Dear Users,
BitMax is very excited to announce exclusive primary listing of Akash (AKT) under the trading pair of AKT/USDT. Details are as follows:
Deposit: October 14, 10:00 p.m. EDT
Trading: October 16, 10:00 a.m. EDT
Withdrawal: October 16, 10:00 a.m. EDT
Project Introduction of Akash (AKT)
To celebrate the listing of Akash (AKT), BitMax will conduct two separate auctions on October 15 from 9:00 a.m. EDT – 10:00 a.m. EDT. A total of 1,800,000 AKT will be auctioned between a “Standard” auction with 1,440,000 AKT and an “Uncapped” auction with 360,000 AKT.
There will be 600 winners of 2,400 AKT in the “Standard” auction, and 150 winners of 2,400 AKT in the Uncapped Auction. Each BitMax user can only win a single tranche of 2,400 AKT (no lock-up) in each auction. Both auctions will be conducted simultaneously and BitMax users can bid in both auctions with USDT + BTMX (or BTMXP) to increase their likelihood of winning the auction; therefore, users can potentially win up to 4,800 AKT between those two Auctions. Auction results will be announced on October 15, 11:00 a.m. EDT. Please see below for additional details on each auction.
Click here to participate in Akash Auction (PC Only).
Akash Standard Auction Overview
Price discovery with a minimum and maximum bid amount. Participate by bidding 480 USDT + up to 7,500 BTMX or 75,000 BTMXP. If more than 600 participants bid 480 USDT + 7,500 BTMX / 75,000 BTMXP, a random draw will be conducted to select winners.
Detailed Terms & Conditions:
1. Standard Auction allows participants to bid for the chance to win a tranche of 2,400 AKT. 600 participants will win the auction with total allocation of 1,440,000 AKT.
2. The Starting Bid is 480 USDT, indicating a price of $0.20 per AKT, and the bid cap is 480 USDT + 7,500 BTMX or 75,000 BTMXP, indicating a price of $0.33 per AKT.
3. Each BitMax user can place multiple bids but can only win a single tranche of 2,400 AKT in the Standard Auction.
4. If there are >600 participants bidding at the bid cap (480 USDT + 7,500 BTMX or 75,000 BTMXP), a random draw will be conducted to determine the winners of the auction.
5. The BTMX / BTMXP bid component of the auction serves as a tiebreaker. For example, if less than 600 participants bid at the bid cap, those that bid a greater amount of BTMX or BTMXP will win the auction, capped at 7,500 BTMX or 75,000 BTMXP. The conversion ratio between BTMX and BTMXP is 1 BTMX = 10 BTMXP.
6. Any BTMX or BTMXP collected from this auction will be consumed.
7. To support the upcoming Akash (AKT) auction, BitMax.io will temporarily waive BTMX Private Sale to BTMXP Transfer Fee from Oct 8, 10:00 a.m. EDT to Oct 15, 10:00 a.m. EDT. Please note that transfer fee charges will be resumed as soon as the auction concludes.
Akash Uncapped Auction Overview
Price Discovery with a minimum bid amount and no maximum. Participate by bidding 480 USDT + as much BTMX / BTMXP as you’d like. The auction will close at your bid or better if you are amongst the top-150 best bids. Bid aggressively to win.
Detailed Terms & Conditions:
1. Uncapped Auction allows participants to bid for the chance to win a tranche of 2,400 AKT. 150 participants will win the uncapped auction with a total auction allocation of 360,000 AKT.
2. The Starting Bid is 480 USDT, indicating a price of $0.20 per AKT; however, users may also bid as much BTMX or BTMXP as they’d like to increase their likelihood of winning the auction.
3. Each BitMax user can place multiple bids but can only win a single tranche of 2,400 AKT in the Uncapped Auction.
4. Auction bid priority is (1) BTMX / BTMXP with the conversion ratio of 1 BTMX=10 BTMXP; (2) Bidding Time.
5. Uncapped Auction will close at the USDT + BTMX or BTMXP price submitted by the 150th best bid.
The BTMX / BTMXP bid component of the auction serves as a tiebreaker. For example, those that bid a greater amount of BTMX or BTMXP will win the auction.
In the event that >150 of the most aggressive Uncapped Auction participants all bid 480 USDT + the same value worth of BTMX or BTMXP, the winners of the Uncapped Auction will be those that place their bids first. Bids submitted by participants 1 - 149 (i.e., participants willing to pay the greatest value of BTMX or BTMXP in addition to 480 USDT) may be partially refunded within 2 hours after the auction.
6. Any BTMX or BTMXP collected from this auction will be consumed.
7. To support the upcoming Akash (AKT) auction, BitMax.io will temporarily waive BTMX Private Sale to BTMXP Transfer Fee from Oct 8, 10:00 a.m. EDT to Oct 15, 10:00 a.m. EDT. Please note that transfer fee charges will be resumed as soon as the auction concludes.
Notes
1. From 9:00 a.m. EDT – 10:00 a.m. EDT on October 15, users can place bids in both the Standard and Uncapped auctions. Only USDT, BTMX, and BTMXP in a user’s Cash Account can be used as payment in the auctions. Users can submit bids multiple times. Once a new bid is submitted successfully, the corresponding amount of additional BTMX or BTMXP will be deducted from the user’s Cash Account. The last bid outstanding will be deemed as the user’s final bid.
2. To increase likelihood of winning in the Standard Auction, a user should monitor the 600th bid closely and submit bids that are greater than or equal to the 600th bid. If the Bid Cap is submitted by >600 participants, a user can still ensure their bid will be included in a random draw by submitting the Bid Cap.
3. To increase likelihood of winning in the Uncapped Auction, a user should monitor the 150th bid closely and submit bids that are greater than or equal to the 150th bid.
The Uncapped Auction will close at the USDT + BTMX or BTMXP price submitted by the 150th best bid. This means that a user can bid a BTMX (or BTMXP) quantity well above the 150th bid and potentially have their bid partially refunded.
The logic of the Uncapped Auction ensures that all winners will pay the same price; therefore, a user need not be concerned about paying a premium relative to other participants in the Uncapped Auction.
4. For users who do not win the bid, their USDT and BTMX (or BTMXP) bids will be fully refunded within 2 hours after the auctions.
5. At the end of auctions, winners need to submit the BitMax.io account and auction confirmation code on Akash official website by October 16, 8:00 a.m. EDT. Failure to timely submit the information will be deemed as the users’ voluntarily forfeiting the bid item of 2,400 AKT (or 4,800 AKT). In the event of such forfeiture, the USDT and BTMX (or BTMXP) bids will be refunded by October 16, 12:00 p.m. EDT.
6. Bid Item Distribution Window: October 16, 8:00 a.m. EDT - 10:00 a.m. EDT
Eligibility Rules
1. Users are required to complete KYC 2 verification in order to be eligible for participation.
2. Users must agree to and sign the Akash (AKT) Auction Agreement.
3. Only users from the jurisdictions where local laws and regulations permit are eligible for the participation.
Restricted Countries/Regions
Users from the following regions are NOT eligible for participation:
United States, Balkans region, Belarus, Myanmar, Côte d'Ivoire, Cuba, Democratic Republic of the Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syrian Arab Republic, Zimbabwe, Algeria, Bangladesh, Bolivia, Cambodia, Ecuador, Nepal, Afghanistan, Burundi, Central African Republic, Singapore, Malaysia, Ethiopia, Guinea, Guinea-Bissau, Lebanon, Sri Lanka, Libya, Serbia, Somalia, South Sudan, Thailand, Tunisia, Trinidad and Tobago, Ukraine, Uganda, Venezuela, Yemen.
BitMax.io reserves the final right to interpret and adjust these Terms and Conditions. For any abusive or suspicious activities, the users will be disqualified from the auction once identified.
We truly appreciate your continued support.
BitMax.io Team
Sept 25, 2020
Official Telegram: https://t.me/BitMaxioEnglishOfficial
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