Occam Finance completed a highly successful decentralized initial offering (DIO) on its proprietary OccamRazer platform, selling 200,000 OCC tokens in less than 20 seconds. And while the over-subscription offer left most of the 150,000 potential buyers empty-handed, it’s a testament to the platform’s effectiveness.
First IDO on Cardano a big success
OccamRazer, a decentralized funding platform and liquidity solution specifically designed to meet the needs of the Cardano network, announced on 14. April completed its own IDO – an extremely important milestone not only for Cardano, but for the entire DeFi ecosystem. Occam Finance was one of the first major decentralized applications launched for Cardano, and aimed to transform Cardano into a fundraising network.
The goal is not to mimic the services of platforms like Pancakes, but to create its own ecosystem on Cardano that provides projects with an easy way to raise funds.
The OCC token, Occam Finance’s own crypto-currency, was the first token issued on the OccamRazor launch platform and the first token issued on Cardano as the first decentralized exchange offering (DIO).
According to the company’s press release, IDO OCC saw 200,000 tokens sold in less than 20 seconds. The blitz was heavily oversubscribed and took the team by surprise, as they had not counted on such a commitment.
In a simultaneous launch, we both proved the capabilities of our OccamRazer IDO hosting platform and created a fair and transparent way to offer the OCC token to our community. I am amazed at the response from our strategic partners and the community, said Mark Berger, President of Occam.
Newly defined IDO CCOs demonstrate the power of distributed launch platforms
Occam also fixed the problems its users were having with the OID. With nearly 150,000 visitors simultaneously going to the OccamRazer site and trying to participate in the OID, only a handful of users were actually able to purchase the token. This has provoked some criticism from the community, who have argued that this approach favors whales and excludes smaller players in the ecosystem.
In a blog post, Occam explained that it decided to launch OCC IDO under its decentralization principles, meaning the platform cannot control who buys the tokens. The only restriction the team imposed was a 1 ETH limit on token purchases.
The team said they decided to release only a small number of tokens on the OccamRazer platform to prove that the platform works.
We wanted to demonstrate the functionality of our platform in a new way and show our users that we don’t go to market with the promise of a product – the OccamRazer platform can actually be used for OID, the team explained.
And while the fact that the OCC token was the first token on Cardano certainly contributed to its popularity, it also demonstrates the power of decentralization. With Occam Financial Group announcing more IDOs in the near future, as well as several other reward plans for the Cardano community, it’s safe to say that the DeFi ecosystem at Cardano will see a huge growth spurt in the coming months.
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