CoinFLEX launches the initial offer of Polkadot

The cryptocurrency futures exchange CoinFLEX announced the holding of an initial offer of futures (IFO), while it is noteworthy that the campaign will be aimed at a not yet existing token project Polkadot. It is reported by CoinDesk .

“For the first time, we are launching a futures market for a coin that does not yet exist. In fact, we set the price of the asset before it appears, ”said Mark Lamb, CoinFLEX CEO.

IFO Polkadot will start on Wednesday, July 17th, and will be the first campaign to participate in which users will need to purchase a native CoinFLEX token. This model resembles the mechanism used when conducting tokensale on Binance. Under the terms of the offer, users who will have up to 300 FLEX tokens will be given a discount on contracts at a price of $ 75 for one DOT token.

The publication cites the words of one of the traders, who, on condition of anonymity, said that this price is generally consistent with the DOT quotes on over-the-counter platforms. At the same time, in order to achieve the declared capitalization of the project in the amount of 1.2 billion, the price of the token must exceed $ 100, he noted.

Web3 Foundation and the founder of the Polkadot project Gavin Wood refrained from commenting.

Mark Lamb, meanwhile, did not clarify exactly which firms act as market makers for DOT tokens futures contracts, saying only that they include Asian investors who are potentially ready to offer "millions of dollars."

“To participate in the pre-sale, users need to have one thousand FLEX tokens, ” said Lamb, adding that the contracts will expire four weeks after the DOT token is officially launched on the main network. When exactly this will happen, while, however, is unclear.

Like BNB, the FLEX token can be used to pay trading fees and access to exclusive offers, such as, for example, the upcoming IFO Polkadot. Also, according to Lamb, this summer the platform plans to add futures for BNB and Tron.

Recall that the platform for trading in Bitcoin futures deliveries, Bitcoin Cash and Ethereum CoinFLEX launched in February of this year.

In June, the Web3 Foundation announced the successful completion of private tokensale, whose goal was to raise funds for the development of the Polkadot protocol. According to a non-profit organization based in Switzerland, then a total of 500,000 DOT tokens (5% of the total issue) were sold, after which the project’s capitalization rose to $ 1.2 billion.

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