OPEN TO PERSONS 18 YEARS OF AGE OR OLDER ONLY—SEE ELIGIBILITY CRITERIA IN THE COMPETITION RULES
VOID WHERE PROHIBITED BY LAW
This Competition Description is meant to be read in conjunction with the Competition Rules.
- Name: “Go Fetch it! 300,000 FET up for grabs”
- Description: Users should deposit and hold FET tokens in their Bitfinex wallet to be eligible for the reward on a first-come-first-serve basis. In order to be eligible, the user’s deposit needs to be among the first 500,000 FET tokens deposited into Bitfinex wallets on that day. Only the first 50,000 FET tokens deposited by the user will be eligible for the reward. All deposits that are made during the competition period will not be withdrawable until the commencement of FET based trading pairs on Bitfinex.
- Competition Period: The competition will run from 9:00AM UTC on the 12th August to 11:59PM UTC on the 17th August 2020.
- Competition Prizes: Every day, a total of 50,000 FET tokens will be distributed to eligible users on a pro rata basis.
If X is the total number of FET tokens deposited by the user, then the reward received by the user for that day will be
Case 1: If fewer than 500,000 FET tokens are deposited on any particular day:
(X/(Total number of FET tokens deposited))*50,000 FET
Case 2: If 500,000 or more FET tokens get deposited on any particular day:
Eg: If a user deposits 10,000 FET before the 500,000th FET token gets deposited for that day, then the user will receive a reward of 1,000 FET tokens for that day.
- Distribution: Users need not take any additional steps to claim their prize. Eligible users will get reward tokens deposited into their Exchange wallet as per the unlock schedules. The total rewards allocated to qualified users will be distributed in three equal tranches as described below:
- The first tranche will be distributed on 17th August 2020.
- The second tranche will be distributed on 17th September 2020.
- The final tranche will be distributed on 17th October 2020.