<p><span style="font-weight: 400;">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 <a href="https://medium.com/dodoex/announcing-the-dodo-token-and-initial-dodo-offering-f31b0beb7463">announcement</a> on Medium.</span></p> <p><span style="font-weight: 400;">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 <a href="https://www.theblockcrypto.com/linked/76468/liquidity-provider-dodo-nets-600000-in-seed-round" target="_blank" rel="noopener noreferrer">$600,000</a> seed round, which was announced August 28.</span></p> <p><span style="font-weight: 400;">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. </span><span style="font-weight: 400;">The remaining 90% will release linearly over the next year, according to the announcement. </span></p>