The New Gate.io Startup Sale Participation Rules and Startup Project Exchange Listing Rules Overview
Gate.io launched Startup, a platform that provides users with access to innovative projects. Traders now have more opportunities to make early investments.
Most of these blockchain projects are still in their initial development stage. Therefore, we have a strict review s ystem for project selection, with which we e valuate projects in two steps.
First, we e valuate the practicality of the project, the founding team and compare it with other projects, to see whether the project is likely to develop healthily and steadily.
Second, we then leave the decision up to our users: you get to decide whether the project should be listed on the exchange. The project needs to fulfill its Startup fundraising goal within two hours to be listed on Gate.io.
To better develop Gate.io Startup and present more projects with potential, and to avoid situations where users tend to invest without further investigating the projects, we are now introducing new requirements for Startup projects and Startup Sale participants.
1) Projects will be listed on the Startup page for a longer period of time, enabling users to further research projects.
2) To participate in Startup Sale, users will need to be VIP (VIP1 and above).
3) The individual purchase limit will be calculated based on the average holdings of GT (including the asset in Lending/Borrowing Market, however, asset borrowed from Margin Trading is not included) 14 days prior to the sale. Users with no GT holdings cannot participate or allowed with the minimum purchase limit according to the projects. Participants can have a higher purchase limit with more GT holdings. Please see the upcoming Startup Sale announcement for more details.
4) To ensure fair and reasonable pricing and to protect users' interests when the Startup projects are listed on the exchange, projects are required to lock-up a certain amount of GT as a cautionary deposit. If the market price of the token (the average price is calculated every hour in a random 48-hour period in USDT) becomes lower than the Startup price (in USDT) for a certain period, the GT deposit locked-up will be burned accordingly. To avoid market manipulation, we will not announce the amount of GT locked-up and the period. However, the above requirements will be stated in the agreement with Startup projects and will accept possible third-party auditing.
5) For projects that are only aiming for Startup launch or Push Transfer (not to be listed on the exchange), the above requirements will be adjusted accordingly.
In the meantime, to decrease 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 order 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 also show the information about 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 orders cancellation are prohibited.
4) When the call auction is finished, users will not be able to place or cancel any orders. The 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.
We sincerely appreciate your continuous support. Stay tuned for more innovative products from Gate.io!
Gate.io is a trading platform that does not charge listing fee, only launches quality projects, and provides users with a 100% guarantee and instant deposit-withdrawal services.
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Gate.io New Features:
Spot Trading on Gate.io (200+ tokens):https://www.gate.io/trade/BTC_USDT
Margin Trading on Gate.io (Long or Short):https://www.gate.io/margin_trade/BTC_USDT
Perpetual Contract Trading:https://www.gate.io/futures_trade/BTC_USD
Lending on Gate.io (secure and stable, high annual return):https://www.gate.io/margin/lend/USDT
C2C Trading on Gate.io:https://www.gate.io/c2c/usdt_cny
Download Gate.io APP:https://www.gate.io/mobileapp
Download Wallet.io (ALL in ONE):https://www.wallet.io/
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May 15, 2019
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