The Gnosis auction that took place on April 24th turned out to be another instance of a successful token sale. It raised over $12m in under 12 minutes, valuing the project at close to$300m.

There are valid open questions on whether these huge early valuations make sense or whether an in-depth due diligence process would lead to different results. But it is also true that this new fundraising methodology has immense potential and could become a viable alternative to VC in the long run.

That being said, it is important to understand the internal mechanisms of these distributed auctions. That's why I enjoyed reading this network graph analysis of the Gnosis fundraiser. I've attached the main image below and would encourage you to read the original.