Polkadot (DOT) has completed its second private sale, raising 3982.07 BTC - worth approximately $43.3 million - between July 24 and July 27. A total of 1059 transactions were made during the sale, which was unavailable in certain regions of the United States.
DOT tokens were priced at $125, with a lock-in period of 5 months. Following the private sale, Polkadot’s first governance vote was also conducted, related to changing the smallest denomination of the DOT token.
86% of voters supported a sub-division of 100x, a “stock-split” of the original DOT token, also defined as 10,000,000,000 Planck. A Planck is the smallest named division of the DOT token, similar to sats or satoshi for Bitcoin (BTC). The new denomination will come into effect on August 21.
Founded by Dr. Gavin Wood, Dr. Aeron Buchanan and Reto Trinkler, the Polkadot project is an effort of the Web3 Foundation, which has put Parity Technologies in charge of development. The latter’s Substrate technology is the framework upon which Polkadot is building solutions, which include interoperability, security and governance use cases.
Polkadot conducted its first token sale in October 2017, raising $145 million and selling 50% of its original 10 million supply. A large portion of the raised funds have been used to develop the ecosystem and aid projects building solutions on Polkadot.
At the time of publishing, the DOT token is valued at $168.02.