[2 min read] Yesterday Red Pulse token (RPX) launched the tokens on KuCoin exchange being the only exchange trading RPX for the first time. Was it a success?
ICO terms
The ICO of red pulse took place during the beginning of this month. Investors needed to apply for a whitelist to prove they are not from the USA, China or Singapore. Everyone applying for the whitelist had the opportunity to invest 27 NEO (average worth 37$ at the time which was 1000$) maximum during the first hour of the ICO. 405844 out of 405844 NEO accumulated during the first hour and the first block during the second hour (roughly 2 minutes into the second hour) 405844 out of 405844 NEO were invested which was a big success.
2. Block 1445025
However, as some of you know Red Pulse had many complaints because some of the investors didn't get the chance to invest additional NEO during the second hour of the ICO. This was because the blocks on the NEO platform updates roughly a minute after the second hour started ( block 1445024 to 1445025). Resulting in investors sending money to the block during the first hour hitting the cap of 27 NEO and not accepting the additional NEO.
As a compensation Red pulse decided airdropping accumulated GAS from the 405844 NEO to the wallets of block 1445024 determined on the NEO's sent to them for a period of 1 month.
3. Hitting the exchange
Red Pulse decided to launch the token sale on KuCoin exchange which was very noticeable because is a new exchange and allot of investors were skeptical about their decision. Before the listing of Red Pulse token KuCoin had a daily volume of roughly 1 million $ a day putting them bellow the top 50 exchange worldwide. Since Red pulse announced their goals KuCoin has seen a rise from 1 million daily volume to 3 million.
4. KuCoin issues during the launch.
KuCoin were under a flooding attack at 19:00 Oct 28th, 2017 (UTC+8), which occupied most of the system network and made the access extremely difficult. Fortunately, their tech team has successfully fixed this issue and expanded the server capacity.
To show their apology, Kucoin team is going to give every user 5 KCS to all the users who registered before 23:59 Oct 28th, 2017 as compensation. These KCS, which will be purchased from the markets, will be distributed to users’ account in 24 hours.
5. Price hitting the exchange vs ICO price
Yesterday the Red pulse token started trading at 20:00, 28th, October (UTC+8) jumping all the way to 1500 satoshi's which is roughly x4 the ICO price. After 20 hours the price hovers around 1000 Satoshis which is x2.5 the price of the ICO. Which is great.
6. Daily volume at KuCoin
KuCoin is now on top 27 crypto exchanges worldwide (Source https://coinmarketcap.com/exchanges/volume/24-hour/) which is amazing for such a young exchange.
Conclusion: nothing runs smoothly the first time and i'm happy both project (RPX and KuCoin) encountered problems. This gave us the opportunity to observe how they solve problems. I am happy both teams communicated their problems and solved them pretty quickly while compensating users.
Thanks for reading!
If you liked my post, please upvote, resteem and most importantly - follow for more blogs, updates and tutorials!
