Gate 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 Startup will launch its next project with FARMLAND on December 22rd, 2020 at 4:00 AM UTC.
Startup Link: https://www.gate.com/startup
- Introduction to FARMLAND
Project Introduction：Farmland Protocol is a platform with Proof of
Stake consensus, built on top of various cross-chain protocols, for
yield farming, lending and other DeFi purposes. Farmland integrates with
the most popular cross-chain protocols, and develops Farmland’s new
cross-chain and governance tools, which mint cross-chain assets like
farmBTC, farmEOS, etc.
Click here to check out more: https://www.gate.com/startup/58
2.Token Information
（1） Token name：Farmland Finance
（2） Token symbol：FAR
（3） Max supply ：60,000,000
（4） Token allocation：15% Token Sale; 15% unlocked in 4 years, first
part 1 year after listing; 25% for eco; 25% marketing and partners; 20%
liquidity farming and staking rewards.
（5） Token use case：Toke sale first round: 2 million at 0.3 USD in Sep 2020; second round: 0.8 million at 0.5 USD in Oct 2020.
Since GT is already listed on Gate 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 before the chosen timestamp would be calculated and
referenced as the Startup Price.
- FARMLAND Startup Sale Rules
(1) Duration: 4:00 - 6:00 AM GMT, December 22th
(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 shows the
purchase limit based on different amount of GT holdings (It's been
updated).
Maximum orders (it does not equal to actual orders
placed) =average 14-day GT balance (take an integer value)/ 200. The
purchase limit is 1,500 orders.
E.g. User X is VIP1 (monthly
total trading volume ≥ 3BTC, GT holdings ≥ 40 ). 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 14,000 GT/ 14 days=
1,000 GT, so the maximum orders =1,000 / 200= 5, and User X meets the
requirement of being a VIP user. User X can place up to 5 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, December
22rd. 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 October 9th.
The distribution calculation rules are as follow:
F (distribution ratio) = FARMLAND supply limit ÷ total FARMLAND purchase orders
P (individual FARMLAND purchase orders) = F × qualified individual orders
M (payment amount in GT) = P × Startup Sale Price
E.g. The FARMLAND supply limit is 100 million. The purchased FARMLAND
orders are 200 million. User X has placed 100,000 FARMLAND orders.
Thus:
F (distribution ratio) = 100,000,000 ÷ 200,000,000 =0.5
P (individual FARMLAND 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.
- The New Gate Startup Project Exchange Listing Rules
Once the Startup project fulfills its fundraising goal, Gate 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 Startup Sale Participation Rules
and Startup Project Exchange Listing Rules, please see our previous
announcement.
- Attention
(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.
(3) Requirements for participants
- The participant should register on Gate 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!
Gate is a trading platform that does not charge listing fees, only
launches quality projects, and provides users with 100% guaranteed and
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Dec 22, 2020
