After a five-month trial run, GGBTC 2.0 public beta was officially launched on May 27. Meanwhile, GGBTC FM (Free Market) Zone is available now.
The first round of the free token listing voting activity of FM zone
With the joint efforts of the community, project initiators and partners, GGBTC FM zone will be officially launched.
The FM zone is an innovative free-trade market newly created by GGBTC to support the development of Token Economy, and implements a free voting mechanism.
Unlike other exchanges that need to lock the platform coins, the first “ free token listing voting “ uses USDT, which means that the user does not need to consume their assets to purchase the platform coin. Instead, 1USDT can cast one vote. After the vote is over, their USDT will be returned, and the voting rights will be completely handed over to the market. The whole process is convenient and fair.
GGBTC will select a number of projects that have passed the two-way assessment of investment and risk from the application, and add these projects into the list of voting.
At the same time, we will also invite TOP 3 evaluation organizations and blockchain investment institutions to help users identify high-quality projects with professional capabilities, reduce users’ investment risks, and professionally vote and comment on projects applying for voting.
The specific rules are as follows:
1. Voting Channel
The only channel: submit the token listing application on the official website
GGBTC will launch a new project information aggregation page function, which intuitively aggregates project team, distribution method, circulation, trading market, news, memorabilia and other information onto the same page, allowing voting users to understand the project and open project comments throughout the process. These comments will be answered by the project.
2. Final Selection of Project
(1) Unique listing condition: the number of valid votes.
The top three votes won the prize
(2) Ranking according to the principle of “priority of votes, number of people and time”; If the number of votes is the same, the project with large number of people will win, and so on.
(3) Each project must have more than 300 different users to participate in voting.
3. Voting Cycle
Each round of voting cycle is 7*24 hours
4. Voting Mode
(1) User participation qualification: users should pass the KYC verification and each account is not less than 50 USDT;
(2) Users can select multiple projects to vote in each period, and the number of votes is unlimited;
(3) 1 USDT will be locked (1 vote = 1 USDT) for each vote, and all USDT will be returned within 5–15 working days after the voting;
(4) During the event period (within the voting period), the number of votes cast is not refundable.
5. Project Margin
(1) For projects participating in the token listing voting, a certain amount of USDT shall be paid in advance as the deposit.
(2) Projects that do not win the vote may choose to continue or quit. If you choose to opt out, GGBTC will return the deposit within 5–30 working days. If you choose to continue, you will automatically join the second round of the free token listing voting activity of FM zone and the number of historical votes and the number of people will be recalculated.
(3)The project winning the vote must pay 2,000,000 USDT as the risk deposit.
(4) The purpose of setting up the deposit is to ensure the safety of GGBTC users’ assets and to hedge the listing risks of new projects;
(5) Compensation mechanism: The deposit is used to compensate users when it meets the delisting conditions (team disbandment, illegal violations, serious technical problems, insufficient liquidity, request for delisting from the project initiators, sudden fork, etc.);
(6) For the winner, the deposit shall be refunded in equal amount of USDT every month starting from the third month after the project gets listed on GGBTC. The refund will be divided into 12 months;
(7) The amount of the project deposit will be displayed on the voting page.
6. Risk Control
(1) After the voting period is over, GGBTC will conduct a voting data analysis on the winner. Once it is verified that there is a cheating behavior in violation of the fairness of the event, the candidate will be immediately disqualified;
(2) After GGBTC ensures the validity of the votes, the winners will be announced.
(3) If there is a major negative problem or technical risk of the project, GGBTC has the right to refuse the listing of the project.
7. Project Listing
(1) The project with the most votes will be listed on GGBTC for free.
(2) The second, third ranked projects will be listed on GGBTC FM zone
(3) As the project progresses and the transaction volume increase, there will be an opportunity for coins listed on FM zone to get listed on the main board.
(4) After the voting is over, the top 3 winners must complete the communication with GGBTC technical team about token listing within 10 working days. Any project that fails to do this within the specified time shall bear the consequences.
(5) In principle, the tokens will be listed within 15 working days after the winners are announced. According to the number of votes, the tokens will be listed on main market or FM zone for free and the designated transaction pair will be opened. (The choices include USDT, ETH, BTC, and TRX).
(6) For winners, the token listing application cannot be withdrawn.
8. Voting Incentives
During the voting period, the project initiators can choose to cooperate with GGBTC to set up voting incentives to benefit users.
For example: Users can share the incentive tokens according to the number of votes. The project sets 10 million tokens, and users can share 10 tokens for each vote with a total of 1 million votes.
Anyone who participates in the voting will receive an exclusive airdrop;
Note 1: The project initiators can adjust the token airdrop during the voting process.
Note 2: GGBTC reserves the right to interpret the token listing voting activities and adjust the rules at any time.