Polkadot Sells 500,000 Tokens, Price Haven’t Been Specified

Polkadot, Blockchain interoperability protocol distributes 500,000 DOT tokens at an unknown price, though it purportedly kept with the firm’s $1.2 billion valuations, as reported by technology-focused news outlet The Block on June 27.

Polkadot’s managing partner Web3 Foundation (W3F) told the publication about the distribution, although the exact amount of the funds raised wasn’t revealed. The Block notes that Polkadot purportedly sold 5% of the total token supply, in the recent sale. Theoretically, that brings $60 million to the protocol’s managing team.

The initial announcement for the token sale was made in January, at the time it was expected to bring the fully-diluted market value or the value of all tokens in circulation, plus those not issued of its tokens to $1.2 billion. Though in May, Polkadot began offering its tokens on secondary markets at heavily discounted rates. 

This action put Polkadot’s potential valuation of $1.2 billion under questions, as per experts the sellers could be violating agreements they had signed by orchestrating third-party sales.

This month a series of much-publicized token sales were released. Blockchain company Algorand raised over $60 million in a token sale on financial services platform CoinList.  The firm implements an open source public ledger and cryptocurrency payment system utilizing the Byzantine Agreement message-passing protocol. 

Also this month, Ampleforth raised $4.9 million in 11 seconds in its AMPL token sale. Reportedly, 10% of Ampleforth’s total token supply was sold off. 

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