Last week, the Dutch Auction for CELO on CoinList closed successfully. The auction debuted CELO, a utility and governance asset required to participate on the Celo Platform, a new Proof of Stake layer-1 blockchain for fast, secure, and stable digital payments.
The oversubscribed CELO auction raised $10M from the community and introduced a diverse set of participants to the Celo ecosystem. The auction was designed to maximize global engagement by having a minimum buy-in of $100, offering referral bonuses, and hosting AMAs and events in emerging markets, with the goal of diversifying participants and increasing access.
As a result, there were 3,996 total registrations and 761 bids from 132 countries. The average bid price was $5.02, with more than 50% of the bids coming in above $3 and more than 25% of the bids coming in above $9. Participants included people who want to run validators on the Celo network, individuals who want to see Celo’s mission come to life, and more.
The auction cleared the full tranche of 10M cGLD at $1 per token. Dutch auctions represent a purchase mechanism that seeks to effectively determine a fair token price because every participant buys tokens at the same price and all participants collectively determine that price. Given the volatility and uncertainty across all markets, we’re excited about the outcome and especially the geographical diversity of auction participants.
CoinList is laser-focused on helping the best crypto projects succeed, and as such we’re always excited to see the launch of a project with which we’ve partnered closely. We enjoyed working with the growing Celo community and look forward to further collaboration.
Celo is now supported by over 700 backers, including prominent venture funds, C-level operators, academics, and experts across a wide range of fields, including Polychain Capital, a16z, Social Capital, Dragonfly Capital, Coinbase, Jack Dorsey, Naval Ravikant, Reid Hoffman and more.
Congratulations to the Celo community!
Learn more about how Celo is redesigning money: https://medium.com/coinlist/redesigning-money-a5be189fc136
Join Celo’s community here: https://celo.org/community
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