With Only 32 participants Yield Guild Games’ IDO Raises $12.5 Million in 31 Seconds

On Tuesday, the initial DEX offering of Yield Guild Games sold out in under a minute.

The offering was completed through the Miso platform SushiSwap in a total of 31 seconds by solely 32 participants.

While YGG managed to raise $ 12.5 million on the day of the offering that was carried out through the Dutch auction, the unevenly allocated tokens have left investors uneasy. With the project having one billion tokens, this DEX offering dispensed 25 million tokens with an individual value of approximately $ 0.50. 

As the Discord of Yield Guild Games supersedes 47,000, the distribution of 25 million tokens among 32 participants has been condemned. The participant that has secured 18% of the entire offering or 4.5 million tokens in total is suspected to be a pool due to the large retention of tokens. 

The co-founder of YGG did not seem to share the same concerns as other investors. Exclusively for Cointelegraph, Gabby Dizon praised the pools for buying out large amounts of tokens by claiming that the poolers are long-term believers in the potential of YGG and therefore, their claim to the tokens are loyalty-based as they are rightful. Besides, another token trade will resume on Wednesday, providing opportunities for other investors to claim buy-in. 

In addition to these comments, co-founder Dizon expressed his appreciation for the support of the community, by adding that YGG token community airdrop will be launched to give away tokens for the most formidable and loyal members of the collective. 

Once the launch of the community airdrop is complete, a community mining program will follow shortly after.

Plans are developing for Axie Infinity as well. The in-game currency Small Love Potion (SLP) will soon be sponsored by YGG’s sponsorship program which will allow gamers to utilize the currency for purchasing idyllic creature collectibles (Axies) to be inserted in the game. 

Mechanism Capital, ParaFi Capital, and lead investor Bitkraft Ventures all contributed to YGG’s $4 million Series A investment round earlier this month.

Also read: Kazakhstan to Legalize the Processing of Cryptocurrency Payments Through Banks

 

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