On August 07, 08, Serum will organize the sale of SRM tokens in the form of IEOs on FTX and BitMax. Today, let's find out how to buy IEO Serum token.
What is serum?
Serum is a fully decentralized platform, as well as a decentralized exchange (DEX) built on the Solana blockchain.
Serum's vision is to create a DeFi ecosystem that provides the best experience for users.
You can read more about the Serum Token below.
Read this article: What is serum (SRM)? Full focus on the virtual currency SRM
Guide to buy SRM token
Serum will issue token through IEO on 2 major exchanges today, including FTX and BitMax.
IEO on FTX
Conditions of participation:
To buy SRM token on FTX , users need to complete KYC Level 2 24 hours before the IEO.
By default, each person will receive 1 ticket to join the IEO. However, users can increase the number of tickets owned by two ways.
Average daily hold of FTT for 30 days prior to IEO
- > 10 FTT: +1 ticket
- > 100 FTT: +2 ticket
- > 1000 FTT: +3 ticket
30-day trading volume.
- > $ 100k: +1 ticket
- > $ 1 million: +2 tickets
- > $ 10 million: +3 tickets
How to buy:
Visit the website: https://ftx.com/srm-ieo
Select “CREATE SRM-IEO SUBACCOUNT” to create an account to join IEO.
Next, deposit into your account to participate in Bid (auction) to buy SRM tokens.
Enter the bid price of online tickets at which you want to buy on the screen. If you have 3 tickets, you can enter the same or different bid price of different tickets.
Minimum bid price is $ 0.1, and maximum is $ 0.11 for 1 SRM token.
Accepted bid currencies are USD fiat, or USD stablecoins: USDT, USDC, TUSD, PAX, and BUSD.
In addition to bidding in USD, users can bid up to 36 FTT to break the transaction.
Example: You set bid price at 0.11 USD, 0 FTT, but someone else doesn't want to take risk, so they add 0 - 36 FTT to the bid ($ 0.11, 36 FTT). Thus, the system will choose them.
The system will prioritize bids in the order of USD - FTT.
(0.11 USD, 36 FTT)> (0.11 USD, 0 FTT)> (0.1 USD, 36 FTT)> (0.1 USD, 0 FTT)
After the auction ends, the system will check from the highest orders until 1,200 winning tickets are reached. Tickets with a high bid price will have a high chance of winning.
Assume that 1,200 tickets have a bid price at ($ 0.11, 36 FTT), the system will randomly choose among them.
There will be 1,200 winners:
- If the SRM cannot be purchased successfully, your money will be refunded.
- If you place an order with FTT, but fail to buy, that amount of FTT will be refunded.
- All successful FTT purchases will be burned
All SRM tokens purchased will be locked into transaction after SRM's listing next Tuesday (August 10, 08).
Maybe you are interested in: What is FTX? How to use FTX?
IEO on BitMax
Like IEOs on FTX, users of BitMax need to complete KYC Level 2 24 hours before the IEO.
IEO will take place at 9-10pm in Vietnam.
Each winner will be entitled to buy 5,000 SRM tokens. There is a maximum of 600 winners equivalent to 3 million SRM tokens sold.
Also, the minimum bid price is $ 0.1, and max is $ 0.11 for 1 SRM token.
BitMax only allows auctions in USDT, and BTMX.
Users can also bid up to 5,000 BTMX to increase their chances of winning. The lowest bid is (500 USDT + 0 BTMX), and the highest is (550 USDT + 5,000 BTMX).
The winner will be based on USDT bids, and BTMX bids. Assuming there are more than 600 bids at (550 USDT + 5,000 BTMX), the bids that are submitted first will be selected in advance until 600 people are chosen.
After finishing the bidding, the loser will be refunded all of their USDT, and BTMX.
Maybe you are interested in: What is BitMax? How to register and use BitMax from AZ
Please consider carefully before joining IEO on FTX and BitMax.
If you have any questions, please comment below the article, so that Coin98 team and I can answer as soon as possible.
Goodbye and see you again in the next article.