The new plaform for Initial Coin Offerings (ICOs), Huobi Prime, has recently launched with a project known as TOP Network (TOP). Aimed at competing against Binance Launchpad, the Huobi Prime will be allowing users to purchase ICO tokens directly from their platform. Although the service aimed at solving some of the issues presented by the Binance Launchpad, several users complained about it.
TOP Network Sold Out in Just 7 Seconds
According to a blog post released by Huobi, 3,764 users participated in the inaugural launch. They were able to purchase 1.5 billion TOP Tokens using the Huobi Token (HT). The supply of TOP Tokens offered was sold out in just 19 seconds. In order to allow users to participate in the token sale, Huobi decided to sell the coins in three different batches, the first one ended in 7 seconds, the second round in 5 seconds and the third one in just 7 seconds.
The clock is ticking…. and Huobi Prime fans are waiting!
Remember, Huobi Prime is only available via the desktop version, and not the mobile app currently.
Good luck everyone! #HuobiPrime #HuobiToken $HT $TOP #DPO @topnetwork_top pic.twitter.com/R91Dn5EJRy
— HuobiGlobal (@HuobiGlobal) March 26, 2019
This shows that there was a clear interest in the platform and the tokens offered by Huobi. Nonetheless, it seems that users are very disappointed with the fact that the buying sessions ended in so short time. One of the main complains received by Binance Launchpad was that users had between 10 and 15 minutes to purchase coins. However, Huobi Prime showed that it can be even less.
Ross Zhang, Head of Marketing for Huobi Group, commented:
“While we knew Huobi Prime’s inaugural launch of TOP would be popular, even we were amazed by the overwhelming response. We were thrilled to hold our opening launch with our great partners at TOP Network and we are humbled and honoured by how many people wanted to take part.”
After the token sale, TOP has now been listed against the Huobi Token, Bitcoin (BTC) and also Tether (USDT). Only 3% of the 130,000 participants were able to purchase TOP as a result of the demand they had. In the future, the firm is expected to improve its services. According to Zhang, their goal is to make Huobi Prime the premier place to access premium coins for the broader crypto community, not just a few.
During the token sale, they were able to sell 1,500,000,000 TOP tokes, 7.5% of the total supply. The price per token in the first round was 0.000708 HT, in the second round 0.000852 HT and in the third round 0.001020 HT.
Huobi Global is currently the 10th largest cryptocurrency exchange in terms of trading volume with $776 million handled in the last 24 hours.