Gate.io has launched Startup, a platform that aims to provide users with access to innovative and advanced projects. Traders now have more opportunities to make an initial investment. Trading services of the connected token or coin will be enabled once the Startup project fulfills its fundraising goal.
Gate.io Startup will launch its next project with Meter on July 15th, 2020.
Startup Link: https://www.gate.io/startup
1. Introduction to Meter
Meter is a DeFi infrastructure with a Built-in PoW based stablecoin. It strives to solve the following problems in decentralized finance:
1. Lack of a crypto-native stablecoin without a counterparty, oracle, and regulatory risks.
2. Slow performance and long confirmation times.
3. Most current DeFi apps are built on Ethereum, making it difficult for non-Ethereum assets to develop DeFi applications.
Meter employs a unique hybrid consensus protocol that separates currency creation from record keeping. Meter leverages PoW to create a fully-decentralized, low-volatility cryptocurrency that eliminates counterparty, regulatory, and oracle risks typically found with fiat- and crypto-collateralized stablecoins. PoS is used to manage the ledger; validators who hold Meter’s governance token, MTRG, approve transactions. This hybrid can process thousands of transactions per second, allowing transactions to reach finality in seconds. Meter also functions as a Layer 2 sidechain for other public blockchains to allow value interaction among different crypto assets.
Click here to check out more: https://www.gate.io/startup/51
Meter Project Overview (for more detailed information, please visit meter.io)
(1) Token Symbol: MTRG
(2) Total Supply: 40 million MTRG
(3) Initial Circ.: 5.25%
(4) Startup Supply: 1.2 million MTRG
(5) Startup Sale Goal: 600,000 USDT
(6) Startup Price: 1 MTRG = 0.5 USDT
Users can participate in this Startup campaign and buy MTRG with GT.
Since GT is already listed on Gate.io and trading, the market price of GT will vary. Therefore, the Price of GT, in relation to the Startup projects, will be calculated within the 3 hours before the sale. The calculation rule is as follows: A specific time stamp within 3 hours before the sale will be randomly selected. A 72-hour average value of GT-USDT on Gate.io before the chosen timestamp would be calculated and referenced as the Startup Price.
(8) Token Lock-up & Release:
- Team and Equity Investors (75%): 4-year, semi-annual release
- Foundation Operations (12.25 %): Only used when needed
- Marketing/Community (7.5%): Only used when needed
- Startup (3%): Immediate release
- Market Liquidity Fund (1.00%): Immediate release
- Other public sales (1.25%): Immediate release
2. MTRG Startup Sale Rules
(1) Duration: 4:00 - 6:00 AM GMT, July 15th
(2) To participate in Startup Sale, users will need to be VIP1 and above.
(3) The price and the number of Startup Sale orders will be set 3 hours before the sale, based on the market price of GT/USDT within the 3 hours. Each order is worth $100 - $200, users can place one or a few orders according to the individual purchase limit.
(4) Purchase limit: The individual purchase limit will be calculated based on the average holdings of GT (including the asset in Lending/Borrowing Market, and the GT bought with USDT borrowed from Margin Trading; however, GT borrowed from Margin Trading is not included) 14 days before the sale. Users with no GT holdings cannot participate in the sale. Participants can have a higher purchase limit with more GT holdings. Below is a chart that shows the purchase limit based on different amounts of GT holdings.
E.g., User X is VIP1 (monthly total trading volume ≥ 3BTC). He or she has never held GT, but purchases 14,000 GT the day before the Startup Sale. Therefore, user X’s average 14-day GT balance is 14000 GT/ 14 days= 1000 GT. Thus, user X has met the requirements of holding GT (tier 1) and being a VIP user. User X can place up to 10 orders in the Startup Sale.
(5) Users can place orders using GT.
(6) Users can place orders from 4:00 AM GMT to - 6:00 AM GMT, July 15th. Orders placed by qualified users within these 2 hours will be treated equally.
(7) Users need to ensure that there is sufficient balance (exceeding the purchase value) in accounts for the purchase after placing the orders. An insufficient balance will result in the cancellation of the purchase order.
(8) Each type of currency can only purchase once with each KYC account.
(9) After 6:00 AM GMT, we will collect all the qualified orders and distribute the tokens according to the ratio of the individual purchase orders to the purchase orders in total. The final result will be announced two hours later at 8:00 AM GMT on July 15th.
The distribution calculation rules are as follow:
F (distribution ratio) = MTRG supply limit ÷ total MTRG purchase orders
P (individual MTRG purchase orders) = F × qualified individual orders
M (payment amount in GT) = P × Startup Sale Price
E.g. The MTRG supply limit is 100 million. The purchased MTRG orders are 200 million. User X has placed 100,000 MTRG orders.
F (distribution ratio) = 100,000,000 ÷ 200,000,000 =0.5
P (individual MTRG purchase orders) = 0.5 × 100,000 = 50,000
M (payment amount in GT) = 50,000 × Startup Price
If the project cannot fulfill its fund-raising goal within the given time, users will get refunded, and the project will not get listed.
3. The New Gate.io Startup Project Exchange Listing Rules
Once the Startup project fulfills its fundraising goal, Gate.io will enable the trading service of the project. To decrease any amount of volatility during the initial trading stage, we will apply the Call Auction Mechanism. The rules are as follows:
(1) During the call auction, traders can place orders freely, but the orders will not be active immediately. The real-time reference trading price will be presented and calculated based on the Call-order price from the largest amount of trades created. During this period, the order book and the candlestick chart will show the related price range and the market movement based on the real-time reference.
(2) During the first stage of call auction, traders are allowed to place orders and cancel orders freely.
(3) To avoid market manipulation, during the second stage of call auction, orders can be placed freely by the traders, but order cancellations are prohibited.
(4) When the call auction is finished, users will not be able to place or cancel any orders. They will collect all the data and match the orders. Buy orders with prices higher than the reference price and sell orders with prices lower than the reference price will be matched and e xecuted (a portion of the orders with a higher routed price may not be matched). The remaining orders will go to the order book of the next trading stage automatically.
(5) After the call auction data collection, the s ystem will enable trading activities.
For more details on the new Gate.io Startup Sale Participation Rules and Startup Project Exchange Listing Rules, please see our previous announcement.
(1) Countries not supported: Afghanistan, Albania, Belarus, Bosnia and Herzegovina, Burundi, Burma, Canada, China, Democratic Republic of Congo, Cuba, Ethiopia, Guinea-Bissau, Guinea, Iran, Iraq, Japan, Liberia, Lebanon, Libya, Macedonia, Malaysia, New Zealand, Serbia, Sri Lanka, Sudan, Somalia, Syria, Thailand, Trinidad and Tobago, Tunisia, Uganda, Ukraine, United States of America, Venezuela, Yemen, Zimbabwe.
For users from other countries, please check and make sure your participation in the token sale on Startup complies with local laws and regulations.
(2) Risk Warning:
- The start-up project is still in its initial stage, factors including the operation and underlying technology of the project, and other related regulatory activities might contribute to significant risks.
- Advanced technical and financial knowledge is required to understand, and e valuate the inherent risks of crypto-asset investment.
- The market volatility is high, and the price of a token might fluctuate drastically due to technical, regulatory, and marketing factors.
- Users may not be able to withdraw all the purchased tokens due to technical issues of the project or Gate.io.
(3) Requirements for participants
- The participant should register on Gate.io and Log in;
- After logging in, complete user identity verification;
- Deposit a certain amount of cryptocurrencies in your gate.io account;
- Sign the Purchase Agreement on Startup before placing orders.
We sincerely appreciate your continuous support. Stay tuned for more innovative products from Gate.io!
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July 2, 2019