Decentralized exchange DODO raises $5 million via private token sale

DEX • September 28, 2020, 12:22PM EDT

Decentralized exchange DODO has raised $5 million via a private sale of its new DODO exchange token. The money was raised at a valuation of $50 million, the team said via an announcement on Medium.

The Ethereum-based "on-chain liquidity provider," which uses what it calls a “proactive market maker” algorithm to mimic human market maker behaviors and effectively allocate funds near market price, launched in August. The new funding follows a $600,000 seed round, which was announced August 28.

DODO has allotted 10% of the total supply of DODO tokens to the private sale investors and sold them at a price of $0.05 per DODO. The private sale will have a 6-month lockup period, after which 10% of the private sale allocation will immediately release. The remaining 90% will release linearly over the next year, according to the announcement.

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MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.