AscendEX is excited to launch a new type of Auction, the ASDP Auction (Phase I), taking place between Aug 17 at 2:00 a.m. UTC and Aug 23 at 2:00 a.m. UTC, 2021. Users can transfer their ASD Private Sale Portion to ASDP to participate in the ASDP Auction. To further support the event, AscendEX will provide a limited-time fee exemption for users’ ASD private sale portion transfer to ASDP from Aug 16 at 2:00 a.m. UTC to Aug 23 at 2:00 a.m. UTC.
|Total Auction Quota||100,000 USDT|
|Auction Rule||Bid winners will be eligible to sell ASDP at the final settlement price.|
|Auction Type||Descending Auction|
|Suggested Opening Bid||0.15 USDT|
|Bid Amount Limit||Integral Multiples of 0.00001 USDT|
- Total auction quota: 100,000 USDT; Suggested opening bid: 0.15 USDT.
- When a user places a first-time bid for the auction, the user must enter a bid price and an item amount to bid for. The first bid price must be lower than the suggested opening bid.
- Specific ASDP positions used to pay for the bid will be deducted after a user successfully places a bid. Then, a bid order will be generated and displayed under the [My Bid] tab on the Auction page.
- Users can submit bids multiple times. When a user submits a new bid, the user needs to update the bid price or item amount via the Auction page - [My Bid]. The new bid price cannot be higher than the last one, and the new item amount cannot be lower than the last one. ASDP positions that increased will be deducted after the bid is updated.
- The price and item amount of the most recent bid will be considered as the user’s final bid.
- After the auction concludes, users will be ranked by their final bid prices in ascending order (from the lowest bid price to the highest). When multiple bids are placed at the same price, the bid that was placed earliest will prevail.
- After the auction concludes, the lowest bid price that can cover the cost of all the items will be deemed as the final settlement price. A final bid price higher than the final settlement price will be deemed as a failed bid; A final bid price equal to or lower than the final settlement price will be deemed as a successful bid. Winning bids will be settled based on the order ranking using the calculation [Final Settlement Price*Winner's Item Amount] until all of the Items are fully distributed.
- For users who don't win a bid, ASDP that was deducted will be refunded to the users' accounts within four hours after the auction's conclusion. USDT for bid winners will be distributed to the winners' accounts within 24 hours after the auction's conclusion.
- All ASDP deducted for winning bids will be permanently locked up.
Calculation of Final Settlement Price
The system will calculate the lowest possible bid price based on the bid price and quantity of the users’ final bids, in order to use up the total quota. The lowest possible bid price will be the final settlement price.
Assume the Total Quota of the auction is 1,000 USDT. After the conclusion of the auction, users will be ranked based on their final bid price and bid time (as shown in the table below). The system will process the users’ final bid prices one by one to calculate the lowest possible bid price so that the total quota of 1,000 USDT can be fully distributed.
In this example, if the lowest possible bid price is 0.05 USDT based on the calculation, then 0.05 USDT will be used as the final settlement price in this auction. As a result,
- User C's bid items from Private Sale Assets can be fully sold;
- User A's bid items from Public Sale Assets can also be fully sold;
- User B's bid items from Public Sale Assets can be partially sold.
Final Bid Time
Final Bid Price
User’s Bid Qty
Final Settlement Price
AscendEX reserves the final right to interpret and adjust these Terms and Conditions. If any abusive or suspicious activities are identified, the users responsible will be disqualified from the auction.
Thank you for your continuous support!
The AscendEX Team
Telegram Group: https://t.me/AscendEXEnglish