28 July 2020

Polkadot raises over $40 million in its latest token sale

The Web3 Foundation and Parity Technologies have raised just shy of 4,000 BTC (totaling $44 million at press time) in a thee day token sale, as first reported by CoinDesk. According to a Reddit conversation, the offering listed DOTs at $125 per token but geo-blocked certain jurisdictions from participating, including the United States. The sold token are also subject to a five-month lockup that will begin once DOT transfers go live at block #1,205,128 (estimated to arrive on Aug. 18).

As mentioned earlier, the Polkadot community voted to redenominate the smallest unit of DOTs, called Plancks, which increased the initial supply of DOTs from 10 million to 1 billion. Thus, the readjusted sale price for today’s offering will end up being $1.25 per token.

Why it matters: - The sale was not entirely unexpected, as the Web3 Foundation has hinted at hosting another token offering over the past few months. - Polkadot has now raised almost $250 million in token sales since inception. However, the project lost approximately $98 million of this total in the second infamous Parity Wallet hack, which permanently froze over 500,000 ETH.

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