Gate.io Launches Single Listing Vote #3 – Compound
Gate.io is a trading platform that does not charge listing fees, only launches quality projects, and provides users with a variety of blockchain assets trading services. To involve a higher amount of users in the process of expanding our list of coins, Gate.io has implemented a new feature called "single listing vote," offering even more opportunities to launch high-quality projects.
In each single listing vote, participants can vote for the project. In this single listing vote, the tokens of the project will be listed on Gate.io. All voters, have a chance to win an airdrop of the project token according to the ratio of the votes they contributed to the number of votes in total.
1. Duration: GMT 04:00 June 24, 2020 – GMT 04:00 June 25, 2020
2. Airdrop Amount:
Once Compound gets 10 million votes, the trading service of COMP will be available on Gate.io. Each voter has a chance of sharing 50 COMP airdrop as per the Single Listing Vote Scheme.
Introduction to Compound
1. Project Introduction
Compound is a decentralized creating a safe positive-yield approach to storing assets. Compound is a protocol on the Ethereum blockchain that establishes money markets, which are pools of assets with algorithmically derived interest rates, based on the supply and demand for the asset. Suppliers (and borrowers) of an asset interact directly with the protocol, earning (and paying) a floating interest rate, without having to negotiate terms such as maturity, interest rate, or collateral with a peer or counterparty. Each money market is unique to an Ethereum asset, and contains a transparent and publicly-inspectable ledger, with a record of all transactions and historical interest rates.
Official website: https://compound.finance/
Link to Whitepaper:
2. Token information
COMP is a Compound governance token. COMP is an ERC-20 token that allows the owner to delegate voting rights to any address, including their own address. Changes to the owner’s token balance automatically adjust the voting rights of the delegate.
(1) Token Symbol: COMP
(2) Total Supply: 10,000,000
(3) Token Release:
42.3% user reservation - 4,22,949 COMP will be placed into a Reservoir contract, which transfers 0.50 COMP per Ethereum block (~2,880 per day) into the protocol for distribution.
*Please note that the token was released on June 15th, 2020 with a small circulation for the time being. Consequently, the initial inflation rate may be relatively high at an early phase. Please proceed cautiously when making any investments, according to your own risk tolerance.
(4) Current Circulation Supply: 24,547 (User reservation circulation, as of June 23, 2020)
(5) Token allocation
Founders & team: 22.26% (4-year vesting);
Future team members: 3.73%;
Users reservation: 42.3%;
Community reservation to advance governance: 7.75%;
3.Deposit COMP at: https://www.gate.io/myaccount/deposit/COMP
Single Listing Vote Scheme
1.Participants: all the GT holders on Gate.io 1 GT=1 vote
2.Vote allocation: For every participant, their vote equals the average 14-day GT holding including assets in Lending/Borrowing Market, and the GT bought with USDT borrowed from Margin Trading, however, GT borrowed from Margin Trading is not allowed. The user’s votes will be calculated based on the average 14-day GT holding within two hours after the listing vote. Thus, please don’t make any changes to your GT holding before the counting of the votes.
For example, Bob is a new GT holder, and he buys and holds 14000GT one day before the sale. Therefore, his average 14-day GT holding will be 1000GT 14000GT/14 days, and he will have 1000 votes.
3. Every real-name participant can vote with his GT for the project.
4. In this listing vote, when the project gets 10 million votes, the tokens will be listed.
5. After the listing vote, all voters will be rewarded with an airdrop of the tokens. Meanwhile, the time for trading, withdrawal, and deposit of the tokens will be released.
6.The return of GT and holding requirements: after the listing vote, the voter’s GT will be returned to his account. The GT holding of the voter should be higher than the number of his votes within two hours after the activity. Otherwise, the number of the votes will be counted based on the real-time GT holding when the vote counting begins.
7.Rewards in the Listing Vote:
（1）After the project receives 10 million votes, the token will be airdropped. All voters will win the token. The airdrop of the token will be ratioed according to how many votes of the voter account for the votes in total.
（1） Cheating: Gate.io will cancel the votes of an account if any cheating is detected or reported by other users and confirmed. The account will no longer be qualified for the listing vote if more than three cheating records have been registered.
Gate.io reserves the final right to interpret this activity.
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June 24, 2020
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