Global cryptocurrency exchange leader and behemoth Huobi Prime, in its second Initial Exchange Offering (IEO), launched pioneering platform Project Newton selling out the first two rounds in six seconds. Some 17,863 users bought 2 billion NEW tokens (worth some USD$4,630,920) during the launch. The first two rounds of price limited trading were on a first-come, first served basis. But in a special third round, all 16,130 users got at least some of the tokens they desired.
“We’re deeply honoured that so many users see the same value in Prime and coins like NEW as we do,” said Ross Zhang, Head of Marketing for Huobi Group. “We’re also really thrilled to see how many users were able to gain access to the NEW they desired in our special community round.”
In addition to the launch of NEW, today’s launch brought with it a number of key changes for Huobi Prime. Driven by frustrations some users felt during our inaugural launch of TOP due to overwhelming demand and limited supply, for example, Huobi reserved a full 50% of its supply of NEW tokens for the special community round.
Custom-designed to spread a greater number of tokens across a greater number of users via adjusted system matching, the community round helped ensure that all qualified participants got at least some of the tokens they desired. In addition, this time around Huobi also put in place a requirement that users have an average daily holding of at least 500 Huobi Token (HT) for the 30 days leading up to NEW’s launch (though shorter amounts were possible if users held larger amounts of HT) and shortened each trading round to ten minutes each.
“We’ll be carefully evaluating the impact of the community round and our other changes over the coming days,” Zhang said. “We plan to make Huobi Prime a source of ongoing innovation and improvement and, as we’ve said throughout this process, our goal remains to make it the premier place to access premium coins for the broader crypto community.”
NEW has now been fully listed – and is freely tradable – on Huobi Global in the form of NEW/HT. NEW/BTC, NEW/USDT will be added soon.
Highlights Of NEW Launch:
- Total numbers of people who bought NEW: 17,863
- Percentage Price Increase For NEW (From First Round To 21:00 (GMT + 8): +500%
- Ceiling Price For NEW In Each Round:- First Round: 1 NEW= 0.000725 HT – Second Round: 1 NEW= 0.000870 HT – Third Round: 1 NEW= 0.001043 HT
- NEW Sold (Overall Total): all 2,000,000,000 NEW allocated for Prime trading (2.0 % of Total Token Supply)
- NEW Sold (By Round): 1st Round: 400,000,000 NEW 2nd Round: 600,000,000 NEW 3rd Round: 1,000,000,000 NEW