Less than a full day before the second attempt to hold an ICO, Ava Labs is changing the AVAX token sale rules based on user feedback.
Following a “sophisticated DDoS attack” that prevented their token sale from launching successfully, the event was postponed until July 15. Despite the inconvenience that the delay has caused to potential investors, it does appear that the extra time to rethink token sale rules might actually greatly benefit the community.
An extra 55 million AVAX tokens will be available for purchase due to the extremely high demand and (initially) low supply. This adds up to a total of 72 million tokens – 20% of the circulating mainnet supply. The extra tokens will be available exclusively to purchasers who choose the “Public Sale Option A2” – the options which would lock the purchased tokens for a period of 18 months. A single purchase cap of $2,500,000 has also been put in place.
Thus, the team behind the Avalanche protocol implementation is set to raise somewhere between $36,000,000 and $40,200,000 in case the ICO hits its hard cap, which it looks extremely likely to. The exact US dollar amount will be known after the conclusion of the token sale, since 12 million out of the 72 million tokens for sale will be available in two purchase options – $0.50 per token with a 1-year token lock, and $0.85 per token available for trading immediately.
The ICO event will also feature a randomised purchasing queue, which in theory should limit website traffic and prevent a gas war.