- BTT sold out in a record time of fewer than 15 minutes
- The token sale occurred concurrently via BNB and TRX
- Users told to expect upcoming airdrops
The BitTorrent token (BTT) sale has been concluded in record time. It took less than 50 minutes to sell out over 50 billion tokens and rake in over $7.1 billion.
Binance Cryptocurrency Exchange, the launching pad for the BitTorrent token announced the successful completion of the sale via an official January 28, 2019 blog post. The company said the token ran in two concurrent sessions, one for those using the Binance Coin (BNB) and another for those using TRON (TRX) and both concluded in record time.
BitTorrent (BTT) is a peer-to-peer file sharing protocol that allows customers to distribute records data that’s comparable to movies or music online. The protocol that relies on a TRON TRC-10 token can also be used as a platform for transacting “in computing resources shared between BitTorrent clients and any other taking part service requesters and service providers.” Justin Sun, the founder and CEO of TRON communicated through his Twitter handle and said:
“It is official: In the BNB session, all 23.76 billion BTT were sold to token sale participants within 13 minutes and 25 seconds. Meanwhile, in the TRON session, all 35.64 billion BTT were sold within 14 minutes and 41 seconds.”
Sale Could Have Been Faster
On his side, the CEO and founder of Binance Exchange Changpeng Zhao (CZ) hailed the quick sale adding that it would have ended sooner had they not experienced some technical problems on the Launchpad website. Zhao also took to twitter to announce the conclusion of the sale saying:
“Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical.”
According to Binance, there were 430 participants in the BNB session while the TRX session hosted 622 participants. CZ reiterated that some people could have missed out and an attempt to show transparency said:
“Full transparency; the issue experienced today was caused by the ‘user agreement confirmation’ button caching/locking. Most of the stress tests focused on the buying process, this part was not covered thoroughly enough. The order of requests received was preserved.”
Promised Up-Coming Airdrops
CZ promised that there will be several airdrops and the first one targeting TRX token holders is scheduled to take place on February 11, 2019, during which 10.89 billion tokens representing 1.1 percent of the entire supply in circulation will be airdropped.
There will also be other subsequent airdrops that should occur through to 2025, as per a January 20, blog post by BitTorrent Foundation.
