AscendEX will provide technology and execution support for the 14th round buyback auction of UAT Pending Release from the presale portion (public sale and private sale). See below for auction details:
October 12, 3:00 AM UTC - October 19, 3:00 AM UTC, 2021
UltraAlpha (UAT) private sale and public sale participants.
|Bid Item||UAT Pending Release from Private/Public Sale Portion|
|Total Quota||52,709.95 USDT|
|Description||Winners of the bid will be eligible to sell UAT Pending Release from Private/Public Sale Portion at the final settlement price.|
|Auction Method||Descending Auction|
|Initial Bid Price||1 USDT|
|Descending Amount||Integral Multiples of 0.00001 USDT|
Terms & Conditions
1. Total Quota: 52,709.95 USDT; Initial Bid Price: 1 USDT.
2. When a user places a bid for the first time, the user must enter a bid price, select asset type (private sale asset or public sale asset) and a bid quantity to participate in the auction. Successful bids will be displayed under the Auction page - [My Bid].
3. One user account can participate in the auction with both public sale assets and private sale assets.
4. A user can submit the bid multiple times. The first bid price cannot be higher than the Initial Bid Price. When a user submits a new bid, the user can update the bid price or quantity via the Auction page - [My Bid]. The new bid price cannot be higher than the previous bid price, and the new bid quantity cannot be lower than the previous bid quantity. The price and quantity in the last bid will be considered as the user’s final bid.
5. After the conclusion of the event, users will be ranked by their final bid prices in ascending order (from the lowest bid price to the highest). For multiple bids at the same price, the bid that is placed first or earlier will prevail.
6. After the conclusion of the event, a final settlement price will be calculated per the following section on methodology. Users with a final bid price higher than the final settlement price will be deemed to lose the bid; users with a final bid price equal to or lower than the final settlement price will be deemed to win the bid. Winning bids will be settled based on ranking [Final Settlement Price*Winner's Bid Quantity], until the Total Quota is fully distributed.
7. Within 24 hours after the event's conclusion, the final bid quantity (i.e. UAT quantity) of the winners will be deducted from their respective accounts; the corresponding USDT amount will be distributed to these winner's accounts. Deducted UAT will all be burnt.
*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 case, the lowest possible bid price is 0.05 USDT based on calculation, and the price will be used as the final settlement price in this auction. As a result,
- User B's bid items from Private Sale Asset can be fully sold;
- User A's bid items from Public Sale Asset can also be fully sold;
- User B's bid items from Public Sale Asset can be partially sold.
Final Bid Time
Final Bid Price
User’s Bid Qty
Final Settlement Price
|0.02||6,000||120||Private Sale Asset||0.05||6,000||300|
|0.04||8,000||320||Public Sale Asset||0.05||8,000||400|
|0.05||10,000||500||Public Sale Asset||0.05||6,000||300|
|0.05||7,500||375||Private Sale Asset||Failed|
|0.06||12,000||720||Private Sale Asset||Failed|
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
Telegram Group: https://t.me/AscendEXEnglish