Binance, the popular crypto-to-crypto exchange with the world’s highest daily trading volume, is on fire as of late. The exchange has been very efficient with their handling of the BitTorrent (BTT) token sale that sold out 60 billion BTT within 15 minutes due to astronomical demand.
BTT Token Distribution Complete
Prior to the BTT token sale on January 28, 2019, Binance informed investors that, following the sale, the new BTT tokens would be distributed within 15 days. Now, just 48 hours after the event, Binance has already completed the BTT token distribution.
Binance announced their swift completion via the official Binance blog, stating the following:
“Binance has completed the distribution of BTT to all successful Binance Launchpad participants You may confirm receipt of these tokens via the ‘Distribution History’ page in the User Center.”
BTT Now Listed on Binance for Trading
Since the BTT tokens have successfully been distributed to those who participated in the token sale, Binance has listed the BTT token for trading, which will commence tomorrow, January 31, at 10 am (UTC).
Traders have the ability to trade BTT against 3 other cryptocurrencies: Binance Coin (BNB), Bitcoin (BTC), and Tether (USDT). In preparation for trading, investors can already begin depositing their BTT tokens into their trading accounts.
During the token sale, BTT tokens were sold at an exchange rate of 1 BTT = 0.00001824 BNB (using a BNB price of $6.58 USD) and 1 BTT = 0.00447261 TRX (using a TRX price of $0.02683 USD).
Due to the extremely high popularity of the token sale, it’s expected that the BTT tokens will begin trading at a premium and experience high volatility until the market decides on a fair price. Generally, when a new token first comes to market, the price charts are very sporadic as the token undergoes price discovery.
Additional BTT Airdrop for Unfortunate Token Sale Participants
While everything has been running smoothly since the BTT token sale, some may remember that during the sale itself Binance experienced some technical difficulties due to the overwhelming demand of investors trying to get in. This led to a lot of investors being effectively locked out of the token sale. Many took to social media to express their dissatisfaction with the way things had gone, some even accusing Binance of deliberately shutting down.
However, what actually happened was that the Binance Launchpad servers were overwhelmed by the high number of purchase orders. Luckily for the unfortunate token sale participants whose orders didn’t get placed, all of their order requests were preserved.
Therefore, the Tron Foundation, BitTorrent, and Binance have agreed to complete a BTT giveaway for those whose orders were not processed.
As explained by Binance in their official blog post:
“Additionally, BitTorrent (BTT) has completed an airdrop of 5,000 BTT to all users that were eligible but unsuccessful in purchasing BTT on Binance Launchpad. We thank you for your continued support.”
The post also noted that users should ensure they have not selected the “Hide small assets” in their Funds page so that they can see small balances such as the BTT airdrop they received.
In addition to Binance’s announcement, Justin Sun, the CEO of Tron, announced the airdrop via Twitter:
#BitTorrent (#BTT) has completed an airdrop of 5,000 $BTT to all users that were eligible but unsuccessful in purchasing BTT on @binance Launchpad. #TRON #TRX $TRX https://t.co/eT3YJ0Q4RJ
— Justin Sun (@justinsuntron) January 30, 2019
How do you think Binance, the Tron foundation, and BitTorrent handled the overwhelming token sale? Should the unfortunate investors who missed out have received more than 5,000 BTT? Or should they be happy they received anything at all? Let us know what you think in the comment section below.
