Bittrex Prepares for VodiX (VDX) Initial Exchange Offering
The VDX IEO will take place on May 21, with a 24-hour window for the crowdsale.
VodiX (VDX) will be the next initial exchange offering (IEO) on crypto exchange Bittrex, taking place this May 21, within a 24-hour window. The token sale will arrive a few weeks after the previous offering, Veriblock (VBK).
Bittrex token offerings have been viewed with some skepticism. The VeriBlock project is currently losing value in secondary trading. Previously, Bittrex canceled the RAID token IEO after the project lost its strategic partnership with the OP.GG analytics firm.
In addition to the IEO, VodiX is also going through an airdrop event for users who register and complete specific tasks.
The Vodi app is a fintech project aiming to bridge traditional finance and cryptocurrencies. The Vodi app already has 5 million users, and the VodiX project will aim to promote cryptocurrency through the application smart contracts. Vodi X will also set up a crypto-based economy, allowing users to earn VDX for “micro-tasks”.
The app allows for mobile recharges, gift cards, as well as communication credits. The US-based startup will start trading on Bittrex immediately, following the IEO sale at a nominal price of $0.01. The sale will be open to fully verified international users.
This IEO will be unique for distributing a large part of the token supply - above 61% of the total number of VDX issued. Potential buyers may purchase between 1,000 and 1.5 million VDX. This makes the Bittrex IEO accessible for much larger buyers in comparison to other token offerings.
In the case of Binance, offerings have been relatively small, allowing purchases of only a few hundred dollars, to avoid the creation of “whales”. The other difference is that access to the Bittrex IEO is more open, not using the lottery principle for more restricted IEOs. The VDX tokens will also be sold for BTC only, instead of relying on a native token.
IEOs have raised nearly $40 million in 2019, but the rules and performance of the tokens vary, mostly based on the choice of each exchange. Binance token sales are highly curated, similar to OKEx, Huobi, and Bibox, while some exchanges perform sales more reminiscent of a free-for-all ICO.