Dear Hoo users,
Hoo has launched the Celo Token Sale on May 1, 2020. Now the official auction has closed. Hoo will list CGLD futures tokens and CGLD/USDT trading pairs on May 15 at 16:00.
The deposit & withdrawal will be suspend. Please stay tuned to Hoo latest announcement.
Official Celo Auction Rules:
Model: Dutch auction
Starting price: $12
Minimum price: $1
Start time: May 12 (UTC+8)
Final Price: $1 USD
Duration: approximately 12 hours
Token lockup: the token will be locked for 60 days after the auction. 10% of the tokens will be distributed every 30 days thereafter, which is expected to take 1 year to complete.
Eligibility: Participation is officially limited to users in the United States, China, etc.
Official auction details: https://coinlist.co/celo
Distribution and Trading Rules:
Hoo will distribute the CGLD futures tokens to users in proportion to the official final price of 1 USD. CGLD token distribution will be completed before 15:00 May 15. Since Hoo accepted USDT for the token sale and there may be a difference between USDT and USD exchange rate of transaction. The volume of the final tokens issued is subject to actual payment.
Celo officially rewards CGLD auctioneers with up to 2,500 additional CGLD tokens, which will be distributed to user accounts in proportion to the user's share of holding futures tokens.
Token Vesting Rules:
The token will be locked for 60 days after the auction. 10% of the tokens will be distributed every 30 days thereafter. Based on Celo's official rules, if a user auctions for 1 million CGLD, 100,000 CGLD will be vested after 60 days. And 100,000 CGLD again after 90 days, 100,000 CGLD again after 120 days until fully vested after 330 days. Hoo will distribute CGLD futures tokens before the official vesting, which will be converted into spots tokens to the users' accounts after the vesting is completed.
May 15, 2020