CodeFi-Blockchain Platform Developed by Consensys Cancels Auction

CodeFi, the blockchain platform developed by Consensys canceled the auction of the SKL token because of the increase in traffic during SKALE’s network ICO last week. The company decided to cancel the auction and introduce a new process that will provide all qualified users with the equal allotment of SKALE tokens with a fixed price so let’s find out more in today’s altcoin news.

The SKALE network saw a turbulent ICO last week once the huge interest in the SKL token dropped when the platform was launched on. The SKL launch on the ConsenSys backed CodeFi platform was announced on July 20 when the company stated that the goal was to provide a vertically integrated platform that will enable a robust network launch and the on-going use of the tokens. SKL is the first token to launch on the platform and more than 10,000 users registered for the ICO with more than 5000 of them not being able to complete all steps of participation which included KYC and agreement to stake SKL for 90 days.

.@SkaleNetwork Launch Update: https://t.co/PtUcaeVIdK

— ConsenSys Codefi (@ConsenSysCodefi) August 21, 2020

Promises of the CodeFi unprecedented performance fell short once the platform canceled the auction of the tokens. According to the company’s update, right before the scheduled auction, the system reported “overwhelming traffic and bot activity” which will lead to a launch that failed to meet a successful ending. CodeFi explained that the platform provided inconsistent user experiences and none of the registered users were able to purchase the SKL tokens. To avoid suffering from bad performance, the company decided to act proactively and cancel the auction before anyone suffers any damage:

 “We want to sincerely apologize to and reassure everyone who was impacted by our decision to postpone the SKALE Network auction on Monday.”

Despite the fact that the interest in the SKL auction was more than 10 times the capacity of the auction, no tokens were sold or distributed. The SKALE network will see a token launched but with different capacities. According to Codefi, the new process will be launched and will not include auctions. The company said that it will provide the users with an equal allotment of SKL tokens at a fixed price. The sale proceeds will remain unchanged as the ultimate goal is to distribute the token to a bigger user base. The launch date and detailed information about the new launch will be announced soon.