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Gate.io launches Startup Discount Offer with LEO and enables Trading Service

2019-06-09 14:05:49Read:255006

Startup Discount Offer with LEO

Gate.io has launched Startup Discount Offer, a platform that aims to present projects with potential that are already listed on other exchanges.

To thank our users and to provide a fast track for project listing, we will offer Startup token sales with a discount on the platform. Through Gate.io Startup Discount Offers, selected projects will provide detailed information to users so that they can have more opportunities for investments.

Trading services will be enabled once the project fulfills its fundraising goal. Please note that to participate in the Startup Sale, users will need to be a VIP. Participants with GT holdings have a higher purchasing limit. Please refer to the detailed rules before purchasing.

Gate.io Launches Startup Discount Offer with LEO on June 12
Startup Link: https://www.gate.io/startup

LEO Trading Service

The LEO trading service will be enabled at UTC 8:00, June 12th. Please note that the issuance price of LEO is 1 LEO= 1USDT, and the current market price is about 1 LEO= 1.7 USDT. The price of token has increased largely in a short period, the costs of investment could thus be higher. Please be aware of the market risks.

Deposit LEO at:
https://www.gate.io/myaccount/deposit/LEO

Trade LEO at:
https://www.gate.io/trade/LEO_USDT

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 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 also show the information about the related price range and the market movement based on the real-time reference (please note that the presented price is not the real trading price).

2) During UTC 8:00 - 8:15 (15 minutes in total), which is the first stage of call auction, traders are allowed to place orders and cancel orders freely.

3) During UTC 8:15 - 8:30 (15 minutes in total), which is 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. From UTC 8:30-8:35 (5 minutes in total), the sys. 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, we will enable trading activities.

6) The call auction is for Web only. Mobile users can initiate regular tradings after the call auction at UTC 8:35.

1.Introduction to LEO

1. Introduction: LEO is a token issued by one of the global top exchanges Bitfinex. It is a significant component of the iFinex eco.

2. Click here to check out more:https://www.gate.io/startup/15

3. LEO Project Overview:
(1) Token Symbol: LEO
(2) Total Supply: 1,000,000,000
(3) Initial Circulation Supply: 100%
(4) (Private Sale): 1 LEO=1 USDT
(6) Startup Goal: 120,000 USDT
(7) Startup Total Supply: 118659 LEO
(8) Price: will be set 3 hours prior to the sale

Please note that Startup price is calculated based on the average of the closing price on 6, 7 and 8 of June (1.6855 USD/LEO). The sale will be offering discounts. Because the market price of GT is variable, the price of GT in relation to the Startup projects will be calculated 3 hours prior to the sale. The calculation rule is as follows: A specific time stamp within 3 hours before the start of sale will be randomly chosen. Then, a 72 hours average value of GT-USDT on Gate.io before the chosen time stamp will be calculated and referenced as the Startup Price.

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.

2.LEO Startup Sale Rules

(1) Start Time: June 12, UTC 4:00 - 6:00
(2) To participate in Startup Sale, users will need to be VIP2 and above.
(3) The price and the number of orders of Startup Sale will be set 3 hours prior to the sale, based on the market price of GT/USDT within the 3-hour period. Each order is worth $100 - $200 USD, 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 prior to the sale. Users with no GT holdings cannot participate in the sale. Participants can have a higher purchase limit with more GT holdings. Below is chart that shows the purchase limit based on different amount of GT holdings.


E.g. User X is VIP2 (monthly total trading volume ≥ 6BTC). 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 14000 GT/ 14 days= 1000 GT. Thus, user X has met the requirements of holding GT (tier 4) and being a VIP user. User X can place up to 20 orders in the Startup Sale.

(5) Users can place orders using GT.
(6) Users can place orders from UTC 4:00 to UTC 6:00. Order placed by qualified users within these 2 hours will be treated equally.
(7) Users need to ensure 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 KYC account can only purchase once. (9) After UTC 6:00, we will collect all the qualified orders and distribute the tokens according to the individual purchased orders: total purchased orders ratio. The final result will be announced at UTC 8:00 that day.
The distribution calculation rules are as follow:

F (distribution ratio) = Daily LEO supply limit ÷ Total LEO supply limit
P (actual individual purchased LEO) = F × qualified individual orders
M (actual payment amount) = Startup Sale Price × P

E.g. LEO daily supply limit is 100 million. The ordered LEO is 200 million. User X has placed an order to purchase 100,000 LEO.

Thus:
F (distribution ratio) = 100,000,000 ÷ 200,000,000 =0.5
P (actual individual purchased LEO) = 0.5 × 100,000 = 50,000
M (actual payment amount in GT) = 50,000 × Startup Price in GT

If the project cannot fulfill its fund-raising goal within the given time, users will get refunded and the project will be delisted.

To ensure fair and reasonable pricing and to protect users' interests when the LEO are listed on the exchange. 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.

3. The New Gate.io Startup Project Exchange Listing Rules
Once the Startup project fulfills its fundraising goal, Gate.io will enable the trading service of the project. 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.

For more detail of the new Gate.io Startup Sale Participation Rules and Startup Project Exchange Listing Rules, please see our previous announcement.

4. 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 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 significant risks.
- Advanced technical and financial knowledge is required to understand and e valuate the inherent risks of crypto-asset investment.
- The volatility of market is high, and the price of token might fluctuate drastically due to technical, regulatory and marketing factors etc.
- Users may not be able to withdraw all the purchased tokens due to technical issues of the project or Gate.io.

(3) Requirements for participants
- Participant should register on Gate.io and Log in;
- After logging in, complete user identity verification;
- Deposit a certain amount of cryptocurrencies in 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.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.
Get 30% trading fee in the affiliate program at https://www.gate.io/myaccount/myreferrals

Gate.io New Features:
Spot Trading on Gate.io (200+ tokens):https://www.gate.io/trade/BTC_USDT
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Perpetual Contract Trading:https://www.gate.io/futures_trade/BTC_USD
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Gate.io
June 9, 2019