Gate.io Launches Startup Project with WooTrade
Gate.io has launched Startup, a platform that aims to provide users with access to innovative and advanced projects. Traders now have more opportunities to make an initial investment. Trading services of the connected token or coin will be enabled once the Startup project fulfills its fundraising goal.
Gate.io Startup will launch its next project with WooTrade on October 29th, 2020 at 5:00 AM GMT.
Startup Link: https://www.gate.io/startup
1. Introduction to WooTrade
Wootrade is incubated by the top quantitative fund Kronos Research, which aims to solve the pain points of the diversified liquidity of the cryptocurrency market, and provides sufficient trading depth for users such as exchanges, wallets, and trading institutions with zero fees. At present, Wootrade products have been in operation for nearly one year and have been upgraded to version 2.0. There are more than 10 exchanges and trading institutions connected, including Gate.io, hoo.com, MXC, Oneboat Capital, Genesis Block, etc. A total of over 65,000 end users have used its trading depth through the exchanges cooperating with Wootrade.
Click here to check out more: https://www.gate.io/startup/57
（1） Token name: Wootrade Network
（2） Token symbol: WOO
（3） Max supply: 3,000,000,000
（4）Circulating supply on exchanges: 73,500,000
（5） Pirce of token: 0.03 USDT
（6）Startup Sale supply：6,666,666.66666
（11）Startup Fundraising goal：200,000 usdt
（10） Inflation rules : no inflation
（11） Number of token in locked position and the locking mechanism
Seed investors will be released linearly within 24 months;
6 months linear release for private sale investors;
The team, consultants and equity investors will be released linearly within 48 months;
（12） token allocation
Token sale: 20%
Liquidity management: 5%
（13） token use case
Wootrade has established a partnership with the world’s leading quantitative team, using the native token WOO to achieve a mutually beneficial positive incentive relationship between traders, exchanges, market makers and investors.
Since GT is already listed on Gate.io and trading, the market price of GT will vary. Therefore, the Price of GT, in relation to the Startup projects, will be calculated within the 3 hours before the sale. The calculation rule is as follows: A specific time stamp within 3 hours before the sale will be randomly selected. A 72-hour average value of GT-USDT on Gate.io before the chosen timestamp would be calculated and referenced as the Startup Price.
2. WooTrade Startup Sale Rules
(1) Duration: 5:00–7:00 AM GMT, October 29th
(2) To participate in Startup Sale, users will need to be VIP1 and above.
(3) The price and the number of Startup Sale orders will be set 3 hours before the sale, based on the market price of GT/USDT within the 3 hours. Each order is worth $100 — $200, 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 before the sale. Users with no GT holdings cannot participate in the sale. Participants can have a higher purchase limit with more GT holdings. Below shows the purchase limit based on different amount of GT holdings (It’s been updated).
Maximum orders (it does not equal to actual orders placed) =average 14-day GT balance (take an integer value)/ 200. The purchase limit is 1,500 orders.
E.g. User X is VIP1 (monthly total trading volume ≥ 3BTC, GT holdings ≥ 40 ). 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 14,000 GT/ 14 days= 1,000 GT, so the maximum orders =1,000 / 200= 5, and User X meets the requirement of being a VIP user. User X can place up to 5 orders in the Startup Sale.
(5) Users can place orders using GT.
(6) Users can place orders from 5:00 AM GMT to — 7:00 AM GMT, October 29th. Orders placed by qualified users within these 2 hours will be treated equally.
(7) Users need to ensure that 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 type of currency can only purchase once with each KYC account.
(9) After 7:00 AM GMT, we will collect all the qualified orders and distribute the tokens according to the ratio of the individual purchase orders to the purchase orders in total. The final result will be announced two hours later at 8:00 AM GMT on October 9th.
The distribution calculation rules are as follow:
F (distribution ratio) = WOO supply limit ÷ total WOO purchase orders
P (individual WOO purchase orders) = F × qualified individual orders
M (payment amount in GT) = P × Startup Sale Price
E.g. The WOO supply limit is 100 million. The purchased WOO orders are 200 million. User X has placed 100,000 WOO orders.
F (distribution ratio) = 100,000,000 ÷ 200,000,000 =0.5
P (individual WOO purchase orders) = 0.5 × 100,000 = 50,000
M (payment amount in GT) = 50,000 × Startup Price
If the project cannot fulfill its fund-raising goal within the given time, users will get refunded, and the project will not get listed.
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 any amount of 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 show 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 order cancellations are prohibited.
(4) When the call auction is finished, users will not be able to place or cancel any orders. They 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 details on the new Gate.io Startup Sale Participation Rules and Startup Project Exchange Listing Rules, please see our previous announcement.
(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 the 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 to significant risks.
- Advanced technical and financial knowledge is required to understand, and e valuate the inherent risks of crypto-asset investment.
- The market volatility is high, and the price of a token might fluctuate drastically due to technical, regulatory, and marketing factors.
Gate.io is a trading platform that does not charge listing fees, only launches quality projects, and provides users with 100% guaranteed 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
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October 23th 2020