Announcement on Gate.io Web3 Startup Initial Token Project Picasso Network(PICA) and Rules of Participation in Lottery for Free (Win and Share 171,428 PICA)

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Announcements Announcement on Gate.io Web3 Startup Initial Token Project Picasso Network(PICA) and Rules of Participation in Lottery for Free (Win and Share 171,428 PICA)

Announcement on Gate.io Web3 Startup Initial Token Project Picasso Network(PICA) and Rules of Participation in Lottery for Free (Win and Share 171,428 PICA)

2023-11-06 02:35:31 UTC 13666 Read

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To provide feedback on users’ support for the platform, Gate.io officially launched the “Gate Web3 Startup” on July 3, 2023, and occasionally conducts airdrop plans for blockchain projects. Gate Web3 Wallet users can receive tokens or NFT airdrop benefits by participating in the Web3 Startup.

The project will obtain quota allocation airdrop rewards through lottery, and users can participate for free to share 171,428 PICA. This time, you only need to make sure your EVM-chain assets is more than 100 USD equivalent amount. The higher the current wallet assets, the greater the probability of obtaining an airdrop!

## I. What is Gate Web3 Startup？
Gate Web3 Startup is a Web3 innovation project issuance platform. Users can easily participate in the Startup by connecting to the Gate Web3 Wallet and holding a designated amount of funds, receiving free tokens or NFT airdrops.

## II. How to Participate?
Web:
Go to the Gate Web3 Startup interface
Connect the wallet (if you do not already have the Gate Web3 Wallet, you can download and install the Chrome Extension first and then create the Gate Web3 Wallet)
Click on the Web3 homepage navigation bar ‘Launch’ - ‘Startup’
Select the project icon in the “In Progress” section, click to jump to the details page, and click to participate in subscription.
![](https://gimg2.gateimg.com/image/article/1692090689VLeZAdIY_VzhSAwhY7nGJRxNBmzut0mHry9kC_C0Ibz7n4K9N3gg1To8YbaWNS_qy4wqsAOFueIOKwJZ5-Ea59rIUI6sGBzQAzQmTsZNjAPVN8YEzuhR1HLGKUVA.png)

APP:
Download/update the Gate.io App (version 5.5.0 and above)
Go to the App homepage and switch to Web3 wallet
Create or import the Gate Web3 Wallet
Click on the Web3 homepage ‘Launch’
Select the project icon in the “In Progress” section, click to jump to the details page, and participate
(Reminder: After transferring to the wallet, it takes approximately 5-10 minutes for on-chain asset confirmation)
![](https://gimg2.gateimg.com/image/article/16920934702.jpg)

## III. What is the Current Project of Gate Web3 Startup?
The current Gate Web3 Startup will be launched for Picasso Network(PICA) subscription, which is free and will not deduct user participation funds after completion

Introduction to the Selection Area of the Startup Project
Picasso Network(PICA) Project Introduction:
Picasso is the network powering cross-ecosystem IBC. Picasso’s native token, PICA, has been designed and deployed to serve as a unified network token supporting multiple L1 blockchains. Currently, PICA is powering both a Cosmos chain (Composable Cosmos Chain) and a Kusama parachain (Picasso). Picasso (PICA) currently powers cross-ecosystem IBC transfer activity between the Polkadot, Kusama, and Cosmos ecosystems, with other ecosystems including Ethereum and Solana soon to be connected.

Project details at: https://www.gate.io/web3/startup/948

Basic information of Picasso Network(PICA) project: (According to the official information disclosure of Picasso Network(PICA) , please refer to the official website of Picasso Network(PICA) for details)

Token Information
Token Name: Picasso
Token Symbol: PICA
Max Supply：10,000,000,000
Mainnet explorer: https://picasso.subscan.io/ 
Contract: N/A（Mainnet）
Token distribution ratio and unlocking rules: 
Team: 13.65% supply , 6-month cliff + 2-year linear
Partners & Advisors: 6.35% supply, 6-month cliff + 2-year linear
Treasury: 18% supply,  ‘soft-locked’; to be used only under direction of governance vote
Crowdloan: 30% supply, 50% TGE + 48-week linear
Eco Incentives: 10% supply, ‘soft-locked’; to be used under direction governance for activities such as collator & oracle operators, infrastructure rewards (collator staking), market making agreements, exchange listings, grants, and marketing initiatives
Series A: 7% supply, 3-month cliff + 2 year linear
Liquidity Programs: 15%, ‘soft-locked’; to be used under direction governance for activities such as initial seeding of liquidity pools, and liquidity incentives for LP’s

Website: https://picasso.xyz/ 
WhitePaper ：https://docs.composable.finance/parachains/picasso-parachain-overview

## IV. Picasso Network(PICA) Subscription Rules:
(1) Duration: 01:00 am 8th, November, 2023 - 01:00 am 13th, November, 2023 (UTC)(Orders placed by qualified users within these 24 hours will be treated equally.)
(2) Trading Starts Time: 13th, November, 2023 UTC 04:00 AM
Trading Pairs: NAKA/USDT
(3) Price: 0 USDT
(4)Startup Supply : 171,428 PICA
(5) Unlock rule: 100% unlock.
(6) Participation conditions: Gate Web3 Wallet EVM chain assets need to be no less than $100 to participate in subscription
(7) Purchase limit: Users can only claim it once. The higher the amount of EVM chain funds in the Gate Web3 Wallet, the higher the chance of getting it.

## V. Gate.io Labs Private Sale Participating Disclosure
Gate.io Labs hasn’t participated in the Picasso Network(PICA) investment.

## VI. Web3 Startup Related Instructions (if there are any changes, the subsequent announcement shall prevail)
(1) Participation conditions: Gate Web3 wallet EVM chain asset balance ≥ 100 USD equivalent assets in order to participate in the subscription; the higher the wallet asset balance, the higher the chance of getting it. (EVM chain includes: GateChain, Ethereum, BNB Chain, Arbitrum, Polygon, Optimism, Avalanche, etc.)
(2) Purchase limit: Users can only subscribe once; the higher the amount of Gate Web3 wallet EVM chain funds, the higher the chance of getting it.
(3) Adequate amount: Before completing the distribution, users must ensure a sufficient amount of no less than $100 in the Gate Web3 Wallet; Insufficient amounts will automatically be excluded from valid orders.
(4) Result announcement: After the end of the day’s subscription, the system will count all eligible subscription orders and extract quota based on probability. The higher the wallet funds, the higher the probability of being drawn. The airdrop token/NFT will be directly distributed to the user’s participating wallet address, and winning users can view the received airdrop rewards in the Gate Web3 Wallet or trading history.

## VII. Other Precautions
(1) Risk reminder
·The Startup project is a blockchain start-up project that is still in its early stages, and there may be significant risks in the project’s operation, underlying technology, legal and regulatory environment, etc.
·Understanding blockchain startups and evaluating their inherent risks requires advanced technical and financial knowledge.
·Due to the influence of technology, laws and regulations, market, and other factors, the prices of the projects you participate in may fluctuate sharply, and the prices may significantly decrease or increase.
·Due to the underlying technology of the project or the Gate.io trading platform, the project you are participating in may not be able to fully or partially withdraw cash.
·Virtual coin or NFT projects have high risks. Virtual coin or NFT prices have high volatility. The project teams have not set up a deposit and do not provide any price commitment or breach guarantee. Please be sure to participate in situations where you fully understand the risks and can bear them. The platform strongly reminds you of the risks, but cannot assume any responsibility for investment behavior such as guarantee and compensation.
·Users in the UK and other Restricted Locations cannot participate in this event (please see the User Agreement for further details on Restricted Locations).

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Gate.io Team
November 6, 2023

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