Dear Users,

AscendEX is thrilled to announce the exclusive primary listing of Freela (FREL) under the trading pair of FREL/USDT. Details are as follows:

FRELPCen.jpg

Deposit: May 26, 2:00 p.m. UTC

Trading: May 27, 3:00 p.m. UTC

Withdrawal: May 27, 3:00 p.m. UTC

Project Introduction of Freela (FREL)

Click here to participate in Freela (FREL) Auction (PC Only)

To celebrate the listing of Freela (FREL), AscendEX will conduct two separate auctions on May 26 from 1:00 p.m. UTC to 2:00 p.m. UTC. A total of 10,000,000 FREL will be auctioned between a “Standard” auction with 7,500,000 FREL and an “Uncapped” auction with 2,500,000 FREL.

There will be 750 winners of 10,000 FREL in the “Standard” auction, and 250 winners of 10,000 FREL in the "Uncapped" Auction. Both auctions will be conducted simultaneously and AscendEX users can bid in both auctions with USDT + BTMX (or BTMXP) to increase their likelihood of winning the auction. Auction results will be announced on May 26 at 3:00 p.m. UTC. Please see below for additional details on each auction.

What is BTMXP?

 

FREL Standard Auction Overview

Main features of the Standard Auction include price discovery with a minimum and maximum bid amount and participation by bidding 100 USDT + up to 45 BTMX or 1,125 BTMXP. AscendEX users can earn the eligibility to bid for additional FREL based on their trailing 6-day average BTMX holdings or trailing 29-day trade volume. If there are more than 750 bid items with 100 USDT + 45 BTMX / 1,125 BTMXP, a random draw will be conducted to select winners. So please bid the cap to stand a chance of winning.

 

Detailed Terms & Conditions:

1. AscendEX users with trailing 6-day average BTMX holdings ≥ 10,000 BTMX or trailing 29-day trade volume ≥ 30,000 USDT will be eligible for participation in Standard Auction. Standard Auction allows participants to bid for the chance to win a tranche of 10,000 FREL. 750 participants will be selected to win the auction with a total allocation of 7,500,000 FREL.

2. The Starting Bid is 100 USDT, indicating a price of $0.01 per FREL, and the bid cap is 100 USDT + 45 BTMX or 1,125 BTMXP, indicating a price of $0.0125 per FREL.

3. Each AscendEX user can place bids for up to 6 bid items in the Standard Auction based on the trailing 6-day average BTMX holdings or trailing 29-day trade volume resulting in a maximum user allocation of 60,000 FREL. Please see below for a chart illustrating the details:

Trailing 6-day Avg BTMX Holdings

Criterion

Trailing 29-day Trade Volume (USDT)

Max Bid Items

≥ 10,000

OR

≥ 30,000

1

≥ 20,000

OR

≥ 60,000

2

≥ 30,000

OR

≥ 90,000

3

≥ 40,000

OR

≥ 120,000

4

≥ 50,000

OR

≥ 150,000

5

≥ 60,000

OR

≥ 180,000

6

>> Click here to view BTMX holdings and trade volume

Notes:

1. User’s trailing 6-day average unlocked BTMX holdings in Cash Account (excluding BTMX holdings under Staking) will be calculated every day from May 20, 12:00 a.m. UTC, 2021 to May 26, 12:00 a.m. UTC, 2021 based on the user’s holding period.

2. User’s trailing 29-day trade volume (including cash trading, margin trading and futures trading) will be calculated in USDT from April 27, 12:00 a.m. UTC, 2021 to May 26, 12:00 a.m. UTC, 2021. 

3. User's bid quota will be calculated per 6-day average unlocked BTMX holdings or 29-day trade volume respectively. The system will pick the bigger quota for users by default. Each AscendEX user can place bids for up to 6 bid items in the Standard Auction.

4. The BTMX / BTMXP bid component of the auction serves as a tiebreaker. For example, if there are less than 750 participants who bid at the bid cap, those that bid a greater amount of BTMX or BTMXP will win the auction, capped at 45 BTMX or 1,125 BTMXP. The conversion ratio between BTMX and BTMXP is 1 BTMX = 25 BTMXP.

5. If there are >750 participants bidding at the bid cap (100 USDT + 45 BTMX or 1,125 BTMXP), a random draw will be conducted to determine the winners of the auction.

6. Any BTMX collected from this auction will be converted into BTMXS being permanently locked up. Please note that BTMX consumption in the FREL Standard Auction will result in BTMX release from the private sale portion.

 

FREL Uncapped Auction Overview

Main features of the Uncapped Auction include price discovery with a minimum bid amount and no maximum and participation by bidding 100 USDT + as much BTMX / BTMXP as you’d like. The auction will close at your bid or better if you are amongst the top-250 best bids. So please bid aggressively to win.

 

Detailed Terms & Conditions:

1. There are no BTMX holdings or trade volume requirements for users to participate in the Uncapped Auction. Uncapped Auction allows participants to bid for the chance to win a tranche of 10,000 FREL. 250 participants will win the uncapped auction with a total auction allocation of 2,500,000 FREL.

2. The Starting Bid is 100 USDT, indicating a price of $0.01 per FREL. However, users may also bid as much BTMX or BTMXP as they’d like to increase their likelihood of winning the auction.

3. Each AscendEX user can place multiple bids but can only win a single tranche of 10,000 FREL in the Uncapped Auction.

4. Auction bid priority is (1) BTMX / BTMXP with the conversion ratio of 1 BTMX = 25 BTMXP;  (2) Bidding Time.

5. Uncapped Auction will be closed at the USDT + BTMX or BTMXP price submitted by the 250th 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 >250 of the most aggressive Uncapped Auction participants all bid 100 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 - 249 (i.e., participants willing to pay the greatest value of BTMX or BTMXP in addition to 100 USDT) may be partially refunded within 2 hours after the auction.

6. Any BTMX collected from this auction will be converted into BTMXS being permanently locked up. Please note that BTMX consumption in the FREL Standard Auction will result in BTMX release from the private sale portion.

 

Notes

1. From 1:00 p.m. UTC to 2:00 p.m. UTC on May 26, 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 750th bid closely and submit bids that are greater than or equal to the 750th bid. If the Bid Cap is submitted by >750 participants, a user can still have their bid being 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 250th bid closely and submit bids that are greater than or equal to the 250th bid. 

The Uncapped Auction will close at the USDT + BTMX or BTMXP price submitted by the 250th best bid. It means that a user can bid a BTMX (or BTMXP) quantity well above the 250th bid and potentially have their bid partially refunded.

The logic of the Uncapped Auction is designed to achieve that all winners will pay the same price; Therefore, a user does not need to 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 AscendEX account and auction confirmation code on Freela's official website by May 27, 11:00 a.m. UTC. Failure to timely submit the required information will be deemed as the users’ voluntarily forfeiting their bid item(s). In the event of such forfeiture, the USDT and BTMX (or BTMXP) bids will be refunded by May 27, 4:00 p.m. UTC.

6. Bid Item Distribution Window: May 27, 11:00 a.m. UTC - 2:00 p.m. UTC.

 

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 FREL Auction Agreement.

3. Only users from the jurisdictions where local laws and regulations permit are eligible for participation.

4. Eligibility requirements for Uncapped Auction: Meet the criteria of 1, 2, and 3;

5. Eligibility requirements for Standard Auction: Meet the criteria 1, 2, 3  and trailing 6-day average BTMX holdings ≥ 10,000 BTMX or trailing 29-day trade volume ≥ 30,000 USDT.

 

Restricted Countries/Regions

Users from the following regions are NOT eligible for participation:

The 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, and Yemen.

AscendEX 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.

 

AscendEX Team

May 20, 2021

 

Website: https://ascendex.com/

Twitter: https://twitter.com/AscendEX_Global 

Telegram Group: https://t.me/AscendEXEnglish

 

> How to Start Cash Trading on AscendEX 

> Buy Digital Asset with Credit/Debit Card