TenX held a token offering over the weekend, which went live June 24, 2017. It reported receiving a total of 245,832 Ether, converted from ERC20 and altcoins, which was exchanged for PAY tokens at a rate of 350 PAY tokens per 1 Ether plus a 20 percent bonus. At the time of press, this was valued at roughly $58 million.
Investors had mere minutes to submit their transactions to TenX's token offering address. The offering opened on June 24 at 1:00 p.m. GMT, and contract closure took place at 1:07 p.m. GMT. TenX reports that a total of 2,892 Ether and 1,112 Altcoins were successfully received and deposited.
In total, TenX received a range of ERC20 tokens; Aragon (ANT), Augur (REP), Basic Attention (BAT), Blockchain Capital (BCAP), DigixDAO (DGD), First Blood (1ST), Gnosis (GNO), Golem (GNT), HumanIQ (HMQ), Iconomi (ICN), iExec RLC (RLC), Matchpool (GUP), Melonport (MLN), SingularDTV (SNGLS), Swarm City (SWT), Tokencard (TKN), WeTrust (TRST), and Wings (WINGS) were sent to the token offering address in exchange for PAY tokens. Dash, bitcoin, and Litecoin were also accepted.
TenX had held a presale 10 days prior to the token offering, during which it raised 100,000 Ether from investors who were willing to put in the minimum amount of 125 Ether. Presale investors also received an additional 20 percent bonus for their participation. The presale was done in an effort to keep "whale investors" from pushing smaller individuals out of the token offering, by which TenX believes it achieved a level of success.
TenX took precautions to keep the burden low on the Ethereum network during the offering. By keeping the address unpublished until 15 minutes prior to the sale, TenX reduced unnecessary spamming of transactions on the front end. Transaction limits were not induced since such limits favor those who know how to circumvent them. According to TenX, this "self-regulatory option" allowed over 4,000 people (including pools from China and Europe) to obtain PAY tokens, many of whom contributed less than 10 Ether.
TenX gathered 45,000 more Ether than it originally planned to receive, according to its white paper. Rather than refunding this excess, TenX has instead agreed to honor all contributions. TenX also stated, "We will not withdraw the extra 45,000 ETH but rather leave them for additional liquidity in the crypto ecosystem to support a decentralised TenX as outlined in our whitepaper. This is actually a WIN-WIN for token holders AND the company." This conclusion was arrived at after estimations showed that in order to refund the excess 45,000 Ether, close to 3,000 people would see their tokens canceled – a move TenX did not want for its community. TenX invites anyone unhappy with this arrangement to reach out prior to Tuesday, June 27, 2017, to receive a full refund, and has committed to the position that it will not create any new PAY tokens after the presale and token offering.
The next steps for TenX are laid out clearly in its white paper:
TenX’s whitepaper also provides a funding breakdown:
Once live with its service, TenX will deliver liquidity to cardholders who wish to use digital currencies to pay for goods and services in everyday life.