Huobi Prime Lite Launches its First Initial Exchange Offering (IEO), the ThunderCore token
The obsession with Initial Exchange Offerings (IEOs) is getting more and more attention as more exchanges take up the practice. The latest platform on board is Huobi Global’s, Huobi Prime Lite, who completed the first offering of the ThunderCore Token (TT). The IEO carried out in the past 24 hours completed the sale of 33 million Thunder Core Tokens to over 26,400 investors on the platform.
33 million ThunderCore Thunder Tokens sold out to 26,472 users in one round of trading!
Thanks to all who made our inaugural launch of Prime Lite a big success!#PrimeLite $HT $TT @ThunderProtocol pic.twitter.com/ocKgAJzjid
— HuobiGlobal 🌏 (@HuobiGlobal) May 9, 2019
ThunderCore token team raised a round of financing from private placements with a number of blockchain investors across the ecosystem. The development team has further raised more funds through the TT token sales by completing the first round IEO on Huobi exchange.
ThunderCore token (T) is built on the ThunderCore main net blockchain and acts as the native currency in the ThunderCore ecosystem. The tokens are pre minted with 10 billion tokens available in circulation which translates the recent round of financing at only 0.33% of the total supply.
The token distribution economics will be as follows for the TT token;
- 26% – To early investors and adopters
- 15% – Incentivizing the community and bug bounties
- 15% – Incentivizing committee members and operators
- 10% – Incentivizing developers, partners, creators
- 19% – Retained by ThunderCore for company operations
- 15% – Incentivizing employees and advisors
Raising your token through an exchange offering offers better due diligence on the token while providing a ready investor market for these coins. This will ensure that the coins on exchanges are vetted and provide the quality to their investors.
While Huobi continues its quest to add more tokens to its IO program in the coming days, it will face stiff competition from Binance and Bitfinex, who have also taken a deep interest in IEOs. Binance has announced a couple of token offerings on the platform while Bitfinex has come out strongly leading a $1 billion USD offering to cover the losses reported recently across media outlets.