Decentraland completed a token sale on Aug. 18, 2017, after reaching the project’s hard cap and raising 86,260 ether (ETH) worth $25 million at the time. Following the sale, a total of 2.81 billion MANA tokens were created. Participants in the token sale received 40% of total supply (1.12 billion MANA) with a discount system that was scheduled to sell 1,000 MANA at a range of $0.024 to $0.04. Due to a small number of large investors the sale was concluded in only 35 seconds. The development team, Decentraland Foundation, and a community reserve each received 20% of total supply (561.2 million MANA) with the founder allocation vesting over three years at semi-annual periods. Additional MANA tokens will be released on an ongoing basis using a continuous token model. In the first year the supply will increase by 8.00% and this rate decreases over time, to 6.06% by year 5 and 4.65% by year 10. These additional tokens will be sold through a smart contract, at a price that can be updated by the Decentraland Foundation to ensure coherence with the market price of MANA. Proceeds will be used to provide ongoing financing for the Foundation.