Prometeus Tokenman IEO demystified
The Prometeus Network Tokenman IEO had their first public sale conducted as an initial Exchange Offering (IEO) on the Korean exchange platform Tokenman. This platform is launched by Bitman, the largest Korean crypto community, with over 400,000 users. Bitman is a major powerhouse in Korea and the Asian Cryptospace.
The amazing results on Tokenman shows that Koreans indicated enormous interest in the project leading to IEO sell-out in 2 seconds to registered Koreans. Prometeus IEO on Tokenman was oversubscribed by a massive 700%!
After this successful launch into the public, the team intends to clarify the details surrounding the Tokenman IEO and the possible effects as a result of this success.
Background information on IEO?
Let’s give you an insight into the numbers for the public sale (IEO) that occurred on Tokenman.
See the IEO token information at a glance:
A total of 850,000 Prom tokens were allocated for the IEO at an initial price of 1200 KRW (Korean Won) per token, which is the equivalent to 1 USD at the time of purchase on Tokenman. It is important to note that the value of Prom tokens as at the time private sale was conducted was also 1 USD.
Just two (2) seconds of launch, all tokens were sold, and from that moment on, the tokens were tradable within the Tokenman platform. The tradable tokens at this moment cannot be distributed or withdrawn by the Korean investors. Tokenman reserves the right to distribute the tokens only upon official listing by Prometeus team. Further details on time of listing will be provided by the team at the appropriate time.
The Prom tokens with Tokenman have locked status and cannot be distributed at this time. While the tokens are currently being traded on Tokenman by Koreans, they can only be unlocked by team and will be available for distribution at the time of listing of Prom tokens.
However, 40% of Private sale tokens (1.6 million) in addition to total tokens sold out during IEO (850,000)(4.25% of total supply) will be unlocked and available for trading at official listing. Hence the remainder of the private sale tokens will be released after 6 months from the time of official listing.
The Tokenman IEO was accessible to Koreans only, payable in KRW as the standard currency of exchange. No other payment option was accepted or permitted in the IEO.
Where do the sold tokens come from?
Prometeus IEO tokens are part of the tokens originally allocated for the public sale in the token metrics which translates to 850,000 tokens with an initial value of 850,000 USD. At this point a total of 4,850,000 tokens have been fully subscribed for and sold to private and public investors amounting to a total value of 4,850,000 USD.
Please see below the overview of the initial circulating supply of Prometeus tokens:
As you can see in the tabular representation above, a total of 2,450,000 tokens will be available as initial circulating supply at the time of official listing. This will reflect the total tokens available for trading at the time.
It is very important to realize that the tokens on Tokenman will not increase the initial supply of Prometeus tokens as they were initially allotted during the pre-planned phase.
All of the IEO tokens are currently with Tokenman and will only be distributed at the same timing with the unlocked 40% tokens for Private Sale investors at the time of official listing in June 2019.
Why was the IEO conducted?
Prometeus as a project is gaining a lot of global attention at the moment and intends to build on that momentum. The IEO serves as an avenue that creates the necessary awareness and adoption within the Korean communities. This exercise will help the product launch gain a lot of attention and popularity in Asian communities, especially in Korea where the momentum is seemingly high as seen in the degree of oversubscription.
Conclusion
Research as shown with enormous emphasis on the crypto space that Koreans have the most active crypto activity in the world and possibly the largest crypto market in the world, awareness and demand from Korea might be a very important driver for Prometeus tokens once they are officially listed and tradable on exchanges.
More information and news will be available leading up to Prometeus first listing, I would advise the community and the general public to keep a keen eye on project improvement, development, partnerships, meetups and other very interesting details in the pipeline.
Finally, we will like to show you a peak of the total token metrics below:
A more comprehensive write-up will follow on this soon.
Go with us on the back of this amazing ride to the top!
