XPRT Auctions on AscendEX Explained

Persistence liquid staking

With the launch of our token sale on AscendEX (formerly BitMax) on March 31st quickly approaching, we wanted to clarify the sale details to make sure our community is prepared.

The sale will take place in the format of two auctions (the Standard Auction & the Uncapped Auction). The auction format and sale details, as outlined in AscendEX’s sale details page, are explained below.

The auction dashboard can be accessed on AscendEX here: https://ascendex.com/en/marketing/xprt

Overview

  • Users are able to participate in 2 auctions: Standard Auction & Uncapped Auction.
  • Participants are required to complete KYC 2 verification on AscendEX to participate in the auctions.
  • Certain eligible users are able to participate in both auctions.
  • Standard Auction will offer 750,000 XPRT & Uncapped Auction will offer 250,000 XPRT (total of 1,000,000 XPRT).
  • Both auctions will begin on March 31st, 2021 at 1:00 p.m. UTC and will run until 2:00 p.m. UTC.
  • Auction results will be announced on March 31 at 3:00 p.m. UTC.
  • Winners of the auctions MUST submit their Auction confirmation code & AscendEX account to Persistence’s website by April 1st 11:00 AM UTC or lose their winner slot.

Note

Users from the following countries/regions are not eligible for participation:

Chinese Mainland, Panama, Pakistan, Mongolia, Iceland, Ghana, Botswana, The United States, Balkans region, Belarus, Myanmar, Côte d’Ivoire, Cuba, Democratic Republic of the Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syrian Arab Republic, Zimbabwe, Algeria, Bangladesh, Bolivia, Cambodia, Ecuador, Nepal, Afghanistan, Burundi, Central African Republic, Singapore, Malaysia, Ethiopia, Guinea, Guinea-Bissau, Lebanon, Sri Lanka, Libya, Serbia, Somalia, South Sudan, Thailand, Tunisia, Trinidad and Tobago, Ukraine, Uganda, Venezuela, and Yemen.

The Standard Auction: (750,000 XPRT)

Users on AscendEX who hold either 10,000 BTMX during a trailing 5-day average or have traded 30,000 USDT or more within the last 20 days are eligible for the Auction.

BTMX holdings in users’ Cash Account will be calculated every day from March 25, 12:00 a.m. UTC, 2021 to March 30, 12:00 a.m. UTC. Users’ average holdings over this period need to meet or exceed 10,000 BTMX to be eligible based on their BTMX holdings.

  • Therefore, there will be daily snapshots of users’ BTMX balances (one per day from March 25 to March 30). If your average holdings of BTMX over this 5-day period (calculated by adding the amount on each day and dividing by the number of days) is 10,000 BTMX or higher, you are eligible based on your BTMX holdings.

Users’ trailing 20-day trade volume (including cash trading, margin trading and futures trading) will be calculated in USDT from March 10, 12:00 a.m. UTC, 2021 to March 30 12:00 a.m. UTC, 2021.

  • If your total trade volume meets or exceeds 30,000 USDT during this period (your cumulative trade volume over those 20 days is 30,000 USDT or more), you are eligible based on your trade volume.

There are 750 tranches of 1,000 XPRT each available for this auction, totalling 750,000 XPRT. The auction will only run for 1 hour from March 31st, 2021 at 13:00 UTC to 14:00 UTC. Participants are required to complete KYC 2 verification on AscendEX to participate in the Auctions.

The Auction starts off at 400 USDT and the maximum a user can bid is 400 USDT + 35 BTMX or 350 BTMXP ($0.40 — $0.45).

Users have the opportunity to place up to 6 bids within the auction period if they meet certain requirements. That means a maximum a user can win from the auction is 6,000 XPRT. See the chart below for reference:

If there are more than 750 participants who bid the maximum (400 USDT +35 BTMX / 350 BTMXP) a random draw will determine the winners of the auction.

Winners of the Standard Auction will need to submit the AscendEX account & Auction confirmation code on Persistence’s website by April 1, 11:00 AM UTC. Failure to timely submit the confirmation code & AscendEX account will be deemed as the users’ voluntarily forfeiting their winning slot.

How to Prepare

  • Make sure you meet either the 5-day average BTMX holdings requirement or the trailing 30,000 USDT (or more) 20-day trading requirement
  • Read and agree to the XPRT Auction Agreement
  • Complete KYC 2 verification on AscendEX
  • Have 400 USDT plus at least 35 BTMX / 350 BTMXP in your AscendEX account in advance

The Uncapped Auction: (250,000 XPRT)

Users who do not meet the trading/holding requirements for the Standard Auction can still participate in the Uncapped Auction. 250 participants will be selected for the auction for 1,000 XPRT each, totalling 250,000 XPRT. The auction will only run for 1 hour from March 31st, 2021 at 13:00 UTC to 14:00 UTC. Participants are required to complete KYC 2 verification on AscendEX to participate in the Auctions.

The Auction starts off at 400 USDT ($0.40/XPRT). However, users can also bid as much BTMX or BTMXP as they’d like to increase their chances of winning the auction slot. The top 250 bids will win the Uncapped Auction.

Winners of the Uncapped Auction will need to submit the AscendEX account & Auction confirmation code on Persistence’s website by April 1, 11:00 AM UTC. Failure to timely submit the confirmation code & AscendEX account will be deemed as the users’ voluntarily forfeiting their winning slot.

How to Prepare

  • Read and agree to the XPRT Auction Agreement
  • Complete KYC 2 verification on AscendEX
  • Have 400 USDT plus as much BTMX or BTMXP as you like in your AscendEX account in advance

XPRT Token Listing

If you aren’t able to acquire XPRT during the sale on AscendEX, don’t fret. You will be able to acquire XPRT tokens upon listing directly afterwards. AscendEX will list XPRT with a XPRT/USDT trading pair according to the following schedule:

  • Deposit: Mar 31, 2:00 p.m. UTC
  • Trading: Apr 1, 1:00 p.m. UTC
  • Withdrawal: Apr 1, 1:00 p.m. UTC

Further token listings are also in the pipeline. We will reveal details of further listings as and when we are able to. Stay tuned to our Twitter account and Telegram announcements channel to be sure not to miss an update.

Get Prepared and Join the Financial Revolution!

We invite you to take part in our token sale and join us on our journey to usher in a new financial paradigm. The sale on AscendEX is the first opportunity for the community to acquire XPRT tokens. Don’t miss your chance to become a part of the financial revolution.

For the full details of the auctions, please read through AscendEX’s official post: https://bitmax.io/en/help-center/articles/1500004962562

Link to the Persistence (XPRT) Auction: https://bitmax.io/en/marketing/xprt

About Persistence

Persistence is a Tendermint-based, specialised Layer-1 network powering an ecosystem of DeFi applications focused on unlocking the liquidity of staked assets.

The Persistence chain facilitates the issuance and deployment of liquid-staked stkASSETs, allowing users to earn staking rewards while participating in DeFi primitives, such as lending/borrowing and liquidity provisioning on DEXs.

Persistence aims to offer a seamless staking and DeFi experience for PoS (Proof-of-Stake) users and enable developers to build innovative applications around stkASSETs.

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