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02/27/2024

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Synthetics Protocol Breaks Token Sale Record on Cardano

Last week the Butane public sale established a new precedent for token launches within the Cardano ecosystem.

Synthetics Protocol Breaks Token Sale Record on Cardano

Last week the Butane public sale established a new precedent for token launches within the Cardano ecosystem. Exceeding prior records for fundraising, Butane’s sale underscored the intense interest and confidence in its forward-thinking and innovative synthetic protocol. This article will explore Butane, its groundbreaking token launch, and more, spotlighting the protocol’s achievements and its influence on the Cardano blockchain.

Record-Breaking Public Sale

The Butane Token Sale event launched on February 23rd at 3:00 pm UTC. The sale was pro-rata with specialized smart contracts for the sale audited by Sundae Labs. Users were able to deposit ADA for 24 hours and received tokens and ada back at a ratio decided by the amount of ADA sent over the target.

The sale reached its target of 9,675,000 ADA within just 55 minutes as many within the Cardano community took part in the event. Once the sale had concluded 24 hours later, a staggering ₳49,549,607 had been deposited by participants. This overwhelming interest necessitated an 80.47% refund to participants due to the sale’s pro-rata structure. The event led to over 2800 users minting all 10,750,000 BTN tokens allocated to the token sale, showcasing the community’s robust support and belief in Butane’s vision and potential.

The Butane Token sale set a new record for token sales on Cardano, surpassing the previous record held by Linkeage Finance, who launched a public sale of their upcoming Platforms LiFi token. The LiFi token sale had a target of 7.7 million ADA and raised an impressive 27,907,056 ADA, which Butane nearly surpassed twice in volume.

About Butane

Butane is an advanced next-generation synthetics protocol on the Cardano blockchain, developed using the Aiken Programming language, known for its ease of use and efficiency. The protocol distinguishes itself with a multi-asset collateral system and allows users to settle CDP interest with its native token, BTN. Additionally, Butane introduces Atomic Liquidations for enhanced security and action composability for managing multiple CDPs across various synthetic products simultaneously. Founded by Micah Kendall, the lead developer of the protocol, Butane aims to establish a new standard in the Decentralized Finance on Cardano.

What’s Next for Butane?

We reached out to Butane Protocol’s Community Manager, Dubbleu, for information on when we could expect the protocol to launch on Mainnet. The Butane teams official reply was “soon” and that those who want to follow along with Butane’s latest news and developments should follow them on X and join the Butane discord to stay up to date on announcements.

Conclusion

The Butane public sale marks a significant milestone for the Cardano ecosystem, showcasing the community’s demand for innovative DeFi solutions and the platform’s capability to facilitate major blockchain events. With its advanced technological framework and user-focused features, Butane sets new standards for DeFi protocols on Cardano and potentially across the broader blockchain ecosystem. As Cardano continues to evolve, the success of the Butane sale will undoubtedly be remembered as a critical point in its development, signaling the platform and its community’s readiness to lead in the next wave of decentralized finance.

You can find out more about Butane at the following link: https://docs.butane.dev/introduction/what-is-butane

This article is strictly for informational purposes and does not constitute a promotion or financial advice. Our aim is solely to provide users with the latest news and updates within the Cardano ecosystem.

We hope this helped you get caught up with the most recent crypto news. If you enjoyed the read make sure to follow TapTools on X and join our Discord.

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ORIGINAL SOURCE

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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