The rally social token platform completed its first “liquid token sale” on the Cryptoasset publishing platform CoinList, with 40,000 investors buying RLY tokens for $ 0.60 each between April 1st and 4th.
During the sale, tokens were distributed to investors at a fixed price, despite RLY trading on exchanges since October 2020. The value of tokens was determined based on the average value over the last 20 days from March 11, 2021 to March 30, 2021, minus 30% reduction in compensation. for RLY lock. A period of 12 months for written editing.
However, investors had the opportunity to buy RLY for less than half the price of CoinList offered on public markets just five weeks ago.
The sale was approved by the community department in mid-March, where 40 million RLY people were donated to the Rally Community Treasury. In a survey, 100% of the 7400 participating token holders voted to sell. Approximately 30% of RLY is owned by the Rally team and investors.
The news of the sale seems to have led to a bullish momentum for RLY, which is up almost 250% since trading below $ 0.29 on March 12. From mid-January to mid-May, RLY traded consistently in the $ 0.25 to $ 0.35 range. At the time of writing, the RLY hand has recently changed to one dollar.
RLY / USD: CoinGecko
Half of the tokens will be traded on October 4, after which the remaining RLY will be unlocked gradually on a monthly basis. In a blog post on April 12, Coinlist reported that the show earned $ 22 million. Investment was limited to $ 1,000 per person, with nearly two-thirds of the 115,000 bidders losing the opportunity to participate.
Rally is a blockchain-based social network that lets content creators launch social tokens.
The social token sector – non-replaceable brands issued by content creators, brands and communities – sees growth in 2021, with RLY and WHALE accounting for 83% of the total market value of $ 240 million.