Singapore-based cryptocurrency exchange Huobi Global launched Huobi Prime Lite, a streamlined version of the Huobi Prime Initial Exchange Offering (IEO) platform. On the occasion of the launch, 33 million ‘Thunder Tokens’ (TT) were sold to over 26,000 people.
Thunder Tokens are the native token of the ThunderCore project, the first crypto project to be supported on Huobi Prime Lite. The announcement of the sale explained that the total trading allocation of Thunder Tokens was equivalent to roughly 500,000 USDT ($500,000), or about one-third of the project’s total token supply.
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— HuobiGlobal (@HuobiGlobal) May 9, 2019
ThunderCore is led by CEO Chris Wang, creator of Playdom, an online social network game developer that became popular on Facebook, Google+ and MySpace, and was eventually acquired by Disney for $760 million. The project claims to be capable of running over 1,200 transactions per second and is compatible with the Ethereum Virtual Machine.
“We’re thrilled to take it with a strong partner like the ThunderCore team,” said Livio Weng, CEO of Huobi Global. “This is another big step forward for Huobi and for our users.”
The IEO Trend Continues to Grow
According to the announcement containing the details of the launch of Huobi Prime Lite, the main difference between the Lite version and the original version of Huobi Prime is simply speed. Additionally, trading allocations for Huobi Prime Lite users are “more flexible,” and the role of Huobi Tokens is slightly different: “to facilitate the development of HT (Huobi Token), all HT exchanged will be burnt.”
“Projects listing through Prime Lite are still required to meet all the thresholds for our Smartchain v2.0 evaluation model, and will be able to leverage resources from Huobi’s worldwide local exchanges, Huobi Pool, Huobi Wallet, Huobi Chat as well as Huobi Eco Partners,” the announcement explained.
The ThunderCore is the latest example of what seems to be a burgeoning IEO trend. Following the ICO era, IEOs may seem like a safer and more regulated kind of token sale. Fetch.AI’s IEO on Binance Launchpad raised $6 million in seconds; Bitfinex is launching an IEO of its own in the hopes of raising $1 billion.