1.FT: Live Trading
On May 24th at 4pm (GMT+08:00), we will launch FT/ETH live trading. Please stay tuned.
2. Regarding FT’s liquidity, attribution of revenue distribution:
Our White Paper has a more detailed explanation on this topic. In summary, 51% of the FTs (which will be referred to as the “community reward” portion) will be reimbursed to the users via our “Trans-Fee Mining” mechanism. The remaining 49% (which will be referred to as the “previously issued” portion) are being held by institutional funds, FCoin Team, FCoin partners and private investors.The “community reward” FT portion will be released on the platform daily via our “Trans-Fee Mining” mechanism. To ensure all users benefit equally from this process, we will first “freeze” the “previously issued” FT portion. Subsequently we will employ the formula below to “unfreeze” this FT portion:
Daily “unfreezed” FT portion = “previously issued” FT portion * previous day’s reimbursed portion / “community reward” FT portion.
According to the above methodology, we can calculate the current FT liquidity as: currently accumulated reimbursed FT /51%.
Concurrently, only the holders of reimbursed FTs that are sourced from the “community reward” portion and holders of “unfreezed” FTs sourced from the “previously issued” portion can partake in the platform’s 80% revenue distribution to users. In other words, only holders of liquid FTs can receive this revenue distribution. Hence the calculated number of FTs eligible for revenue distribution is consistent with the current FT liquidity formula above.
3. “Trans-Fee Mining” Activation:
All of the users’ transaction cost accumulated before midnight May 23rd will be reimbursed by 1am May 24th. Thereafter, users’ previous day’s transaction cost will be reimbursed within the current day. The reference price used will be the average price resulting from the previous day. However, prior to May 23rd (before FT’s initial trading), we will set a reference price of 1ETH:40000FT for reimbursing users’ transaction cost on the platform.