Question 1

What is NextUp?

Accepted Answer

NextUp is a limited-time feature launched by Gate US. By adding eligible cryptocurrencies, users can participate in events to explore new projects and earn additional token rewards. You don't need to trade or lend your existing holdings. At the end of the event, your assets will automatically return to your available balance.

Question 2

Are rewards subject to taxes?

Accepted Answer

Yes. Cryptocurrency rewards are generally considered taxable events and may need to be reported as ordinary income. Rewards are valued at their fair market value on the date they are distributed. Please consult your tax advisor for personal guidance.

Question 3

Are there minimum or maximum participation limits?

Accepted Answer

Yes. Each event may set different minimum or maximum thresholds. Minimum amounts are generally low to encourage broad participation, while maximum limits are used to ensure fairness and balanced reward distribution. Unless otherwise stated, minimum thresholds may be met by committing one or a combination of participating asset types.

Question 4

If I exit early, can I still receive rewards?

Accepted Answer

Yes. You will receive the rewards accumulated during your participation. However, after you withdraw your committed assets, you will no longer earn new rewards on those assets. After you withdraw your committed assets, you may return and recommit your assets to participate in the event as often as you would like during the event period; however, you will only accumulate rewards during the period(s) for which you are actively participating in the event with assets committed. Accumulated rewards will be settled after the given event ends.

Question 5

Which assets can I use in NextUp?

Accepted Answer

Each event lists eligible cryptocurrencies. Typically, at least three assets are offered for participation, and one of them may be the same as the reward token.

Question 6

Can I withdraw my assets at any time?

Accepted Answer

Yes. You can withdraw your assets at any time during the event. Assets will return instantly to your available balance, with no lock-up period.

Question 7

Is there any risk in using NextUp?

Accepted Answer

Compared to simply holding cryptocurrency, participating in NextUp does not add extra custodial or lending risks. The assets that you commit to NextUp will not be lent out or used for any trading activities, and you can decommit or withdraw your assets from NextUp at any time with no lock-up periods. Please note, however, that due to market price fluctuations, the value of both the reward tokens and the committed assets may change during the event.

Question 8

What are the rewards for participating in NextUp?

Accepted Answer

Each NextUp event has a reward pool provided by the event organizer or partners. Rewards are usually distributed in the form of new tokens and allocated based on each user's share of contributed assets. The type and amount of rewards vary depending on the event.

Question 9

Are there any fees for using NextUp?

Accepted Answer

No. Joining, participating, earning rewards, and exiting NextUp events are all free of charge.

Question 10

Who can use NextUp?

Accepted Answer

Gate US users who have completed KYC (identity verification) and reside in supported regions can participate.

Question 11

When are NextUp rewards distributed?

Accepted Answer

The rewards will be fully settled to your account after the event ends.

NextUp

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