Hoo Labs is launching Celo token sale. Detailed rules are as follows:
Amount: 1,000,000 USDT
Accepted coin: USDT (wallet account)
Mode: First come, first served
Time: 15:00 on May. 1, 2020 to 15:00 on May. 3, 2020 (UTC+8)
Reference price: 1$~12$ (Celo official will go with Dutch Auction)
Minimum invest: 100 USDT
Maximum invest: 100,000 USDT
Requirements: complete KYC
1. Since Celo officially adopts Dutch auction rules, the specific token exchange rate will be determined after the auction. Hoo will distribute to users in proportion to the official final closing price after the official crowd-funding ends and trading pairs will be enabled at the meantime.
2. Since tokens will be distributed after the completion of the auction, please pay attention to the latest announcement of Hoo Exchange for the specific deposit, withdrawal and trading time.
3. We accept USDT for the token sale. There may be a difference between USDT and USD exchange rate of transaction. We will annouce it prior to the token distribution.
4. Hoo official cannot guarantee that the investors will get the token. If we did not manage to purchase the token from Celo official, we will refund the USDT to the investors.
5. The token will be locked up for 60 days after the auction, and 10% tokens will be distributed every 30 days thereafter, which is expected to take 1 year to complete.
Maximum supply: 1,000,000,000
Circulation on the public chain: 600,000,000
Type: CELO public chain
18.5% of protocol contributors
30% Staking and Verification Rewards
19.5% Community Fund
7.5% Team operations
12% Reserved funds
Official Celo Auction Rules:
Model: Dutch auction
Starting price: $12
Minimum price: $1
Start time: May 12 (UTC+8)
Duration: approximately 12 hours
Token lockout(Lock-up): the token will be locked for 60 days after the auction, 10% tokens will be distributed every 30 days thereafter, which is expected to take 1 year to complete.
Official auction details: https://coinlist.co/celo
Dutch Auction Rules:
During crowd-funding, prices are gradually reduced over time. Participants can put their own capital into crowdfunding. Crowdfunding will increase as the price gradually decreases and the amount of involved funds gradually increases. Crowdfunding ends when the crowdfunding token quota * current price = invested capital. Ultimately, the tokens received from the crowdfunding will be distributed to participants at the price at the end.
There are three main benefits of Dutch auctions, fairness, transparency and convenience. It is up to the market to dictate the fair price of tokens, rather than the official setting of their price. Users do not need to be online all the time during the auction. The final price is determined at the end of the crowdfunding, and all tokens are distributed at that minimum price.
Risk Alert: Any digital assets investment is risky. Hoo exchange only acts as an agent for the token sale and does not represent Celo official. Please evaluate your risk tolerance before getting involved.
Final interpretation of the activity is reserved by Hoo.