By Shelly Melancon (Switzerland)
Polkastarter, a decentralized finance exchange, has witnessed massive successes in what appears to be its biggest token offering so far, a non-fungible token (NFT) for Binance Smart Chain (BSC).
This Polkadot-driven exchange commenced the IDO (initial DEX offering) on 27th April. A particular tweet indicated that the offering sold out in less than five minutes after its launch. The sale of the token was for an NFT platform known as Refineable. Refineable is a go-to platform to leverage, trade, discover, and create NFT-related content on the Binance blockchain.
Polkastarter flaunted some exciting statistics for its IDO plus eight thousand users that are attempting to gain access to its website simultaneously. Two liquidity pools were in a quest for security in BNB (Binance Coin) and POLs, the token offered by the exchange.
Within those five minutes after the launch of its offerings, Pollkastarter received huge requests to the tune of five hundred thousand, and the numbers of unique applicants were more than one thousand. But then, a ton of reports were received from those that didn’t enjoy the opportunity as the website was not accessible to them because of the enormity of the demand possible, the traffic.
First Non-Fungible Token Platform on BSC
This token offering was for the FINE token offered by Refineable with a starting price of about $0.033. After the launch of the IDO, the PancakeSwap exchange listed the FINE token on its official website.
Also read:Users of the FINE token can stake their tokens within BSC decentralized finance applications and also within the network. An example of such a DeFi app is the PancakeSwap used to create a passive earning for a user that holds the FINE tokens. The huge publicity for this one hinges on the fact that Refineable is the pioneer non-fungible token marketplace on BSC.
Also, PancakeSwap warned its users about the uncomfortable congestion experience that may occur on the Binance Smart Chain network because it has happened before even though there are loud claims about its superiority to rivals in the industry. On its site, the provider says;
“Please be patient and cautious when trading due to the congestion on the BSC network.”
Refineable got a whopping sum of $3 million from the x21, Double Peak, Coin United, AU21 Capital, and Genesis Block Ventures to help it fund its development and growth in confidential round investments. It previously had additional investments from Binance. Mr, Beast, a famous YouTube content creator, and Binance listed extra stock tokens just the previous day.
Just as it is characteristic of most crypto tokens that are over-hyped, the FINE token seems to have undergone a P&D phase. The value of tokens increased and reached an upper limit of about $9 after the conclusion of the IDO. But then, the reverted to $3 as at the time of this report.
FINE Token P&D (Pump and Dump)
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!
Angel investors and individuals that were fortunate enough to farm some tangible amounts of the token at its offering price will certainly be glad by all indications!
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