Anyone remember the DAO?
Well, Bancor almost matched the largest Crowdsale in history today raising over $146m in 3 Hours.
The Bancor protocol enables built-in price discovery and a liquidity mechanism for tokens on smart contract blockchains. These “smart tokens” hold one or more other tokens in reserve and enable any party to instantly purchase or liquidate the smart token in exchange for any of its reserve tokens, directly through the smart token’s contract, at a continuously calculated price, according to a formula which balances buy and sell volumes.
After the first hour pretty much brought down the Ethereum Blockchain, the Bancor team extended the uncapped period of the Crowdsale from 1 hour to 3 hours. This has seen the Bancor team raise almost 400,000 Ether, 150,000 Ether more than the Cap.
Let's see how the ICO flippers get on here... The DAO struggled out of the gate, trading a merger 5% premium, before the infamous hack brought this project down. I will guess we will see similar trading action here, once BNT tokens hit exchanges.
Tim Draper and Blockchain Capital joined participants in this round. Tim Draper will join the Bancor Advisor Board alongside Bernard Lietaer and John Clippinger.
https://blog.bancor.network
https://bancor.network/
https://bancor.network/fundraiser
https://etherscan.io/address/0x5894110995b8c8401bd38262ba0c8ee41d4e4658