FCoin is launching FT1808 warrant tomorrow with details as following:
- FT1808 is a brand-new trading instrument which will be issued and delivered on the conversion basis of “FT1808:FT=1:1”(details of conversion as listed in section II)
- Once FT is converted into FT1808, it will be locked as a collateral in the FT1808 warrant account, accepting the income distribution normally and being announced on daily basis
- FT1808 will complete the initial issue on July 26th, 2018 (GMT+8, as below) and open the transaction pair of FT1808/USDT on GPM.
- FT1808 will be matured at 00:00 on August 26th, 2018 and will be returned in the form of FT at the conversion rate of 1:1 on the same day. Meanwhile, all accumulated (non-reinvestment) income received at the same time period will also be distributed to FT1808 holders in a lump sum.
- Upon the expiration of FT1808, the next FT warrant product will be issued in principle. Details will be released in the future announcement.
Adjustment of refunding FT on “Trans-Fee Mining”
In order to encourage long-holding and value investment into FT and to carry out the established principle of refunding the 100% FT service fee, we have adjusted the way of refunding FT on the “Trans-Fee Mining” as following:
- For the period starting from July 26, 2018 to August 25,2018, all the transaction fees generated every hour will be converted to FT1808 based on the average FT1808 price of the hour and distributed to community members after 24hours. (The FT mining issuance mechanism remains the same, but the newly issued FT will be converted to FT1808 on 1:1 ratio, please see the brief introduction of FT1808 above).
- FT1808’s initial issuance date is July 26, 2018. All transaction fees accumulated on July 25, 2018 will be distributed to community members in the form of FT1808 before its open trading, based on FT’s average price on July 25, 2018. The price of FT1808 will be 1:1 to average FT price before FT1808’s open trading.
The effects of the above measures are:
- Encouraging investors to hold FT in long term, and suppressing the impact of daily mining output on the market
- For FCoin traders, refunding 100% of the service fee will be unchanged, however, the refunding method is changed from FT to long-term product FT1808.