Blockchain News

Solana Winds Up Its Launch Auction on Coinlist

Blockchain platform Solana has wind up its launch auction on CoinList, according to reports. The auction launched SOL token, also known as the native tokens of Solana blockchain, into the flow and corresponded with Solana’s mainnet beta launch.

It is interesting to note that Dutch auctions have emerged unbiased and significant launch mechanisms for projects as every partaker purchases tokens at a similar price and all participating members jointly decide that price.

Meanwhile, the auction has permitted the vast Solana community participants to take part in promising terms as the reserve price, also known as price floor of $0.04/token, was effectively lower than Solana’s last private round valuation of $0.25 per token.

Reports state that the Dutch auction launched a vast set of token holders into the Solana ecosystem. Over 200 participating members from approximately 50 nations put successful bids, thus tallying more than $1.85 Million.

The auction cleared a complete tranche of nearly 8 Million SOL tokens at $0.22 per token.

Solana COO Raj Gokal said, “The bids came in from anywhere between $4 and $0.04 in pre-bidding, and by the time the price got down to $0.22 — that was where there was enough demand to clear the 8 million tokens that were available.”

Amid the current uncertainty that has enveloped the world of the entire market over as a result of the COVID-19 outbreak, the figures stand quite appealing.

CoinList strives to focus on assisting the top class crypto projects and help them achieve success. CoinList lays its focus on the launch of projects with which it has closely allied. CoinList had sought to develop a great understanding of the Solana team for nearly two years and utilized the previous year working in close coordination with the Solana team on Tour de Sol, also known as their incentivized testnet.

Lili Chuang

Lili Chuang is a finance professional with an experience of over a decade in news writing. Recently, she has joined the CoinNewSpan team as a sub-editor. She is a firm believer of blockchain technology and cryptocurrencies. She curates contents regarding the latest insights into the crypto-market. In her free time, she loves to explore new places and connect with influential people of crypto space.

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