WAVES, a decentralized blockchain platform focusing on custom blockchain tokens operations, commenced its Initial Coin Offering (ICO) on April 12, and has raised 4,683 BTC (nearly $2 million) in the first 24 hours itself. At the time of writing, the ICO has raised over 4,877 BTC.

WAVES explained that as soon as the ICO opened, it saw tremendous amount of new users signing up and depositing bitcoins, which effectively DDoS’d the server for a while.

“When the hit rate slowed and the server was able to catch up, the reasons for the problem became clear: in the first six hours alone, deposits totalling $1 million had been made. Over the remainder of the first day, investors continued to send funds, with the result that just short of $2 million was raised in 24 hours”, it added.

It further pointed out that due to some fault with the Ethereum contract that was supposed to record all bitcoin deposits on the Ethereum blockchain, all funds are now being moved with a script to the multi-sig Coinbase wallet every 30 minutes.

The platform aims to create an environment where the users of traditional online financial platforms will feel comfortable. It strongly believes in the potential of blockchain technology and wants to make it possible for traditional financial institutions to issue and support blockchain tokens representing national currencies and financial instruments. These tokens can be issued by any platform user and can be transferred, swapped, and traded on ​an integrated decentralized exchange.

“With a focus on user adoption, crowdfunding and integration for fiat tokens, development on WAVES is continuing throughout the ICO and the first lite clients should be ready for use at the end of the fundraiser, or shortly after the process finishes”, the press release said.

The ICO will run till May 31, 2016.