The start of the Cardano launch pad OccamRazer was accompanied by severe turbulence. The new OCC token was sold out within 30 seconds – now Occam is blowing a shit storm.
Cardano is known to look to the throne of the leading smart contract platform Ethereum. With the upcoming release of the Alonzo smart contract test network, Cardano will take an important step in this direction. But that is far from being the end of it. Cardano must also compete for the favor of smart contract developers and provide ways in which new projects for Cardano can be financed on a decentralized basis. This is exactly what the Occam.fi project wants to make possible, which yesterday, April 14th, sold its token OCC to the public for the first time.
Occam (OCC) sold out in record time
Occam launched its OCC token around 18:30 CET. The IDO (Initial Distributed Offering) also marked the start of the crowdfunding platform OccamRazer, which is committed to financing Cardano-based projects. Occam has a specially developed “liquidity bridge” that makes it possible to move capital from Ethereum to Cardano.
The asset OCC plays a central role: OCC exists both as an ERC-20 token on the Ethereum blockchain and as a native token in the Cardano ecosystem. The 200,000 OCCs that were issued as part of the IDO were sold out within 30 seconds – which has left many disillusioned investors. A total of 175 investors were able to secure OCC. The maximum investment amount was 1 ETH. With an ETH price of USD 2,350, this results in an average issue price of around USD 1.88 per OCC.
In addition, many users apparently had problems accessing the platform and reported error messages.
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That was the shitty start of an IDO I’ve ever seen! Are you guys professionals? Sorry – but that was a shame
commented about a Twitter user selling the OCC tokens.
In view of the sometimes fierce criticism, the team has now publicly justified itself for the course of the IDO.
Occam tries to limit its image damage
In one open letter To the communities, the Occam Association responsible for the project explained that they did not expect such a large crowd:
We did not expect such an unprecedented demand for the OCC and are incredibly grateful to our community for this enormous commitment. Almost 150,000 visitors came to our site and tried to take part in the IDO. The resulting high volume of transactions depleted our OCC reserves in less than 30 seconds, and needless to say, we were a bit overwhelmed by this unimaginable demand.
Of course, the aim was to have an IDO that was as fair as possible, the statement goes on to say. However, no control was exercised over who can participate in the OCC token sale in order to take into account the crypto ideal of decentralization. In order to make OCC accessible to a wider audience, the token was activated for trading on the decentralized exchange Uniswap.
At the time of going to press, OCC is trading at $ 13.36 on Uniswap, well above the issue price. The total supply is 100 million units. This results in a diluted market cap of $ 1.3 billion. An impressive figure when you consider that there is not yet a single project that is listed on OccamRazer. Before Cardano makes its own smart contract platform accessible to a larger developer community with Plutus, it will probably stay that way for the time being. But if Cardano stays true to its schedule, the picture could change drastically in late summer.