THE PSYOPTIONS SALE AND $PSY 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 PSYOPTIONS SALE OR TO PURCHASE ANY PSY TOKENS.
Prepare for the Sale
Take a moment to familiarize yourself with the PsyOptions Sale (scroll to the bottom of this article).
Note: Any user who does not stake 150 FTT by 13:00 UTC, Jan 17th will NOT be allowed to participate in this Sale. Additionally, any user who has not been approved to at least KYC level 2 will NOT be allowed to participate in this Sale.
Details and guide: https://ftx.com/psyoptions-ieo
In order to bid during the Sale, 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, any account that signs up past 13:00 UTC Jan 11th 2022 will not be guaranteed entry into the Sale.
- There is no guarantee of your right to participate in the Sale or to receive any allocation.
- Set an alarm in advance: the Sale starts at 13:00 UTC, Jan 18th.
- Prepare funds to bid: at least 500 USD(T), and at most 600 USD(T) and 5 FTT per ticket
- You will have one hour to bid: between 13:00 UTC, Jan 18th and 14:00 UTC, Jan 18th.
- Buy/Stake FTT to lock in your additional ticket allotment 24 hours before the Sale. This means before 13:00 UTC, Jan 17th.
- Await results
- There are 2000 accepted tickets, each ticket for 5,000 PSY. At 14:00 UTC, we’ll raffle off the allocations. The minimum bid is $500 and the maximum bid is $600 + 5 FTT ($0.12 per PSY + 5 FTT). They will go to the highest bidders; in the event that there are over 2,000 tickets each bidding US $600 per ticket + 5 FTT, we’ll allocate randomly between them.
- Within a few hours of determining the allocations, the trades will be printed to the winning buyers’ subaccounts, and they will be able to transfer (non-PSY) funds out of the PSY-IEO subaccount.
- If you did not win, your funds will be returned
- If you had bid FTT but would have won the auction without it, the FTT will be returned
- All FTT paid will be burned
Rules for Bidding
Each bid ticket, if filled, will result in a trade: you pay your bid price and receive 5,000 PSY tokens. You can enter the number of tickets you would like to submit. Each ticket is an additional entry for another 5,000 PSY tokens; several could theoretically be filled.
- Any user who is qualified for the Sale (account is approved to at least KYC level 2 and has 150 FTT staked) will receive 1 ticket. You may be able to purchase additional tickets based on additional FTT staked above the minimum staking requirement
FTT staked by 13:00 UTC, Jan 17th 2022
- ≥ 150: 1 ticket
- ≥ 290: 2 tickets
- ≥ 420: 3 tickets
- ≥ 540: 4 tickets
- ≥ 650: 5 tickets
- ≥ 750: 6 tickets
Please take note of the following:
- FTT staked will be summed across all your ftx.com subaccounts.
- Your maximum number of tickets gets locked in based on the amount staked 24h before the Sale. We will indicate on this page what numbers are final a few hours after that.
- Please carefully review our Terms of Service, especially as they pertain to trading activity and KYC submission
- All participants agree to abide by the FTX Terms of Service.
- Any participants found violating the FTX Terms of Service will be disqualified.
- FTX reserves the right to amend the Terms and Conditions of this Sale without prior notice.
- Multiple entrants from a single trader are strictly prohibited and will result in disqualification.
- US residents or residents of any FTX restricted jurisdiction are strictly prohibited.
- Reselling purchased PSY to a resident of the US or any restricted jurisdiction is strictly prohibited.
THE PSYOPTIONS SALE AND $PSY 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).
WHAT IS PSYOPTIONS?
PsyOptions’ first product is an American-style options protocol built on the Solana blockchain. The principles that have guided the architecture and development of the core protocol are flexibility and composability. It is completely trustless. The core protocol makes no assumptions on how the options should be traded or priced. Options are represented as SPL Tokens, which means they can be traded on any DEX that supports SPL Tokens.
V1 will support 100% collateralized, asset settled, covered calls and secured puts.
For more details please find below:
Total PSY: 1,000,000,000
Total PSY for Sale during FTX IEO: 10,000,000
Unlocked after IEO: Yes