Dear Traders,
We are thrilled to announce the next round of our Phemex Token To The Moon event: PT bidding with a Dutch auction mechanism!
In the event, participants can secure their Phemex Token allocations by locking their USDT. Leveraging the Dutch auction mechanics, users have the opportunity to place bids on PT as the price progressively declines, ultimately sharing the final clearing price at the conclusion of the event. Additionally, users who hold the Phemex Soul Pass (PSP) will benefit from increased max USDT locking amount and exclusive bidding access during the initial two hours of the Bidding event.
Bidding Details
Token Name: Phemex Token (PT)
Bidding Allocation: 2,000,000 PT
Max locking amount for Participants without PSP: 3,000 USDT
Max locking amount for Participants with PSP: 50,000 USDT
Supported Bid Token: USDT Only
Starting Price: 1.5 USDT
Reserve Price: 0.6 USDT
Token Distribution: 100% will be distributed at Token Generation Event (TGE).
Total Token Supply: 2 Million PT
How to Participate
Keep an eye on the event landing page! PT Bidding event will be held from 14:00 UTC - 20:00 UTC on November 28. When the bidding begins, the initial PT price is set at 1.5 USDT and decreases gradually over 6 hours to 0.6 USDT. Feel free to place bid when it drops to your preferred number. On TGE you will receive the PT at the final price reached when the bidding ends.
Basic Rule: Participants must have a Phemex account and have passed basic KYC verification.
PSP Holder Benefit: During the first 2 hours of the event, only participants with a PSP are allowed to bid. After 2 hours, all participants can begin to bid.
Bidding Rule: During the event, users can place multiple bids but each bid must be greater than 10 USDT.
The PT Bidding event will end with one of the two potential outcomes:
- The PT Bidding event ends when the total amount of bids / the clearing price = the bidding allocation.
- The event ends when the clearing price reaches the reserve price.
Once the distribution ends, there will be another announcement released to inform all participants.
Token Return Details
Return Method: One-time return
Token Return Period: 2024/3/1 00:00 - 2024/3/14 23:59
Token Return Price: Original bidding clearing price
Token Return Amount: All PT tokens that participant received through bidding
Upon locking their USDT and receiving PT allocations, participants in the PT Bidding event retain the option to return their PT at the original clearing price. By doing so, their USDT is unlocked and returned to their Phemex spot account, while the corresponding PT is deducted from their spot account. It is important to note that participants may only initiate this return process during the designated return period. Furthermore, only one-time returns are permitted, and all PT tokens acquired through the event must be returned simultaneously. Once the return period concludes, no further returns will be accepted.
This return mechanism provides participants with an opportunity to acquire and experience Phemex Tokens through the event without assuming any financial risk, as there exists an available option to return the PT for USDT.
Participants are responsible for ensuring compliance with all applicable laws, regulations, and tax obligations within their respective jurisdictions. It is worth emphasizing that individuals classified as Disqualified Persons are ineligible and prohibited from participating in the event.
Please note that PT Bidding event is currently not available to users accessing Phemex from U.S. IP addresses.
Happy Trading!
Phemex Team
