On April 27, Polkastarter announced its biggest initial DEX offering ever with Refineableapp. It was the first BSC launch with Polkastarter. According to reports from the official Polkastarter Twitter handle, within the first 5 minutes of launching, all tokens had been sold out.
The sale of the token was for Refineable. Refineable is an NFT platform where creators and collectors make use of. NFT contents on Refineable can be created, collected, and sold while operating on the foundation of the Binance Smart Chain network.
The launch of the IDO attracted a lot of attention in the crypto space, especially from BSC fans. As such, the platform got more traffic than expected and was barely able to manage the situation. At the time of the launch, about 8000 users tried to access the site at the same time. This made the site unresponsive at the time.
There were two liquidity pools on the launching of the platform and both of them completely sold out within 5 minutes. Within the 5 minutes, five hundred thousand requests were made on the platform and the platform recorded over one thousand unique participants.
The First NFT Platform on BSC
Refinable’s token, also known as FINE was the token that was offered for sale on the platform. It had an initial offering price of $0.033. This price massively rose as expected due to its unusual high demand upon its release. The token’s price went as high as $9 before eventually dropping to around $3 with the first hour of launching. The hype and buy pressure for the token surely led to the upsurge in the price of the token.
Currently, there is an option for users to stake their FINE token and earn passive rewards for doing so. This can be done on Pancakeswap.
Many users however have expressed their disappointment in the network congestion issue they experienced while trying to purchase the token and participate in the liquidity pools. Polkastarter is aware of this and will work hard to avoid such a disappointing situation in case of future listings.