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In this article, CHK will take FTX’s 2nd IEO Serum (SRM) as a visual example.
1. Visit website: ftx.com/srm- sow
2. Click on Create IEO account – “Create IEO account”. This will create a sub-account called “SRM-IEO” that allows the user to join the IEO.
3. Click on Transfer fund – “Transfer” and deposit the desired amount of USD, USDT or FTT into your secondary IEO account.
Press “Switch to SRM-IEO subaccount to view balance”.
Then you will see the balance display as follows:
If you do not have USD or USDT and FTT in your main accountYou can deposit directly to Subaccount SRM-IEO by clicking “Deposit“.
If you already have USD or USDT and FTT in your main account Then, transfer coin to SRM-IEO account as follows:
- Coin: Choose the corresponding coin
- Source account: Main account
- Destination account: SRM-IEO
- Enter the coin number and press “transfer“
4. How to create a Bid order
Until now IEO on FTX, ie 20: 00–21: 00 on August 7, 2020 (Vietnam time)
Scroll down to the section “Your Bid” => Click on “Place or Edit BID”
You will see the order box as follows:
- This is a bid for one ticket, which corresponds to 2,500 SRM.
- Then an interface will appear where you can enter the purchase price in USD and FTT. Prices can range from 0.1–0.11 USD and 0 to 36 FTT.
- Bid orders will have priority in the order USD (T) and FTT. As such, orders priced at 0.1 USD and 10 FTT will be allowed to be executed Pre-orders (0.1 USD, 0 FTT) and after orders priced at 0.11 and 0 FTT. Specifically, the order in which the order is matched before to after will be: (0.11 USD, 0 FTT) – (0.1 USD, 10 FTT) – (0.1 USD, 0 FTT)
- Users can also enter the number of tickets they want to register. Each ticket will be able to purchase 2,500 SRM.
- The system will assume that each user has 1 ticket. You may obtain additional tickets based on 30-day trading volume and average FTT balance you hold daily during the last 30 days. (See details on how to calculate the maximum number of tickets here: https://projectserum.com/ieo-rules)
- If you buy 3 tickets then you will probably be allowed to buy 7,500 SRM (each ticket can buy 2,500 SRM for 0.1 to 0.11 USD plus 0 to 36 FTT). You can match up to 3 tickets, minimum 0 tickets.
- You can see your maximum ticket count on the website ftx.com/srm- sow
- You need to fund your sub-account, the SRM-IEO, in order to participate in placing orders. Users will not be able to withdraw funds until the token distribution ends.
5 Agree to the terms of the IEO
6. There will be 1,200 winners (total 3,000,000 SRM).
- If the SRM cannot be successfully purchased, your funds will be refunded.
- If you place an order with FTT but failed to buy, the above FTT amount will be refunded.
- All successful FTT purchases will be burned.
7. All successfully purchased SRMs will be unlocked and traded when SRM is listed on FTX next Tuesday.
Users need to do KYC at level 2 to be able to participate in the IEO. Accordingly, you need to submit the KYC document at least 24 hours before the IEO takes place to be eligible to participate.
IEO buy orders will have to be placed between 8 and 9 pm on Friday, August 7 (Vietnam time).
At 10pm, we will go through the distribution. Process will go from high buy orders, in case 1,200 tickets are both booked in the 0.11 USD and 36 FTT zones, we will execute a random selection.
Within a few hours of determining the amount of distribution, the trader will be able to move money (not in the form of SRM) out of his SRM-IEO sub-account.
Through the above tutorial, CHK hopes that you can purchase any IEO on FTX by yourself, most IEOs have the same buying method and similar rules. Good luck!
#Instructions #join #IEO #FTXcom