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First phase of Casper Labs’ token sale bombarded with investors

The first phase of Casper’s token sale started on March 23 at midnight UTC. However, a whole load of investors (estimated to be above 100,000) came to grab a piece of Casper Labs’ token. As far as the math is concerned, about 100,000 investors are competing for 800 million CSPR tokens with a starting price of $0.015 and a vesting period of 12 months. To avoid hoarding, participants are limited to purchasing between $100 and $1,000 worth of tokens each.

If every investor gets tokens worth $1,000, only 12,000 investors will be able to take part. That’s about 0.1x chances of securing tokens in the sale. About 15% of the tokens are already sold and the queue is growing steadily and the only way everyone will get a share would be if every investor allocated $102 into the sale.

Those prospective investors hoping to grab some tokens at the token sale were at tough luck since the listing of the sale at CoinList, about 100,000 investors have been queued up for the sale with an estimated time of a couple of hours.

Image Source: CoinList

As of now, the first phase is closed at the second and third phase for the token sale will commence on March 25 and 26 respectively.

This token sale has broken the previous record of the Dapper Labs’ FLOW token which had more than 12,000 people signed up for it.

Due to a surge in demand, CoinList reduced purchase limits and raised the number of tokens allocated to each phase of the sale. The first phase allocated grew to 800 million tokens from 400 million.

The sale’s second phase, slated on March 25 with each token at a price of $0.02 with a six month vesting period. Here, the allocated supply grew to 400 million from 300 million and purchase size reduced to $250,000 from $1 million.

The final phase, slated on March 26 will see tokens with a 40-day vesting period and the allocation of those tokens increased from 300 million to 400 million and purchase limits to $5,000 from $30,000.

Casper Labs grew as a Proof-of-Stake scaling platform for Ethereum 2.0 before announcing that it’ll create its own blockchain in April 2020. Last month, the team announced a partnership with China’s blockchain service network to have a smart contract platform available to developers on the BSN.

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