Ampleforth, the first token to be offered on Ethfinex and Bitfinex’s IEO platform Tokinex, reached $5 million in 11 seconds during its initial exchange offering, according to a news release. Jean Louis van Der Velde, CEO of Bitfinex and Ethfinex called the demand for the sale “incredibly high.”
The token will be distributed to holders within a few days. Following the distribution, Bitfinex and Ethfinex will share a listing time to trade Amples on their exchanges. Ampleforth CEO Evan Kuo said in a statement that he was encouraged by the raise.
“The success of this raise is a strong indicator of the market needing more diversified assets other than what currently exists,” he said.
Indeed, Amples follows a different model compared to other IEOs. The company refers to the token as a synthetic commodity. As the price of Amples fluctuates, the number of Amples a trader holds is adjusted to meet the price target, stabilizing the asset. Ten percent of Ample supply was dedicated to the Tokinex sale.