Jur’s subscription received a staggering $10 million dollars in VET and OCE tokens on Wednesday, surprising even the most optimistic of supporters. We took the chance to break down the significance from a few different perspectives.
Jur – While their funding was never in doubt – the stakes have now been raised by having such a large audience of token holders. More people than expected will be evaluating their development plan and token model, and the challenge is now on Jur to convince short-term IEO participants to become long-term holders. The IEO marketing campaign was obviously quite effective, but it remains to be seen whether everyone was here because they actually wanted to participate in Jur’s decentralized dispute resolution voting platform, or if they were just seeking a quick flip. Nevertheless, the soon-to-be released Beta Platform’s focus on active participation and game theory should resonate with more impatient holders, who want an opportunity to use tokens and make gains on their investment.
OceanEx – Based on what we’ve seen so far, nearly everything they’ve done has been a success. Their own ICO sold out fast, the CryptoFarm platform has seen nothing but sell outs, they’ve quietly been climbing the CMC ranks, and now OceanEx Go! has flashed its potential. IEOs are quickly becoming the industry equivalent of a cash-grab, but if OceanEx can maintain their effectiveness, it could make the platform real attractive to new projects looking for a token distribution model. This means OceanEx must do a lot of due diligence, but it still bodes well for the China-based exchange. Early investors in OCE will be pleased to see the progress of OceanEx, as it is now unquestionably the biggest standout of all the VeChain ecosystem projects.
OceanEx Go!’s decision to skip the time-sensitive first-come first-serve model and allow a generous 4 hours of unlimited subscriptions was an eyebrow-raiser at first, but it seems to have paid off as well. According to OceanEx, new registrations and KYCs were up significantly, an overall positive result that should expose more people to OCE. Rather than consolidate tokens into the hands of a few timely investors, OceanEx is hoping to grow their active userbase with the goal of more long-term progression.
Based on user-feedback, most people were complimentary of the platform, with only a few complaints about server issues early on in the IEO. After that was resolved, people were able to subscribe successfully, and tokens were distributed almost immediately after. Speed and reliability are two of the biggest nagging issues with IEO platforms, so this should be good news for future projects and investors.
VeChain – The VeChain ecosystem has shown it’s more than capable of persuading projects to join the ranks, and the Jur success story will be another great example of what can happen. The community support is still strong, and the business-first orientation of VeChain is still inspiring belief. Enterprise partners proved enticing enough for Jur to port over from Ethereum, showing the value in having credible partnerships behind a project.
Jur is another member of their “real valuable transactions” group, and strengthens VeChain’s ties to San Marino and Italy. Jur has the legal skills to assist VeChain on a number of key issues, adding an important legal vertical that the ecosystem had been missing. Altogether, the IEO listing was very positive for VeChain, OceanEx, and Jur alike, but now the focus shifts to seeing whether Jur can maintain holder confidence while OceanEx Go! must continue to find high-quality projects.
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