The Bancor Protocol Foundation smashed all previous cryptocurrency token participation events with a record 396,720 ETH in their fundraiser worth some $153,003,311.63, in less than three hours yesterday. The only previous event even close was The DAO whose Ether value as of 21 May 2016 was more about US$150 million which collapsed due to a massive hack and caused a fissure in the Ethereum community as Ethereum was forked in order to stem the loss.
Writing at their Medium blog, the Bancor team said they were humbled by the astounding support from their new 10,000-plus strong supporters in the historic token generation event.
“To provide everyone the opportunity to invest in Bancor at an early stage, our team developed novel protocols to guarantee access to smaller contributors. Initially, we established a single hour where all transactions sent would be accepted.”
“We deeply regret that not everyone could participate in the Bancor TGE today. In our efforts to ensure full community participation, even after overwhelming demand and traffic, exacerbated by massive malicious attacks to our network, the Bancor team opted to extend the restriction-free hour in an effort to ensure that pending transactions were completed. When the “hidden cap” was revealed, the flood of transactions that arrived was even more overwhelming. Consequently, after an unprecedented amount of capital had been raised, the Core team conscientiously closed the fundraiser.”
“To the thousands of contributors to the Bancor protocol: thank you. To those unable to participate, your support is greatly appreciated. You too have our thanks, and our promise to do everything we can to bring you into the growing Bancor Network, which is a people’s project well beyond this initial generation event.”
The Breakdown
To understand more about Bancor read their excellent FAQs here.
Or read Jake Vartanian’s excellent article breaking down the product in a most unique way called Bancor: the Fluidity Protocol, here.
And watch their video below.
