In this document, we will explain in detail the procedures for implementing the QIA token on our platform and in the account of each of our clients.
The entire implementation will be carried out by Quantia, and the user's intervention will not be necessary for the allocation of QIA Tokens.
We understand that this situation that negatively affects us was not chosen by any of us, but given the interconnection of the entire industry, many companies are affected by the fall of FTX. This exposure is part of the risk of developing this business.
We have voluntarily decided to put forth our best efforts and resources to minimize the impact on the client.
Snapshot
A snapshot of each account and balances in each currency will be taken at the end of the last day on which withdrawals were processed from the platform.
Snapshot Date: Monday, November 7th at 23:59:59 (UTC-0).
Affected Portion
As mentioned earlier, this will affect each account and each asset equally.
Affected percentage: 36.51%
Token Allocation
Date: Between Monday, December 12th and Friday, December 16th, the corresponding QIA tokens will be allocated to each client's account. The exact day and time of allocation will be defined closer to the date. During the token allocation, internal transfers and trading on the platform will be suspended.
Amount of Tokens to Allocate
Each client will receive as many QIA tokens as the equivalent in dollars that were affected.
Examples:
Client 1: Net Value: 10,000 USDT.
Balance: 6,349 USDT + 3,651 QIA
Client 2: Net Value: 10,000 USDT + 10 BTC.
Balance: 6,349 USDT + 3,651 QIA + 6.349 BTC + (3.651 BTC * 16,200 USD/BTC) = 59146.2 QIA
Balance: 6,349 USDT + 3,651 QIA + 6.349 BTC + 59146.2 QIA
Balance: 6,349 USDT + 6.349 BTC + 62797.2 QIA
Client 3: Net Value: 10 BTC + 10 ETH
Balance: 6.349 BTC + (3.651 BTC * 16,200 USD/BTC) + 6.349 ETH + (3.651 ETH * 1,150 USD/ETH)
Balance: 6.349 BTC + 62797.2 QIA + 6.349 ETH + 4198.65 QIA
Balance: 6.349 BTC + 6.349 ETH + 66995.85 QIA
Prices
Current market prices were used for the examples. Final calculations will use prices at the close of the token allocation day in December at 23:59:59 UTC-0 (exact day will be defined closer to the date). This date will be chosen to avoid rolling back all trades made in the last few weeks.
Secondary Market
During December, the QIA/USDT secondary market will be created.
All users will be able to buy or sell QIA/USDT at market price and at limit price against USDT (Tether). Fees for exchanging QIA will remain at 0%.
Internal Transfers
Internal transfers will be enabled to send and receive QIA tokens between Quantia users immediately and without transactional costs.
Repurchase of QIA Tokens
We estimate to start repurchasing tokens in Q1 2023.
Quantia will withdraw tokens from circulation at nominal value of 1.00 USDT.
In other words, at the end of each quarter, each client will see a certain amount of QIA tokens in their account redeemed for the same amount in USDT, which can be used for crypto trading or freely withdrawn.
Resumption of Withdrawals
Withdrawals for the ~65% unaffected will begin to be partially enabled starting in January 2023, when the liquidity Quantia has placed begins to re-enter. Over the next few months, starting at 10%, it will be progressively released to meet all withdrawals.
Current Platform Status
On-chain withdrawals continue to be suspended.
Internal transfers via the Quantia-Internal network are enabled.
Trading within the platform operates normally.
Interest account yields will remain at 0.00% until lending/borrowing market operations resume.
We suggest not making deposits until all services are normalized.
Communication with Clients
We will soon circulate invitations to join a series of virtual meetings where we will explain online everything mentioned regarding the token's operation and open the space for you to share your doubts and have them clarified.
Thank you all for your constant support!
Schweizer Miguel
Co-Founder, Chief Executive Officer
quantia.io
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