Digital asset exchange Gate.io has seen more than $10 million being raised across three recent Initial Exchange Offerings (IEOs), WooTrade, CoralSwap, and Juggernaut.
Gate.io’s IEO platform, dubbed Startup, raised $3.5 million in USDT for each respective project in a matter of days.
The WOO, Coral and JGN IEOs were oversubscribed by 1,600%, 700% and 2,350% to demonstrate high levels of demand from clients.
“Our IEO platform, Startup has been performing well consistently since inception; The first five projects that were listed on Startup raised over 80 million USDT.” Said Marie Tatibouet, CMO at Gate.io.
🎉Congratulations!!! @wootraderS was oversubscribed by 1622%
🍻We are thrilled to announce that https://t.co/8kWqgEeplL has listed $WOO
😱It saw an increase of 925% to an ATH of 0.082 $USDT after opening. The current price is 0.06531$USDT
Trade: https://t.co/YvFJORHvax pic.twitter.com/6lbdO6vdrT
— Gate.io Exchange (@gate_io) October 30, 2020
“As usual, we are focused on listing quality projects that have the growth potential to elevate their business models in the space and attract real-world users at the same time.
“We also like to list promising projects that have an appetite for tweaking their business models based on specific market dynamics.”
The apparent rise in popularity of IEO platforms seems to coincide with the increased activity across the DeFi sector, with tokens like YFI, Core and Chainlink all enjoying a period of bullish momentum over the past few months.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.