According to IPFS Filecoin official, Filecoin mainnet is going to launch at Epoch 148888. Based on the current block time, the estimated date is around October 15th,14:45 UTC. Following the mainnet launch, Filecoin 6 month (IOU) (FIL6) will be unlocked linearly, at a rate of 0.55% per day, unlocked fully in 180 days (there is still a possibility that new proposals may make changes on the release scheme in the future).

Gate will swap about 0.55% FIL6 tokens to FIL mainnet tokens based on the FIL6 release schedule (we may increase the ratio if the onchain release ratio increases). If a user’s ’FIL6 balance is insufficient during the swap on a given day (e.g. due to FIL6 asset locked in open orders), the swap on that day is skipped.

To make sure that our users can participate in FIL trading at the earliest time possible, we will make the first-day release in advance, around October 15th, 5:00-8:00 AM UTC (Trading commence at 8:00 UTC, but our users can place bids and asks in advance). If you wish to get your FIL6 swapped to mainnet FIL tokens early, please keep sufficient FIL 6 balance in your account (balance should not be locked in open orders or lending orders).

According to our estimation, 13000 FIL will be released the first day on Gate. Please note, those FIL will be available for withdrawal once withdrawals are enabled following the mainnet launch. FIL deposits are now enabled. Initially, the amount of circulating FIL will be very low., but as more are released on a daily basis, FIL circulation on Gate will quickly increase, imposing pressure on the price. Please pay close attention to price changes and trade with caution.

Deposit FIL at: https://www.gate.com/myaccount/deposit/FIL

Trade FIL at: https://www.gate.com/trade/FIL_USDT

Risk Warning Regarding the Overall FIL Mainnet Release

FIL mainnet tokens entering circulation are mainly from unlocked tokens allocated to the FIL team and early investors, as well as miners’ rewards. According to the current release schedule, 50 million FIL will be released over the course of 3 months, and over 0.1 billion to be released over 6 months (the numbers stated are based on our estimations, which may vary from the actual release). At its early stage, FIL circulating supply will be limited but will quickly increase. The limited supply and high demand may drive the price too high and the increasing supply later may pose increasing pressure on to the market price.

Furthermore, there currently are several FIP proposals in discussion, e.g. FIP003, proposing to increase the initial release ratio for miner's’ rewards. The proposal is still under discussion and has not been approved yet. However, proposals can impact circulation and affect FIL’s price. Please keep an eye on such changes.

Learn more about Filecoin proposals at https://github.com/filecoin-project/FIPs/tree/master/FIPS

About IPFS 6-month (IOU) on Gate

The FIL 6month (IOU) tokens, FIL6, traded on Gate were transferred in by willing users of Renrenico in 2017, which has the shortest vesting period among all the FIL tokens publicly offered to investors by IPFS. The current circulating supply at Gate is 2.4 million tokens. Since 2017, Gate has been supporting FIL trading for 3 years. It is now the largest FIL exchange in the world. We hereby make it clear that Gate has never had any partnership with any mining services.

Gate is an established exchange that holds integrity, transparency, and fairness to a very high standard. We charge zero listing fees and only choose quality and promising projects. Our exchange consists only of 100% real trading volume. Thanks to everyone who has joined us in our journey. We always intend to improve and innovate to reward our users for their continuous support.

Gate Team
October 15th, 2020

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