Today, 55.com launches the advanced Asset Token Onboarding (ATO) platform to bring high-quality projects to the market.
An ATO is a new generation of utility token sale agreements launched by 55.com. Our ATO process embraces the advantages of information disclosures intended for consumer protection, typically associated with public offerings in traditional financial markets. At the same time, we are focused on providing the advantages of rapid issuance in blockchain-based projects.
Projects will be deemed sustainable and be listed on 55.com if the total number of tokens purchased during the ATO exceeds the available tokens by 2.5 times, with such available supply being its projected 3-month circulation during the post ATO period. This number is known as the “oversubscription amount”. If the oversubscription amount is not met, the project is deemed a failure and all funds are refunded back to participants.
More details are available here.
I. Launch SUPREME token sale via 55.com ATO platform
1. The first issuance of the Supreme token (SUP) is a collectible-backed token supported by Supreme X Swarovski Box Logo Hooded Sweatshirt. The total supply is 59,800 SUP and the initial ATO price is 1 SUP = 0.1 USDT.
2. The redemption of each Supreme Swarovski Box Logo Hooded Sweatshirt requires a fixed amount of 5980 SUP.
3. SUP Information
a. Name of token: Supreme (SUP)
b. Total supply of token: 59,800
c. Expected listing circulation: 100%
d. ATO supply: 100%
e. ATO price: 1 SUP=0.1 USDT (Fixed)
f. Allocation & Lockup: no lockup period
II. SUP Subscription Guidance
Start Date: May 21, 2019; 1:00pm (UTC+8)
1. Participation Rules: The total supply is 59,800 SUP with two sale phases, respectively: In Phase 1, tokens will be subscribed on a first-come, first-serve basis. In Phase 2, tokens will be subscribed on a proportional basis. Each eligible 55.com user account is permitted to participate in both Phases of the ATO.
a. Phase 1: A maximum of 17,940 SUP will be allocated on first-come, first-basis from 1:00pm to 1:30pm (UTC+8). The individual upper cap is 1000 SUP.
b. Phase 2: A total of 41,860 SUP will be sold under the proportional allocation rules during 1:30pm to 1:40pm (UTC+8). The amount of tokens received by each participant is equal to the individual purchase times the subscription ratio, which refers to the supply quantity in Phase 2 divided by the total oversold quantity in Phase 2.
c. Example: Suppose a total of 59,800 tokens are presold via ATO and 70% tokens are allocated in Phase 2. If the total quantity of oversold tokens in phase 2 is 200,000, a participant who purchased 5,000 tokens in Phase 2 will eventually get 1046.5 tokens (=(70% * 59800/200,000)*50,000)
2. Funding Currency: USDT
3. Participation Criteria:
a. Sign up for an account at 55.com
b. Finish KYC verification
c. Deposit USDT in 55.com account
4. Token allocation and funds release
a. If the ATO is successful, the participant will receive tokens based on the terms of the token subscription guidelines. Participant funds that unsuccessfully participated or were part of the oversold tokens will be immediately unlocked after ATO results are published.
b. If the ATO fails to reach or exceed the 2.5x token oversubscription, all funds for each ATO participant will be immediately unlocked and returned.
III. Trade Instructions
If the SUP token sale fulfills the 2.5x oversubscription standard, 55.com will open SUP/USDT transactions on 55.com at 7:00pm; May 21, 2019 (UTC+8).
Thank you so much for your time and we look forward to trading with you.
May 16th, 2019
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