Dear BitForex users,
As the main representative project of Web3, Polkadot has been highly sought after by global enthusiasts, without even being launched yet. In order to meet user needs, BitForex has reached strategic cooperation with Polkadot private strategic investors.
This gives BitForex the right to use 10,000 DOT tokens and will launch on BitForex in the form of IOU. All participating users will see DOT tokens in their BitForex accounts become available for withdrawal following the launch of the Polkadot mainnet.
2019/07/12 12:00 (GMT+8) until the 5th day after Polkadot's mainnet launches at 24:00 (GMT+8)
- BitForex will launch DOT/USDT trading pairs, and users can use USDT to obtain DOT by trading DOT/USDT.
- All participating users will see DOT tokens in their BitForex accounts become available for withdrawal following the launch of the Polkadot mainnet.
- DOT opening price: 60 USDT.
- Deposits open 1 hour after the launch of the Polkadot mainnet.
- Withdrawals open at 20:00 (GMT+8) on the 5th day after the launch of the Polkadot's mainnet.
For customers interested in obtaining a large amount of DOT, BitForex offers shorting and users can borrow DOT from BitForex through USDT collateral.
- Borrowing and lending are based on a fixed amount. For every 1 DOT borrowed, 600 USDT is required as collateral (600 USDT is over-collateralized - the actual market price is much lower than 600 USDT)
- The maximum loan limit is 200 DOT, and the minimum loan amount is 0.2 DOT.
- Users can redeem at any time during the redemption period. Redemption will return the USDT that was mortgaged.
- The opening hours to borrow are 2019/07/12 at 12:00 (GMT+8) until midnight of the day before the launch of the Polkadot mainnet.
- Redemption opening hours are 2019/07/17 at 12:00 (GMT+8) until the 5th day at midnight after the launch of the Polkadot mainnet.
- User's borrowed DOT will automatically be returned to BitForex, and the USDT collateral will be returned in the event that DOT's market price should near 600 USDT (IOU ratio).
- BitForex maintains the right to change or amend this event at its sole discretion