More than 12,500 users participated in the first phase of a public token sale on CoinList for Flow, a new blockchain platform developed by Dapper Labs, the creator of CryptoKitties. That makes it CoinList's largest-ever public token sale.
The Flow sale has two phases: a "community sale" followed by a Dutch auction. According to CoinList's CEO Graham Jenkin, Flow's community sale — in which participants were allowed to purchase up to 10,000 Flow tokens at $0.10 per token — drew purchasers from 115 countries. Residents from China, the U.S., and Canada were not allowed to participate — although according to independent reporter Colin Wu, at least some Chinese users participated anyway.
In the Dutch auction, which starts Tuesday, 25 million more tokens will be sold, representing 2% of the total supply.
CoinList has hosted a total of 14 token sales. After the Flow sale, the second-largest one on the platform was Blockstack's Reg A+ token sale in 2019, which had had 4,500 purchasers.
Dapper Labs launched Flow in September 2019, billing it as a "fast, secure and developer-friendly blockchain" that would be designed specifically for games and non-fungible tokens (NFTs). At the time, the team said that it was building a new blockchain because the scaling approaches that other decentralized blockchain platforms were pursuing were not ideal for "an ecosystem of complex applications like games or social networks."
In August, Dapper Labs announced it had sold $1.2 million worth of digital NBA cards on the blockchain.