Rally, an open network powered by the Ethereum blockchain, has raised $22 million from its liquid token sale on CoinList, a crypto asset issuance platform.

Investors numbering 40,000 purchased the RLY tokens for $0.60 each between April 1 and 4, 2021, per a CoinList post. The sale was originally approved in March through community governance.

The investments were limited to $1,000 per person, with nearly two-thirds of the offerings with 115,000 registrants missing out on participating.

Commenting on the sale of the liquid token, Rally founder Kevin Chou explained that the project aimed to advance the number of people personally involved on the Ethereum-based platform that mints “social tokens” for digital asset holders to flex their crypto clout.

To make up for the RLY that was locked up for 12-month a linear, the token pricing, which was set at $0.60, was determined by a 20-day trailing average from March 11, 2021, to March 30, 2021, minus a 30% markdown.

Some weeks ago, investors had the privilege to purchase RLY for less than half the price offered by CoinList on the open markets.

With 40 million RLY sold having previously been allocated to Rally’s Community Treasure, the liquid token sale got approved through community governance last month.

Following the sale, the share price of Rally has increasingly been gaining momentum. So far, close to 250% since trading for less than $0.29 on March 12. RLY consistently traded between $0.25 and $0.35 from mid-January until mid-May. At the moment, RLY last changed hands for $1.

However, half of the tokens will become tradable on October 4, after which the remaining RLY will unlock gradually monthly.

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