Leverj, an Ethereum blockchain-based startup, has announced that it has raised 32,512 ETH (equivalent to $13.5 million) in its Token Generation Event (TGE).

According to the official release, the LEV tokens, generated through Ethereum-based smart contracts, will be issued to contributors over the next seven days. While the TGE was originally scheduled to conclude on December 7, 2017, rising ETH prices brought more hashrate onto the network to solve blocks more quickly. As a result, the block height of the sale was determined to be reached on December 6, 2017, causing Leverj to conclude the token crowdsale earlier than planned in order to maximize the contributions from its community.

Leverj said it will use the token sale proceeds to build a decentralized platform for cryptocurrency derivatives trading. Using the Ethereum blockchain, it will provide traders with a more secure and seamless platform for digital currency exchange. The platform will also offer services such as managed and simulated trading, historical data replay, mentorship by experienced traders, and a marketplace for trading indicators and strategies.

“The strong level of participation reflects a significant market need for the highly efficient crypto derivatives exchange that Leverj will create. We will continue to keep the best interests of our community at the forefront as we create a product that cryptocurrency investors of all experience levels will use to trade ERC-20 derivative tokens with unprecedented levels of security and usability,” Leverj CEO Bharath Rao said.

The Leverj platform features a dual-token system that consists of LEV tokens, which represent users’ license to conduct transactions, as well as secondary tokens, called FEE, that will be used as an accounting mechanism. Under this system, Leverj trading fees will be payable in FEE at a fixed ETH price. FEE tokens will be created in proportion to platform trading volume. The aim of this system is to ensure that users are able to access a liquid market and receive discounts on fees that would otherwise be paid in ETH. Leverj has deployed a testnet of its staking contract that will allow users to convert their newly-acquired LEV tokens for FEE tokens.

Following the launch of the Leverj staking contract, the company will be offering bug bounties to anyone who can identify and report security bugs, the release stated. Leverj will reserve one million LEV as bounty, with the rewards varying depending on the severity of bug.