DeFi exchange Polkastarter has seen huge successes with what it claims was its largest token offering to date, an NFT platform for the Binance Smart Chain.
The Polkadot-powered decentralized exchange launched the initial DEX offering (IDO) on April 27. In less than five minutes, it had sold out according to this tweet. The token sale was for a non-fungible token platform called Refineable. It’s a hub to create, discover, trade, and leverage NFT content on the Binance blockchain.
Polkastarter touted some impressive stats for the IDO including 8,000 users trying to access its website at the same time. There were two liquidity pools seeking collateral in Binance Coin (BNB) and the exchange’s own POLS token. Both sold out in less than five minutes, it added.
Half a million requests were made in those five minutes and there were over a thousand unique participants. However, there were lots of reports from those that missed out complaining about the website being inaccessible at the time due to the demand.
First NFT platform on Binance Smart Chain
The token offering was for Refinable’s FINE token with an initial price of $0.033. After the IDO was launched, the FINE token was listed on the PancakeSwap exchange according to the official blog post.
Users are able to stake their FINE tokens within the network and on BSC DeFi applications, such as PancakeSwap, to generate a passive yield for the token holder. The hype for this one has been so big because Refineable is the first NFT marketplace on Binance Smart Chain.
The platform cautioned over congestion on the BSC network, which is not the first time it has happened despite those lofty claims that it’s superior to its rivals.
“Please be patient and cautious when trading due to the congestion on the BSC network.”
Refinable has secured $3 million to fund its growth and development in private round investments from Genesis Block Ventures, AU21 Capital, Coin United, Double Peak, x21. It has had further investments from Binance, which listed more stock tokens yesterday, and prominent YouTube content creator Mr. Beast.
FINE token pump and dump
As with most over-hyped crypto tokens, FINE appears to have pumped and dumped. Token prices surged to top out just over $9 just after the IDO was concluded according to CoinGecko. However, they have retreated back to $3 at the time of press.
Early investors and those that were lucky enough to manage to farm a few of them at the offering price will likely still be happy though!
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.