LBank to Launch LBK Solar — QNUT Token Sale LBK Special LBank.io Follow Mar 15 · 5 min read

Dear LBank users:

LBank will launch a new cycle of the Solar sale — QNUT (NUTS Finance), and launch LBK Special and BTC Special (1 BTC = 10000 USDT) respectively. The LBK Special will set the subscription quota based on the LBK position quantity, and finally adopt the method of weighted average. LBank will allocate the subscription quota according to the average LBK position held by users within 30 days & 3 days (the high value of both).

Sale Time

This Sale will start at 14:00 on March 23 (UTC+8) and end at 17:00 on March 23, 2020 (UTC+8).

Details about Solar QNUT (NUTS Finance)

1. Token Name: QNUT

2. Token Amount: 210,000,000 QNUT

3. Solar Quota of LBK Special: 9,500,000 QNUT

4. Subscription Token: LBK

5. Subscription Ratio: 1 USDT =10 QNUT

6. Subscription Model: Everyone can participate (weighted average).

7. Lockup Token release

10% of the Tokens of the subscription amount will be released by default before trading and the remaining 90% will be locked. Locked tokens will be released every 24 hours. The details are as follow:

If a user’s holding amount in the first 24 hours >= the initial release amount, release amount on the current day of the user = 25% * the user’s holding amount in the first 24 hours.

If a user’s holding amount in the first 24 hours < the initial release amount, release amount on the current day of the user = 0.5% * the total subscription amount.

* Daily Snapshot: the snapshots will be taken at random times of every day within 24 hours by LBank and take the minimum position as the base calculation for release on the next day. Daily Token release time is 20:00.

For example, A subscribed for 10,000 QNUT in this Solar sale, the released by default before listing on the exchange is 10,000*10%=1,000 QNUT. The first day of listing on the exchange, A increased 9,000 QNUT through the secondary market transaction. So, the release that A can get at the next day is (1,000+9,000)* 25%=2,500 QNUT.

B subscribed for 10,000 QNUT in this Solar sale, the released by default before listing on the exchange is 10,000*10%=1,000 QNUT. The first day of listing on the exchange, B decreased 1,000 QNUT through the secondary market transaction. So, the release that B can get at the next day is 10,000* 0.5%=50 QNUT.

Participation Condition: Users need to complete KYC Verification and have a certain amount of LBK.

Subscription Ratio: Due to the unstable of LBK price, the LBK price will be calculated by the transaction price of LBK to USDT 3 days prior to the subscription.

Calculation Rules: The subscription will be made at the average price 3 days prior to the sale. If 1 LBK = 0.02 USDT, the subscription ratio is 1 LBK = 0.2 QNUT.

Snapshot Cycle of LBK price (3 days): From 12:00 on March 20 to 12:00 on March 23, 2020 (UTC+8).

Limited Subscription Amount: The subscription amount is set according to the current LBK amount (spot) that users have at a certain time. Users who don’t hold LBK can not participate in the sale. The LBK position amount is calculated by the average LBK position during the snapshot cycle. The more LBK a user has, the higher subscription amount the user has.

Below is the reference table between LBK average holding amount and subscription amount:

In addition, users with an average position of at least 100,000 LBK 3 days prior to Solar’s launch will get a subscription quota of 5,000 LBK. This quota and “the quota corresponding to the average LBK holding amount in 30 days” does not overlap, take the high value of both as the reference for user’s subscription quota.

Trading Time: 19:00 on March 23, 2020 (UTC+8)

Trading Pair: QNUT/USDT

Snapshot Cycle of LBK Holding: 12:00 on February 22 to 12:00 on March 23 (UTC+8)

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:

1. Deducted the LBK used in the subscription.

2. Return the remaining LBK minus the subscription fee.

3. Complete the subscription currency calculation.

* All LBK used to pay for the sale will be burned.

Calculation Method

Actual Subscription Amount by Users = (Users’ Valid Subscription Amount) / (The Total Subscription Amount) * (The Total Token Amount for Sale on the Current Day)

For Example:

Ming participated this sale and his snapshot position is 650,000 LBK. He subscribed for 70,000 LBK. Total subscription amount is 100,000,000 LBK, the total amount for QNUT sale is 9,500,000 QNUT. If the LBK price is 0.02 USDT, the actual QNUT amount that Ming subscribed for is 70,000 / 100,000,000 * 9,500,000 = 6,650 QNUT, the actual LBK amount that Ming need to pay for the subscription is 6,650 * 0.1 / 0.02 = 33,250 LBK.

About Nuts

NUTS Platform is an open source technology framework developed by NUTS Finance that supports financial service providers to distribute a wide range of financial products on blockchain public chains (such as Ethereum and QuarkChain).

NUTS Finance is committed to building plug and play technology solutions that make it easy to distribute a wide range of financial products on the block chain. NUTS Platform enables financial service providers of all types to simplify the distribution process and further diversify the financial products on the blockchain network.

More information about Nuts please check Nuts Website.

⚠️Notice:

Users need to complete KYC Verification and the following countries & regions are not supported in this event: Belarus, the Republic of the Congo, Iran, mainland China, Iraq, North Korea, Sudan, Syria, United States of America and its territories (American Samoa, Guam, northern mariana islands, Puerto Rico and United States virgin islands), Zimbabwe.

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