I have been writing here on Hive quite regularly about my experience using Binance launchpad to buy new tokens as they have been launched on Binance. Normally, I have experienced seeing that tokens are sold at prices between 5x-20x the initial price, and that is why I wanted to finally test what the same concept is like on Kucoin.
Don't know what this is all about? Some projects decide to sell their tokens through a famous exchange in order to reach the big masses at once. As a result, they allow exchanges such as Binance and Kucoin to arrange with the token sale, and then the token is also automatically listed on the same exchange when the sale is finished. An example of a project that had their token sale on Binance was Axie Infinity, and the price then was $0.1, while it is currently trading at around $80 (it was trading at $130 a month ago).
So, Binance has proved itself as a great platform for quick gains through the Launchpad platform, but it has also shown itself as a great place for quality products to launch their tokens and later grow even more in value.
But, what about Kucoin?
I have heard about Kucoin and its spotlight concept earlier, but I have never really tested it. But, I decided now is the time so I had to get 100 KCS tokens first (which is the requirement to be a part of the token sales through the Spotlight platform on Kucoin). When I had my 100 KCS, I could register for the token sale, and as the registration was finished, Kucoin did the math and calculated how many tokens I were entitled to. They then withdrew the amount I had to pay for the tokens from my KCS holdings in my wallet and gave me ClearDAO (CLH) tokens in return.
The more KCS tokens you hold, the larger part of the tokens you will be entitled to, so 100 KCS is the floor level, but if you hold more, you will be allowed to buy more tokens.
The price of 1 CLH token was $0.01. Instead of handing out all tokens at once, Kucoin is handing out the tokens in 10 batches consisting of 10% each (happening every 14th day). As a result, it will take almost 120 days for the full amount of tokens to be delivered, but this also helps the token and the market, knowing that the big whales cannot dump all their tokens at once.
But, the good news is that already after the first batch (as I sold all my tokens at once), I have already received more in return than I actually paid for all the tokens (that I will receive in the coming months). I paid $0.01 per token and I sold my tokens at a price of $0.4, which means I had 40x profit on the first 10%, which means I am in a big plus already.
That is kind of cool, isn't it?
Now I just want to buy more KCS tokens so that I can be a part of future token sales as well on the platform, because this has been really cool so far. I have also added Kucoin to my Twitter list in order to make sure that I never miss out on news about any of their future token sales.
Have you ever been a part of an IEO?
Have you ever been a part of an Initial Exchange Offering, like the ClearDAO I just was a part of on Kucoin? What was your experience? I would love to hear from you!