Wednesday, October 27, 2021
Home News Bancor Token Allocation Event Smashes Record - Raises over $150 Million

Bancor Token Allocation Event Smashes Record – Raises over $150 Million

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.

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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