Clover Finance Completes Record Round 1 Token Sale, Why Is Demand Going through the Roof?

UTC by John Kiguru · 3 min read
Clover Finance Completes Record Round 1 Token Sale, Why Is Demand Going through the Roof?
Photo: Unsplash

In a record token sale, Clover successfully completed the round 1 sale of its token CLV on Coinlist. With over 200,000 queuing up just before sales commenced, in less than two hours, transactions put a strain on Coinlist’s systems.

Clover token sale on April 20th was well received by the Coinlist community. In less than 2 hours, the team had confirmed that sales of the round 1 offering were over. Minutes to the commencement, the list of users on queue was already evidence that the token was in high demand. Per a previous announcement by the project, interested investors were expected to complete several steps before the final purchase. These included, register for the token sale, enter a queue prior to the token sale, get assigned a place in line, get a turn into the site that last 10 minutes when they can purchase. Users that arrived after the sale had started had to follow the first-come, first-served rule.

The sale of CLV now goes to the second day, April 21st, where Rounds 2 and 3 will start at 17:00 UTC and 20:00 UTC respectively

According to a Coinlist announcement, the Community was allocated 75M tokens, each costing $0.20 per token. This is the most tokens and lowest price the tokens will be. In round 2, there will 40M tokens each at $0.29 per token. Lastly, round 3, only 35M tokens offered to go for $0.35 per token.

Why Clover Finance Token Sale Attracts Attention

Clover Finance is a revolutionary project built on the upcoming Polkadot network. With a fast-growing DeFi market, Clover aims to be the fastest cross-chain compatible infrastructure. With extensive support for Ethereum’s EVM-based applications, the project will be a bridge between Ethereum and Polkadot. It will further support its sister project Kusama, as well as Binance Smart Chain, Avalanche and FantomClover. The project has especially attracted developers who can migrate contracts from Ethereum to Polkadot. This has made it popular as users continue to struggle with Etheruem’s interoperability, scalability and high gas fees.

Other issues identified by the project are poor user experience. While a large part of the market is ready to dive into the DeFi market, it remains fairly technical. As crypto goes mainstream and attracts newcomers, Clover wants to simplify products to ensure fast growth.

In an interview with Forbes, Co-Founder of Clover, Viven Kirby stated:

“We believe that a custom-built Defi infrastructure on Polkadot and Kusama will provide cross-chain compatibility, interoperability, and a seamless multi-chain user experience that users are currently missing.”

Additionally, Clover has taken a key interest in developers. While traditional smart contract platforms drive gas fees to miners, the newcomer has taken a different approach. A new model will accommodate network maintainers and dApp builders to get a share of the gas fees.

In the evolution of smart contracts and DeFi, there is a need for new generation projects which are adaptable to changing market trends. Clover could play a major role to ensure the continued growth of the entire cryptocurrency ecosystem in this way.

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John Kiguru

Kiguru is a fine writer with a preference for innovation, finance, and the convergence of the two. A firm adherent to the groundbreaking capability of cryptographic forms of money and the blockchain. When not in his office, he is tuned in to Nas, Eminem, and The Beatles.

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