Company will build decentralized platform for cryptocurrency derivatives trading
Leverj has announced that it has concluded its Token Generation Event (TGE), raising contributions totaling 32,517 ETH, an amount approximately equivalent to $14 million USD at the close of the crowdsale. The LEV tokens, generated through Ethereum-based smart contracts, will be issued to contributors over the next seven days.
Though the Leverj TGE was originally scheduled to conclude on December 7, 2017, rising ETH prices brought more hashrate onto the network to solve blocks more quickly. As a result, the block height of the sale was determined to be reached on December 6, 2017, causing Leverj to conclude the token crowdsale earlier than planned in order to maximize the contributions from its community.
Leverj CEO Bharath Rao said: “We are humbled by the overwhelming support that we have received from the Leverj community as we set out to build our platform. The strong level of participation reflects a significant market need for the highly efficient crypto derivatives exchange that Leverj will create. We will continue to keep the best interests of our community at the forefront as we create a product that cryptocurrency investors of all experience levels will use to trade ERC-20 derivative tokens with unprecedented levels of security and usability.”
The Leverj platform features a dual-token system that consists of LEV tokens, which represent users’ license to conduct transactions, as well as secondary tokens, called FEE, that will be used as an accounting mechanism. Under this system, Leverj trading fees will be payable in FEE at a fixed ETH price. FEE tokens will be created in proportion to platform trading volume. The aim of this system is to ensure that users are able to access a liquid market and receive discounts on fees that would otherwise be paid in ETH. Leverj has deployed a testnet of its staking contract that will allow users to convert their newly-acquired LEV tokens for FEE tokens.
Rao added: “Our vision for Leverj is to deliver the best platform possible for cryptocurrency derivatives trading. We are grateful for the support and input that our community has provided to allow us to build a medium that will offer even higher levels of sophistication to this rapidly-growing asset class. We look forward to the opportunity to provide the community with the crypto trading platform that it has long been awaiting, one that will continue to grow in terms of both users and advanced features that we are able to offer.”
Following the launch of the Leverj staking contract, the company will be offering bug bounties to anyone who can identify and report security bugs. Leverj will reserve one million LEV as bounty, with the rewards varying depending on the severity of bug. Further information on bounty rewards, eligibility, and rules can be found on the Leverj company blog.