Dear Users,

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

Deposit: Oct. 13, 2:00 p.m. UTC
Trading: Oct. 14, 1:00 p.m. UTC
Withdrawal: Oct. 14, 1:00 p.m. UTC

Project Introduction of Jet Protocol (JET)

Click here to participate in Jet Protocol (JET) Auction (PC Only)

To celebrate the listing of Jet Protocol (JET), AscendEX will conduct two separate auctions on October 13 from 1:00 p.m. UTC to 2:00 p.m. UTC. A total of 4,000,000 JET will be auctioned between a “Standard” auction with 3,600,000 JET and an “Uncapped” auction with 400,000 JETThere will be 900 winners of 4,000 JET in the “Standard” auction, and 100 winners of 4,000 JET in the "Uncapped" Auction. Both auctions will be conducted simultaneously and AscendEX users can bid in both auctions with USDT + ASD (or ASDP) to increase their likelihood of winning the auction. Auction results will be announced on October 13 at 3:00 p.m. UTC. Please see below for additional details on each auction. 

What is ASDP?

JET Standard Auction Overview
Main features of the Standard Auction include price discovery with a minimum and maximum bid amount and participation by bidding 160 USDT + up to 55 ASD or 1,375 ASDP. AscendEX users can earn the eligibility to bid for additional JET based on their trailing 5-day average ASD holdings or trailing 30-day trade volume. If there are more than 900 bid items with 160 USDT + 55 ASD / 1,375 ASDP, 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 5-day average ASD holdings ≥ 10,000 ASD or trailing 30-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 4,000 JET. 900 participants will be selected to win the auction with a total allocation of 3,600,000 JET.
  2. The Starting Bid is 160 USDT, indicating a price of $0.04 per JET, and the bid cap is 160 USDT + 55 ASD or 1,375 ASDP, indicating a price of $0.045 per JET.
  3. Each AscendEX user can place bids for up to 6 bid items in the Standard Auction based on the trailing 5-day average ASD holdings or trailing 30-day trade volume resulting in a maximum user allocation of 24,000 JET. Please see below for a chart illustrating the details:

    Trailing 5-day Avg ASD Holdings

    Criterion

    Trailing 30-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

     

  4. The ASD / ASDP bid component of the auction serves as a tiebreaker. For example, if there are less than 900 participants who bid at the bid cap, those that bid a greater amount of ASD or ASDP will win the auction, capped at 55 ASD or 1,375 ASDP. The conversion ratio between ASD and ASDP is 1 ASD = 25 ASDP.
  5. If there are >900 participants bidding at the bid cap (160 USDT + 55 ASD or 1,375 ASDP), a random draw will be conducted to determine the winners of the auction.
  6. Any ASD collected from this auction will be converted into ASDS being permanently locked up. Please note that ASD consumption in the JET Standard Auction will result in ASD release from the private sale portion. 

Notes:

  • User’s trailing 5-day average unlocked ASD holdings in Cash Account (excluding ASD holdings under Staking) will be calculated every day from October 8, 12:00 a.m. UTC, 2021 to October 13, 12:00 a.m. UTC, 2021 based on the user’s holding period.
  • User’s trailing 30-day trade volume (including cash trading, margin trading and futures trading) will be calculated in USDT from September 13, 12:00 a.m. UTC, 2021 to October 13, 12:00 a.m. UTC, 2021. 
  • User's bid quota will be calculated per 5-day average unlocked ASD holdings or 30-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.

JET Uncapped Auction Overview
Main features of the Uncapped Auction include price discovery with a minimum bid amount and no maximum and participation by bidding 160 USDT + as much ASD / ASDP as you’d like. The auction will close at your bid or better if you are amongst the top-100 best bids. So please bid aggressively to win.

Detailed Terms & Conditions:

  1. There are no ASD 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 4,000 JET. 100 participants will win the uncapped auction with a total auction allocation of 400,000 JET.
  2. The Starting Bid is 160 USDT, indicating a price of $0.04 per JET. However, users may also bid as much ASD or ASDP 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 4,000 JET in the Uncapped Auction.
  4. Auction bid priority is (1) ASD / ASDP with the conversion ratio of 1 ASD = 25 ASDP;  (2) Bidding Time.
  5. Uncapped Auction will be closed at the USDT + ASD or ASDP price submitted by the 100th best bid.

The ASD / ASDP bid component of the auction serves as a tiebreaker. For example, those that bid a greater amount of ASD or ASDP will win the auction. In the event that >100 of the most aggressive Uncapped Auction participants all bid 160 USDT + the same value worth of ASD or ASDP, the winners of the Uncapped Auction will be those that place their bids first. Bids submitted by participants 1 - 99 (i.e., participants willing to pay the greatest value of ASD or ASDP in addition to 160 USDT) may be partially refunded within 2 hours after the auction.

  1. Any ASD collected from this auction will be converted into ASDS being permanently locked up. Please note that ASD consumption in the JET Standard Auction will result in ASD release from the private sale portion.

Notes

  1. From 1:00 p.m. UTC to 2:00 p.m. UTC on October 13, users can place bids in both the Standard and Uncapped auctions. Only USDT, ASD, and ASDP 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 ASD or ASDP 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 900th bid closely and submit bids that are greater than or equal to the 900th bid. If the Bid Cap is submitted by >900 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 100th bid closely and submit bids that are greater than or equal to the 100th bid. 

The Uncapped Auction will close at the USDT + ASD or ASDP price submitted by the 100th best bid. It means that a user can bid a ASD (or ASDP) quantity well above the 100th 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. 

  1. For users who do not win the bid, their USDT and ASD (or ASDP) bids will be fully refunded within 2 hours after the auctions.
  2. At the end of auctions, winners need to submit the AscendEX account and auction confirmation code on Jet Protocol's official website by October 14, 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 ASD (or ASDP) bids will be refunded by October 14, 4:00 p.m. UTC.
  3. Bid Item Distribution Window: October 14, 11:00 a.m. UTC - 1:00 p.m. UTC. 

Eligibility Rules

  1. Users are required to complete account verification in order to be eligible for participation.
  2. Users must agree to and sign the JET 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 5-day average ASD holdings ≥ 10,000 ASD or trailing 30-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, Malaysia, Ethiopia, Guinea, Guinea-Bissau, Lebanon, Sri Lanka, Libya, Serbia, Somalia, South Sudan, 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.

Thank you for your continued support!

The AscendEX Team

Website: https://ascendex.com/
Twitter: https://twitter.com/AscendEX_Global
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