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Crypto exchange Huobi has begun its new streamlined Initial Exchange Offering (IEO) service called Huobi Prime Lite. Its first offering for Thunder Tokens sold all 33 million tokens on offer to more than 26,000 people today.
The Thunder Token offering allocated just 0.33 percent of the project’s total supply of coins. The rest of the total supply of tokens is distributed to the ThunderCore company (which created the token), its employees and for various promotional activities.
ThunderCore is run by CEO Chris Wang who created Playdom, which was acquired by Disney for $760 million. It claims to offer a high transaction throughput of 1,200 transactions per second and is compatible with the Ethereum Virtual Machine.
The Lite offering is an accelerated launch platform that follows in the footsteps of Huobi Prime—its main exchange offering platform. The purpose of the offering is to maximize the number of “vetted, quality coins” Huobi can shell out to interested investors. And Huobi looks set to expand these platforms even further—with a new Prime offering set to be announced on May 12 at New York Blockchain Week.
More and more exchanges are running IEOs in what appears to be a resurgence of the ICO mania. So far, it has been working, with Binance’s IEOs selling like hotcakes. Even Bitfinex has jumped into the mix, seeking to raise $1 billion in an IEO of its own token—coming shortly after it was discovered to have a $850 million black hole in its bank account.
So, is this a sign of good things to come—or is it just a dead cat bounce?