Dear Hotbit users,
In order to cater for the market’s urgent demand, Hotbit has already purchased more than 300,000 Filecoin worth of the futures product from Filecoin’s original fundraising, with the vesting period being 6 to 12 months. Hotbit has also developed relevant products of the futures products of Filecoin called FIL6M and FIL12M, and launched the two products on its platform as well. Currently, Hotbit is still continuously purchasing further amount of Filecoin.
As Hotbit noticed that a lot of its users do not understand the vesting mechanism of Filecoin futures products and Hotbit’s methods of exchange and distribution for its FIL6M and FIL12M products in the future, Hotbit hereby explains all relevant rules, regulations and mechanisms as follows:
1. The original fundraising of Filecoin involves three vesting methods within 6 months, 12 months and 36 months.
The original contract of Filecoin’s fundraising is as follows:
The Tokens shall vest and cease to be subject to the Use Restriction in equal portions as each block of Filecoin is mined following the Network Launch, such that all Tokens acquired pursuant to this SAFT shall be fully vested at the end of the Vesting Period (as measured starting from the Network Launch).
Hence, after launching its mainnet, Filecoin will be released gradually by the generation of each block on its mainnet, until the process lasts for 6 months, 12 months and 36 months.
2. Currently, Hotbit has only launched Filecoin’s futures products in 6 months and 12 months, namely FIL6M and FIL12M. According to the vesting terms of Filecoin’s contract, Hotbit’s methods of exchange and distribution are as follows:
FIL6M: Starting from the second day after Filecoin launches its mainnet, within each day, Hotbit will exchange and distribute 1/83 of the total amount of FIL6M by the time Filecoin launches its mainnet on Hotbit platform.
The detailed process is: Within everyday, Hotbit will terminate the trading function of FIL6M and cancel all buy orders of FIL6M at a fixed time point. After that, by browsing the volume of FIL6M held by all Hotbit users, Hotbit will exchange and distribute relevant amount of FIL assets to all relevant users and deduct all relevant users’ FIL6M assets (The title of the new assets will be FIL), after receiving their FIL assets, the users may trade, deposit or withdraw their FIL assets freely.
FIL12M: Starting from the second day after Filecoin launches its mainnet, within everyday, Hotbit will exchange and distribute 1/365 of the total amount of FIL12M by the time Filecoin launches its mainnet on Hotbit platform. The detailed process is: Within everyday, Hotbit will terminate the trading function of FIL12M and cancel all buy orders of FIL12M at a fixed time point. After that, by browsing the volume of FIL12M held by all Hotbit users, Hotbit will exchange and distribute relevant amount of FIL assets to all relevant users and deduct all relevant users’ FIL12M assets (the title of the new assets will be FIL), after receiving their FIL assets, the users may trade, deposit or withdraw their FIL assets freely.
3. Hotbit has noticed that, currently, a lot of other exchanges have unwittingly used exactly the same title of the spot trading product of FIL to signify the futures products of FIL.
Considering the fact that all FIL futures products from all platforms requires the vesting period of 6, 12 or 36 months, from our perspective, the incorrect naming of the futures products will mislead the users, and may cause a crisis of withdrawal to all relevant assets by the time Filecoin launches its mainnet. Hence, Hotbit will only list FIL assets on the first day Filecoin launches its mainnet.
We have noticed that a lot of platforms all signify that the FIL products they are selling are actually the 6-months futures products of FIL, and these futures products of FIL are actually the same as Hotbit’s FIL6M in value, and all such products requires the linear vesting period of 6 months.
Link To Purchase Filecoin’s 6-Months Futures Product: https://www.hotbit.io/exchange?symbol=FIL6M_USDT
Link To Purchase Filecoin’s 12-Months Futures Product: https://www.hotbit.io/exchange?symbol=FIL12M_USDT
Hotbit does not provide endorsement for any blockchain assets. All introduction information regarding the assets is originated from third party sources and that emissions and errors might occur in the information provided.
The investments in blockchain assets are highly risky; the user is solely responsible for undertaking the risks of any asset shrinkage or lost. Please do conduct investment activities cautiously based on your own situation.
If you have other questions, you can submit a ticket: please send a support ticket to us https://hotbit.zendesk.com/hc/en-us/requests/new