BitTorrent’s new token, BTT, flew off the shelves today proving the token sale space is still alive. However, technical difficulties slightly interrupted the process.

The sale

According to an article published today from The Block, interested investors bought up the entire $7.2 million BitTorrent (BTT) public token sale in under 20 minutes. The launch took place on the Binance Launchpad platform.

Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical. — CZ Binance ??? (@cz_binance) January 28, 2019

BitTorrent built its BTT token on Tron’s blockchain, making the asset a TRON TRC-10 token. BitTorrent is a peer-to-peer file sharing platform and will utilize BTT in its ecosystem, as detailed in a recent Crypto Insider article.

“Though BitTorrent functions quite well as-is, the addition of BitTorrent Token aims to optimize the process,” Crypto Insider explained.

According to BitTorrent’s website,

BitTorrent (BTT) allows content creators to connect with their audience, earn and spend digital currency without a middleman. By connecting the BitTorrent peer-to-peer network to the TRON blockchain, we offer a new experience to over 100M+ users.”

Specifics

According to The Block, based on information from the Binance Launchpad,

[T]he public sale offered ~6 percent of the the total token supply at a rate of 1BTT to .00012 USD, with a $20,000 individual cap and 100,000 BTT minimum. The sale was provisioned across two funding pairs, with 40% of the sale allocated to Binance’s BNB token, and the remaining 60% allocated for Tron’s TRX.”

Flash sale difficulties

BitTorrent’s fire sale did, however, see a few difficulties which slightly slowed the process. Nonetheless, Changpeng Zhao (aka “CZ Binance” on Twitter) recently sent out several tweets to explain that the situation was a result of “user agreement confirmation” clicking difficulties.

Full transparency. The issue experienced today was caused by the "user agreement confirmation" button caching/locking. Most of the stress tests focused on the buy process, this part was not covered thoroughly enough. The order of requests received was preserved. — CZ Binance ??? (@cz_binance) January 28, 2019

Tron founder and BitTorrent CEO Justin Sun also tweeted about the possibility to airdrop customers BTT in response to the recent launch disruption. According to his tweet, CZ seemed to be on board with the idea stating further details are to be announced.

I would like to explore the possibility with @binance to giveaway free $BTT to everyone on launchpad fails to get #BTT today. #BitTorrent community wants you! Not 100% guarantee. Need to figure out detail. BUT RT if you agree! @cz_binance #TRON $BNB $TRX — Justin Sun (@justinsuntron) January 28, 2019

Back to 2017?

BTT demand rivalled with what the public saw many times in 2017 and 2018. Near the tail of the last bull market, CrowdFundInsider reported on SelfKey’s public initial coin offering (ICO) which sold out in 11 minutes, reaching a cap of almost $6 million.

Oddly enough, bitcoin took a slight fall the same day as BitTorrent’s exuberant token sale. Over the last 24 hours, crypto’s largest asset fell from $3,59 to $3,477 at the time of this writing, as presented by CoinMarketCap data. Over the past several days, bitcoin has lacked volatility, and today’s drop has marked an exception.