Introduction to Bitfinex Token Sales
Bitfinex Token Sales (BTS) is a platform for the issuance, development and launch of high quality digital assets. Through BTS, Bitfinex provides users with an opportunity to contribute towards high quality crypto projects. Whereas for token issuers, BTS enables capital formation, token launch and token development through leveraging the full range of Bitfinex’s resources and expertise.
Considering that ICOs lost their appeal years ago and most projects still needed to raise funds, Initial Exchange Offering has come to replace the unreliable model.
Abbreviated to IEO is a variant of coin offerings operated directly by cryptocurrency exchanges. The advantages are apparent: blockchain projects go through a comprehensive vetting process during which exchange representatives thoroughly check their technical documents, and their crowdfunding drive gets the advertising.
As many investors wanted to use Bitfinex as an IEO platform because of its more significant level of due diligence, we decided to launch a new site to help dozens of blockchain projects raise capital since their launch.
Bitfinex Token Sales History
In May 2019, a new product was born through a collaborative effort — Bitfinex Initial Exchange Offering (IEO) platform Tokinex.
Tokinex allowed qualified users to discover and participate in carefully curated, pre-vetted token sales from new and bright projects in the crypto space. During its existence, the platform has undergone significant testing to ensure ease and reliability of user experience and had many benefits for both customers and token projects.
The first token sale on Tokinex with an innovative digital asset protocol for ‘smart commodity-money’ — Ampleforth (AMPL) was held on the 23rd of May and showed significant results. The same success waited for Ultra (UOS).
During the IEO boom of 2019, Tokinex was one of the leading token sale platforms which provided successful projects with a dual exchange listing, exposing the token to one of the largest pools of liquidity in crypto.
The introduction of BTS marked the second generation of token sales. It fully replaced Tokinex and appeared to be a comprehensive digital asset offering and launch solution for high-quality crypto projects. We intended that all future Bitfinex Token Sales will include utility for holders of a certain amount of UNUS SED LEO.
One of the platform's best achievements was the launch of Bitfinex Token Sales, Catalyst Sale, a new type of token sale that allowed projects to grow and re-engage their communities. And last but not least was the innovation with the Autonomous Token Sale, a white-labelled token sale format successfully used by various projects.
Why Bitfinex Token Sales was different
While creating a new product, the goals play a vital role and determine future indicators. The difference between Bitfinex Token Sales and other IEO platforms lay mainly in the distinct purposes.
Bitfinex Token Sales was a platform aimed to create the best conditions for the long term, sustainable development of the tokens offered in the sale. Such an ecosystem provided a strong value proposition for both projects and contributors.
Exchanges have large user bases, technical experience, access to liquidity and high-profile brands. All of these factors leave them well placed to manage token sales. However, Bitfinex Token Sales was not just a marketing activity.
We understood that different projects had differing requirements. Bitfinex Token Sales managed to accommodate these differing needs by offering the opportunity to participate in a wide variety of token sales.
What we achieved
Since the platform establishment we have managed to conduct three absolutely great campaigns. Every token sale ran by Bitfinex Token Sales successfully sold out, which included high-flyer Catalyst Sales for Fetch.ai (FET), Elrond (EGLD) and E-Radix (eXRD).
When the sale opened on 27th August 2020, 1,900,000 * FET tokens were sold at the spot price, with successful contributors receiving an additional FET bonus of 50%. The initial tokens were distributed within a few hours of the sale completion and a quarter of each contributor’s bonus tokens unlocked after 10, 20, 30 and 40 days.
During the Fetch.ai Catalyst Sale, the project raised 1,900,000,00 FET — 212,800.00 USD.
During the contribution window (10:00am - 10:15am UTC 23rd September 2020) 16,000 EGLD tokens were sold at 8.39 USDt, with successful contributors receiving an additional EGLD bonus of 25%. The initial tokens were distributed within a few hours of the sale completion and a quarter of each contributor’s bonus tokens unlocked after 5, 10, 15 and 20 days.
Expecting to raise 16,000,00 EGLD — 134,240.00 USD, the project managed to raise 91,713,22 EGLD — 769,473,95 USD, having 573%.
When the sale opened on the 27th April 11:00 UTC, the Token Price was calculated based on spot prices around Token Sale Start Time. The initial tokens were distributed within a week of the sale completion. Bonus Tokens are being distributed at a rate of one quarter after each of 10, 20, 30 and 40 days following completion of the token sale.
Expecting to raise 2,000,000.00 EXRD — 284,000.00 USD, the project managed to raise 9,166,493.63 EXRD — 1,301,642.10 USD, having 458%.
Bitfinex is one of the oldest and largest digital asset exchanges in the world. We have always prided ourselves on pioneering innovation and we are not going to stop. Currently, our team is working hard to develop the next evolution of Bitfinex Token Sales which will be both disruptive and groundbreaking for the industry.
Our products have always been in demand and widely known among the crypto communities; stay tuned to see a new stage of revolution made by Bitfinex. It’s about to get even better!