SUTER Solar Sale — Only on LBank
Dear LBank users:
LBank will launch a new cycle of the Solar sale. New projects, new rules! Suterusu Privacy Protection Project is landing on LBank, and this Solar sale will promote a new sales model, where holding the position is the main method to ensure the users’ benefits.
The lockup Token used for this Solar sale can enjoy the option of a 100% refund. Details below:
Lockup Token Release
5% of the Tokens of the subscription amount will be released by default before listing on the exchange and the remaining 95% will be locked. Locked Tokens will begin to unlock from the next day after listing is completed on the exchange, including two releasing modes below:
Default Release: The locked Tokens will be released to the unlocked position with a release speed of 0.5% per day.
Position Release: The locked Tokens will be unlocked at a rate of 10% of the unlocked token amount of the previous day.
*Daily snapshot: The snapshots will be taken at random times of the day within 24 hours by LBank and take the minimum position as the base calculation for release for the next day. Daily Token release time is 16:00.
🌰 For example, A subscribed for 100,000 SUTER in this Solar sale, the released by default before listing on the exchange is 100,000*0.05=5,000 SUTER. The first day of listing on the exchange, A increased 10,000 SUTER through the secondary market transaction. So, the position release that A can get at the next day is (5,000+10,000)*0.1+100,000*0.005=2,000 SUTER.
Original Price Refund During the Cooling Period
In order to guarantee users’ benefits after completing the Solar subscription, the first 2 months of the token listing on the exchange is a cooling-off period, where users can exercise the refund option. The refund option is limited to the lockup segment of the Token and refunded to the projects at the original price (calculated by USDT) of the subscription. Token refunds will be calculated once a week, for a total of 8 weeks.
* Exercise of Refund Option: The users have to apply for the refund through filling out the refund form. The daily refund will be calculated before 14:00 and stopped the daily Token release for the next day. The refund form submitted after 14:00 will be counted into the next day. The refunds will be completed at 16:00 every Monday.
Position Deposit (Open Voting)
In case the project was launched on the other platforms, it may affect the interests of the users who already participated this sale. Thus, the projects provide a new position deposit program, which supports the deposit for users who have an unlocked position in LBank. The daily deposit amount is equal to 10% of the unlocked position of previous day. Deposit algorithm and base amount are subject to community final voting, and voting results shall prevail.
*Community Voting: Whether to enable deposit and how to begin will be decided through LBK Community Voting.
Subscription Rules of Solar Suter
Token Name: SUTER
Token Amount: 10,000,000,000 SUTER
Solar Issuance Quota: SUTER equivalent to 1,000,000 USDT
Subscription Token: LBK
Subscription Ratio: Due to the unstable LBK price, the LBK price will be calculated by the transaction price of LBK to USDT 3 hours before the subscription.
Calculation rules: Half an hour before the subscription starting time, the previous 3 hours trading of LBK to USDT will set the average price. The subscription will be made at the average price of the first three days of sale. If 1 LBK=0.058 USDT，1 SUTER=0.01888 USDT, subscription ratio is 1 LBK=3.072 SUTER.
Subscription Model: Everyone can participate (weighted average).
Subscription Time: November 20th 14:00 –18:00 (GMT+8) (4 hours)
Trade Time: November 20th 20:00
Trading Pair: SUTER/USDT
Participation Condition: Users need to complete KYC Verification and LBK lockup amount should be more than 1,000 LBK.
Snapshot Cycle: November 14th 12:00 — November 20th 12:00
Daily Snapshot Time: Snapshots will be taken at random times of the day during the cycle.
Limited Subscription Amount: The subscription amount is set according to the current LBK amount (spot + voting lockup + standard gold lockup + community fund lockup) that users have at a certain time. The LBK position amount is calculated by the average LBK position during the snapshot time. The more LBK a user has, the higher subscription amount the user has.
Below is the reference table between subscription amount of average LBK position and subscription amount:
Subscription Result:
LBank will announce the subscription result in one hour after the subscription activity. The LBK used for subscription will be deducted. The actual subscription amount will be calculated within 1 hour, and the following processing will be completed:
- Accept the LBK used in the subscription
- Return the remaining LBK minus the subscription fee
- Complete the subscription currency calculation
* All LBK used to pay for the sale will be burned.
Calculation
Actual Subscription Amount by Users = (Users’ Valid Subscription Amount) / (Total Subscription Amount of the Full Website) * (The Total Token Amount for Sale on the Current Day)
For Example
Ming participated this discount sale of this cycle, Ming’s snapshot position is 650,000 LBK, and he subscribed for the equivalent of 150,000 LBK. Total subscription amount is 10,000,000 LBK, the total amount for SUTER sale is 10,000,000 SUTER. If the LBK price is 0.1 USDT at the start of subscription, the actual amount of LBK that Ming need to pay for the subscription is (150,000/10,000,000 *10,000,000) * 0.01888 / 0.1 = 28,320 LBK.
*The home page for sale please click “Solar SUTER Sale”
