One hour before the end of the Jetfuel IJO, the fundraising event for the Fortress Loan platform has been oversubscribed by a user who contributed $1.2 Million—taking the IJO oversubscription to 172%.
Fortress Lending and Borrowing Platform
The yield optimizer and launchpad protocol on the BSC network, JetFuel, have just announced the launch of its newest project, Fortress. It is an algorithmic money market supported by its Governance and Rate Modification token, FTS, and unique synthetic stablecoin FAI. Fortress will bring secure and trustless lending and borrowing services to users on BSC.
The new feature fundraising was scheduled on the IJO Launchpad platform on the 20th of April, with only 500,000 FTS (Fortress Tokens) Governance tokens to be released. The sale was conducted at $4 per token and will be listed on PancakeSwap at $4.40. The company’s initial aim was to raise $2 million at the end of the event, but that seems to have changed as an overflow has just occurred.
The report reaching the community is an oversubscription of the event scheduled to close today at 5 pm UTC.
As witnessed in this transaction, a user sent in $1.2 million in Binance pegged USD (BUSD), making the IJO event oversubscribed by a record 172%. Thus the total contribution of the Fortress launchpad event is over $3.2 Million.
This event is significant for the Jetfuel Finance project and users, as it further strengthens the relevance and success rate of its launchpad events. The Fortress Lending and Borrowing protocol will add another layer of utility alongside other utilities for the Jetfuel ecosystem.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.