Upon news of a cryptocurrency listing on Crypto.com (CRO), the news is usually followed by a discount offer for first-time buyers. The operating mode remained the same in the present case with the addition of Elrond eGold (EGLD) to the Syndicate platform. As a reminder, EGLD will be listed on the exchange on Tuesday, October 20, 2020 with the EGLD / USDT and EGLD / CRO trading pairs. On the same date, Crypto.com users were also scheduled to sell the asset at a 50% discount.
An offer worth $ 500,000 from EGLD
The event which is scheduled to last 24 hours concerns a total offer of USD 500,000 of EGLD available for half of their value. As is customary with Crypto.com, the maximum amount that can be wagered by a participant is based on previous movements on the exchange. In that case, the volume of the various transactions carried out during the last 30 days will be used to assess their eligibility. Participants in CRO staking can also go to the section Crypto.com/Exchange/Syndicate on the stock exchange website to get an idea of their limit.
Once the necessary trade volume is known to the participant, the participant will have to work to meet the requirement if it has not already. This value is calculated daily and let everyone know where it is. To take advantage of this offer, users can subscribe to EGLD by providing a quantity of CRO tokens not exceeding their respective maximum allocation. However, it should be noted that the CRO tokens involved cannot be used to subscribe to EGLD during the listing.
Method of distributing allowances to participants
After the 24 hours during which the sale will take place, it is expected a so-called acceptance period which will last one week. It will be for those who wish to be able to give up the benefit plan that will follow. Crypto.com thus estimated at 118% the annual rate of return of the event on all contributions made in CRO during this same period. The remaining participants will therefore receive their finalized EGLD allocation at the time of distribution based on this return.
However, the exchange notes in its announcement that the total amount of contributions for the event may be greater than the reduced total allocation. In this case, it is expected that the final allocation of each participant will be calculated differently, always taking into account his participation. It will be about doing the ratio of his CRO contribution to that of all participants, multiplied by the ELGD equivalent of $ 500,000.
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Crypto.com management plans to launch a similar offering around other cryptocurrencies as well in the coming days. While awaiting more details on the identity of the assets concerned, those who wish can already present their token for integration into Syndicate.