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Binance Launchpad, the token sale platform of the world’s largest cryptocurrency exchange, has completed yet another successful token sale – that of Celer Network.
In an official release, the cryptocurrency exchange has announced the final results of the fundraising event for Celer Network. According to it, the entire sale was completed in a little over 17 minutes, raising the project’s hard cap of $4 million worth of CELR tokens. However, this is due to the new queue feature in the Launchpad.
This marks the third successful token sale on the Binance Launchpad platform since the beginning of the year, and yet another one which managed to raise millions in a matter of minutes. The first one was that of Justin Sun-owned BitTorrent, which sold out in less than 15 minutes, while the second one was of Fetch.AI, which sold out even quicker.
CELR tokens were sold at a price of 0.000434 BNB and it will be interesting to keep an eye on CELR’s price following its listing on Binance. In any case, the event highlights the power that Binance’s authority has and how its backing manages to restore users’ trust in fundraising events of the kind.
However, the community is far from being happy.
Community Uproars
Despite the success of the project and potentially for all CELR investors, the broad majority of the community on Twitter flooded Binance’s official pages with disappointed and, quite frankly, angry comments.
Once again, Binance failed to cope with the large demand, as users report technical issues right at the token sale’s start.
Prior to the event, Binance instructed users to refresh the dedicated token sale page of Celer Network on Binance Launchpad right as the timer hits zero.
still had capacity/caching issues with this “upgraded” version. Will keep working on it for a better experience in the future.
STATS: 39003 people tried to buy, 3129 people got some. 35000 people will be somewhat unhappy. pic.twitter.com/opJnNOeuhA
— CZ Binance (@cz_binance) March 19, 2019
Countless users on Twitter and other social media, however, complained that they got logged out of their accounts as soon as they did this, losing precious seconds on the clock. Many were also unable to log in on the first attempt, having to try several times.
Others complained that their balances incorrectly showed insufficient funds just as they were to place their buy orders.
People also noted that even though they managed to get in their orders placed in the first few seconds of the sale, their orders were still completely ignored.
Changpeng Zhao, CEO at Binance, has since come up with somewhat of an explanation, outlining that the platform experienced “capacity/caching issues” even with the upgraded version. He also noted that a grand total of 39003 people had tried to purchase CELR tokens, while only 3129 managed to get some.
While Binance Launchpad has so far proven its merit for launching fundraising events successfully, it’s definitely clear that there’s still a lot of work to be done in order to handle the massive demand of buyers.
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