Rumor Has It Polkadot is Preparing to Launch a Token Sale Soon

The Polkadot project appears to be launching its second token sale after a “building with Polkadot” page is published.

Persistent rumors on Polkadot channels and groups and a series of forms and NDAs to “build with Polkadot” suggest that the project may soon run a new token sale for its token, the DOT.

The purported dashboard of the upcoming sale is located on the polkadot.network website under the “/get/” path. As of press time, the page is still under construction.

Prospective “builders” can sign up to build via a “Get Started” page by providing their email. They will then receive a form to fill with their personal data.

The first step only requires basic information like name, email address and three fields for the country of citizenship, residency and location. A disclaimer noted that the process could not be completed by people with any tie to a variety of countries — most notably the U.S. and Japan. Some rumors also suggest Chinese citizens will be prevented from joining.

A screenshot from the first form page.

A screenshot from the first form page.

The next process includes a different type of disclaimer related to the usage of the DOTs, asking participants to pledge to only use them within the network:

The second iteration of the sign up form.

The second iteration of the sign up form.

Rumored details

According to rumors circulating in Polkadot’s community chats, the proposed offering will be structured as a Dutch auction starting at a price of $120. After 72 hours, the asking price will be decreased as per the rules of a Dutch auction.

Those who complete the forms are sent a non-disclosure agreement regarding the “process” and signing up as a builder. The sale would likely fall under a Regulation S offering that excludes U.S. persons from participating.

Further rumored details suggest that only Bitcoin (BTC) will be accepted as currency. There appear to be no limits to the minimum or maximum contribution, but some rumors suggest that after 10 BTC, details on the source of the funds will be requested. A vesting period of five months will be reportedly required as well.

If the rumors are true, this would be the second token sale for DOTs. The first was only offered to private investors at the inception of the project.

The project is currently live as a permissionless blockchain, but the previously issued DOTs remain untransferable.

It is unclear when the sale will start, though the community seems to believe it is imminent.

The Polkadot team did not immediately reply to Cointelegraph’s request for comment.

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