive to Ethereum World News, Fetch CEO, Humayun Sheikh, explained that the token sale was just the beginning of more to come from the team.
We’re very pleased to have reached our target for the token sale in such a short time achieving a wide distribution of tokens with the intentionally modest individual cap.
Now the sale has finished the entire team is very much focused on releasing more of our technology over the coming months.
Fetch CTO, Toby Simpson, explained how the platform’s unique smart contracts will be pivotal to the project’s ecosystem.
Our Synergetic Smart Contracts are specifically designed to solve and use optimization tasks that may be combinatorial in nature and in many cases involve very large amounts of computation.
Importantly, they enable optimised coordination between distributed parties in situations where coordination can provide an economic gain to all participants. It hasn’t been possible to do this type of decentralised machine learning with Smart Contracts – until now.
2,758 Participants Managed to Buy some FET
From CZ’s tweet, we get that 2,758 participants managed to get their orders filled on the launchpad. The sale event had a hard cap of $6 Million. Doing the math, the average contribution by each individual was $2,175. This in turn means that a majority of the participants went all in and bought the maximum amount allowed by the platform. Binance capped individual contribution at $3,000.
More on Fetch.AI
Based out of Cambridge in the UK and with a team of talented developers from across the globe, Fetch.AI breathes life into machines, data, services, and infrastructure with digital representatives called Autonomous Economic Agents™ that can trade autonomously and unsupervised. The platform delivers a unique, decentralized digital world that adapts in real-time to enable effective, friction-free value exchange. It is powered by the world’s first Smart Ledger and has digital intelligence at its core. Fetch is the missing critical infrastructure for the digital economy of tomorrow.
What are your thoughts on the speed at which the Fetch (FET) token sale sold out on the Binance Launchpad? Is this an indicator that it will also do well once listed on the exchange? Please let us know in the comment section below.
[Image courtesy of Unsplash.com]
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.