THE HEDGET IEO AND HGET TOKENS ARE NOT BEING OFFERED IN THE UNITED STATES OR TO ANY U.S. PERSONS. IF YOU ARE LOCATED IN, INCORPORATED OR OTHERWISE ESTABLISHED IN, OR A RESIDENT OF THE UNITED STATES OF AMERICA, YOU ARE NOT PERMITTED TO PARTICIPATE IN THE HEDGET IEO OR TO PURCHASE ANY HGET TOKENS.
How to particpate / Where to place Bids
Prepare for the IEO
Take a moment to familiarize yourself with Hedget or Scroll to the bottom of this article.
In order to bid during the IEO, make sure you read the rules below and do the following beforehand:
Register your FTX account and submit KYC level 2. Due to a large inflow of new sign ups, it's not guaranteed that your kyc will be approved before the IEO. Please be advised to submit KYC as soon as possible to get approved to be eligible for the IEO.
Set an alarm in advance: the IEO starts at 9PM HKT, September 4th
Prepare funds to bid: at least 100 USD(T), and at most 500 USD(T) and 56 FTT per ticket
- You will have one hour to bid between 9PM HKT, September 4th and 10PM HKT, September 4th
Trade and buy FTT to lock in your additional ticket allotment 24 hours before the IEO. This means before
9PM HKT, September 3th.
There are 1,200 accepted tickets (so 120,000 HGET tokens total). At 10pm we’ll raffle off the allocations. The minimum bid is $100 ($1 per HGET) and the maximum bid is $500 + 56 FTT ($5 per HGET + 56 FTT). They will go to the highest bidders; in the event that there are over 1,200 tickets each bidding US$5 per HGET + 56 FTT, we’ll allocate randomly between them.
Within a few hours of determining the allocations, the trades will print to the winning buyers’ subaccounts, and you will be able to transfer (non-HGET) funds out of the HGET-IEO subaccount.
If you do not win your funds will be returned
If you bid FTT but would have won the auction without it, the FTT will be returned
All FTT paid will be burned
Any HGET purchased will be fully unlocked and transferable between September 13th 04:00 HKT and September 13th 5:00 HKT. To be finalized in accordance with Hedget's Token Generation Event.
Rules for Bidding
Each bid ticket, if filled, will result in a trade: you pay your bid price and receive 100 HGET. You can enter the number of tickets you would like to submit. Each ticket is an additional entry for another 100 HGET tokens; multiple could theoretically be filled.
- By default you are only able to purchase 1 ticket. You may be able to purchase additional tickets based on your trading volume over the past 30 days, and additional based on your average daily FTT holdings over the past 7 days.
Average FTT holdings for the 7d prior to September 3, 2020
- > 10: +1 ticket
- > 100: +2 tickets
- > 1000 or FTX VIP: +3 tickets
Trading volume over the 30d prior to September 3, 2020
- > US$100,000: +1 ticket
- > US$1,000,000: +2 tickets
- > US$10,000,000: +3 tickets
- Example: If you bid for 3 tickets at a price of US$5 plus 56 FTT, then you may end up buying up to 300 HGET total; each filled ticket would grant you 100 HGET and would cost US$5 per HGET plus 0 to 56 FTT, for a total of US$500.00 and up to 56 FTT. You could be filled on anywhere between none and all of the tickets.
There are 1,200 winning buying tickets (so 120,000 HGET tokens total). At 10pm we’ll raffle off the allocations. They will go to the highest bidders; in the event that there are 1,200 tickets each bidding US$5 per HGET + 56 FTT, we’ll allocate random between them.
Bids are prioritized in USD(T) price, FTT order: a (4 USD, 10 FTT) bid will be filled before a (4, 0 FTT) bid and after a (5 USD, 0 FTT) bid.
Please take note of the following:
- The above 30d volume updates once per day: the official volume number used will be your 30d volume over the 30 days prior to September 3rd 9PM HKT.
- The above average FTT holdings updates every few minutes: the official number used will be the average FTT holdings over snapshots taken at September 3rd 9PM HKT and the 7 days prior (also at 9PM HKT), for a total of 7 snapshots. Projections made before 9pm HKT September 3rd assume that you will maintain your current balance through 9pm HKT September 3rd.
- Stats are summed across all your subaccounts.
- Your maximum number of tickets gets locked in based on data up until 24h before the IEO. We will indicate on this page what numbers are final a few hours after that.
- All participants agree to abide by the FTX Terms of Service and the Token Terms.
- Any participants found violating the FTX Terms of Service or Token Terms will be disqualified.
- FTX reserves the right to amend the Terms and Conditions of this IEO without prior notice.
- Multiple entrants from a single trader is strictly prohibited and will result in disqualification.
- US residents or residents of any restricted jurisdiction are strictly prohibited.
- Reselling purchased HGET to a resident of the US or any restricted jurisdiction is strictly prohibited.
THE HEDGET IEO AND THE HGET TOKENS ARE NOT AND WILL NOT BE OFFERED IN THE UNITED STATES OR TO ANY U.S. PERSONS (AS DEFINED IN REGULATION S PROMULGATED UNDER THE U.S. SECURITIES ACT OF 1993, AS AMENDED). PARTICIPATION IN THE HEDGET IEO AND ALL TRANSACTIONS IN HGET TOKENS ARE SUBJECT TO THE TOKEN TERMS.
*NOTE: The FTX IEO and Hedget auction are two completely separate sales. Please refer to https://www.hedget.com for details on the Hedgeet auction process.
What is Hedget
Hedget is a decentralised protocol for options trading. HGET token as the native token on the platform for governance and utility purposes.
The HGET token is the native utility and governance token of the Hedget platform. It will be issued on the Ethereum network as an ERC-20 contract and will have representation on a Chromia sidechain. Effective immediately upon launch, HGET will serve as the governance token of the HGET platform. In the preliminary stages, the token holders can vote on adding new assets, default options parameters and UI improvements. Before the platform is launched with real assets there will be a Testnet platform (hosted on both Chromia and Ethereum testnets) to participate on which users need to stake HGET to access. Users will trade funds that have little to no real value, but the best performing traders will be rewarded automatically by Hedget protocol with HGET tokens upon mainnet release.
When the platform migrates to Mainnet, HGET will be used to prevent spamming of orders which can lead to API overloads and order book manipulation. HGET tokens will need to be staked to interact with the platform. Staking requirements will increase as the monetary value and frequency of a user's interactions increase. As the platform is further developed, a DAO will be established and HGET tokens will be used to determine transaction fees, reserve requirements, and general functions and features of the platform.
Lastly, the HGET token will be used as a security measure and reputation engine in the future when margined options are implemented. Options writers who wish to offer options without providing 1:1 collateral will need to stake HGET tokens which will be used to purchase fully collateralized options as a hedge in case of Capital insufficiency risk. This mechanism ensures end users cannot be adversely affected by the insolvency of an options writer.
Circulating Supply at TGE: ~1,600,000 - 2,000,000 HGET (To be confirmed at TGE date)
1% - liquidity round with Alameda Research
7%: incentive tokens (for engaging users in participation in trading activities) and for Uniswap exchange pool
10%: Team (Monthly unlock for 2 years)
13%: Token sales: 4.23% for public sales ; 8.77% for private sales (token unlock after public sale ends)