Celer Network has become the most successful token launched on Binance Launchpad after the project raised over $4 million in 17 minutes of the token sale process, despite slight issues encountered. The CEO of Binance, Changpeng Zhao revealed that the Launchpad experienced its highest demand ever with the Celer token sale.
What is Celer Network?
The Celer Network is a layer two scaling platform that is designed to allow off-chain transactions to be carried out in a fast, easy and secure manner. The scaling solution would be not only available for payment but also for general off-chain smart contract transactions. The Celer network is determined to explore the full potential of blockchain technology and change the way decentralized applications (dApps) are built.
Celer Raises $4 Million Despite Cache Problems
The Celer token sale was able to raise $4 million despite some difficulties encountered during the process. According to Changpeng Zhao, they experienced caching issues which led to some investors logging in to the platform again instead of just refreshing the page. The confusion affected tens of thousands of investors, with most of them unable to participate in the token sale process.
Celer Network is one of the first few token sales to have been selected by Binance to feature on its Launchpad. The token launch is the third successful one carried out on the platform since the start of the year, with BitTorrent (BTT) and Fetch.AI (FET) token sales featuring earlier this year.
The BTT token launch ended in 15 minutes while that of FET lasted for just 22 seconds. Celer had already raised $30 million in private token sale last year, and the Binance Launchpad listing is the first time it is made available to the public.
Each Celer token (CELR) was sold for 0.000434 BNB, and it would be interesting to keep an eye on the price following its Binance listing, as both BTT and FET have experienced a decrease in value over the past few weeks.
Technical Issues Affected The Token Sale Process
Despite the success recorded by Binance, most investors felt that the platform failed to cope with the massive demand as they complained about the technical issue. Before the token sale, Binance had instructed interested investors to log in to the Celer Network page on Binance Launchpad right when the countdown ends.
However, countless users on social media complained that they were logged out as soon as they accessed the Celer page, and after multiple login attempts, were unable to participate in the process.
Some users complained that even though they were able to place their orders, they did not successfully purchase the coins. Changpeng Zhao revealed that out of the 39,003 people that tried to buy the coins, only 3,129 were successful.
Zhao admitted that the team is learning from each of the token sales taking place on its platform and is hoping to make the process much easier for everyone involved in the near future.
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