Solana’s Auction Sells Out on CoinList
UPDATE 4/10/2020: Following the successful CoinList auction that closed at $0.22, Solana (SOL) launched on Binance. In the first several hours of trading, SOL climbed more than 500% from the open to a high of $1.33 and was the highest volume BTC pair for 24 hours before settling in to the top 5. As of posting, SOL has held strong at $0.70.
Earlier this morning, Solana successfully closed their Launch Auction on CoinList. The auction introduced SOL tokens, the native tokens of the Solana blockchain, into circulation and coincided with Solana’s mainnet beta launch.
Dutch auctions are a fair and effective launch mechanism for projects because every participant buys tokens at the same price and all participants collectively determine that price. This auction allowed Solana community members to participate at favorable terms as the reserve price (price floor) of $0.04/token was significantly below Solana’s last private-round valuation of $0.25/token.
The Dutch auction introduced a diverse set of token holders into the Solana ecosystem. The total amount raised in the auction was $1.76M from the community. There were 1,416 registrations and 445 bids from 91 countries. The auction cleared the full tranche of 8M SOL tokens at $0.22 per token. Given the volatility across all markets and the uncertainty caused by COVID-19, we find these figures especially impressive.
CoinList is laser-focused on helping the best crypto projects succeed and so we’re always excited to see the launch of a project with which we’ve partnered closely. We’ve known the Solana team for almost two years and have spent the last year working with them on Tour de Sol, their incentivized testnet.
Congratulations Solana!
