Announcement on the Completion of SWELL Pre-Market Settlement and PreToken Distribution

Gate has completed the SWELL PreToken minting order settlement on November 7th at 15:30 (UTC), and the actual SWELL distribution & staked asset settlement were finalized at 16:00 (UTC) on the same day.

Based on the settlement results, SWELL tokens deposited by users for minting have been deducted, and the staked assets have been returned. A total of 4,107,356.23 actual SWELL tokens, along with the 6,434.89032 USDT defaulted staked assets from users who failed to complete the settlement on time, have been distributed to users who held SWELL PreToken at the time of the snapshot.

Please visit the “Assets” section and click on “Bills” in the top right corner to view the details of the PreMint settlement statement under “PreMint Settlement Token” and “Staked Assets Settlement.”

Details of SWELL Pre-Market Settlement:
Total SWELL Minted: 4,155,925.12 SWELL
Total Staking Amount: 428,741.495374 USDT
Total SWELL Delivered by Minting Users: 4,107,356.23 SWELL
Returned Staking Deposits in USDT: 422,306.605054 USDT
Remaining Defaulted Staking Assets in USDT: 6,434.89032 USDT

Example:
If User A held 1,000 SWELL at the snapshot, the distribution ratio for User A would be calculated as follows:
Distribution Ratio = SWELL Snapshot Amount / Total SWELL Minted = 1,000 / 4,155,925.12
The amount of SWELL User A is expected to receive is:
SWELL Amount = Distribution Ratio × Total SWELL Delivered = (1,000 / 4,155,925.12) × 4,107,356.23 = 988.313 SWELL
The amount of USDT User A is expected to receive is:
USDT Amount = Distribution Ratio × Defaulted Staked Assets = (1,000 / 4,155,925.12) × 6,434.89032 USDT = 1.548 USDT

For guides and FAQs on Gate PreMint participation, please visit: https://www.gate.com/help/guide/faq/38245

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Gate Team
Nov 8th, 2024