Gate.io will start implementing its new POINTS and GT Buy-Back Scheme from 12:00 AM GMT, September 1st, 2020. Under the new scheme, a GT buy-back and burn amount will be calculated based on the handling fees payment with POINTS from the spot, margin trading, and futures trading. To avoid fluctuation of the price of GT, the funds used for GT buy-back and burn will be placed under a designated account. We will buy back GT at random, and the GT burn records will be published once every quarter.
Check out more GT-related info at https://www.gate.io/gt
After the implementation of the new POINTS scheme, previously accumulated POINTS (“Previous POINTS”) can be swapped to “Timed POINTS” only by purchasing a certain number of Timed POINTS (the number of Timed POINTS purchased should not be lower than that of the Previous POINTS). Once swapped, the Timed POINTS cannot be transferred to others. Learn more about the POINTS swap at https://www.gate.io/article/17698
The following rules will be applied from September 1st, 2020 when the new POINTS and GT Buy-Back Scheme is implemented.
1) From September 1st, 2020, Previous POINTS can only be used for ‘Hold & Earn.’ Transferring Previous POINTS to Previous POINTS holders is allowed anytime.
2) For Timed POINTS converted with Previous POINTS, when using them for spot and futures fees, VIP discount cannot be accumulated. The Timed POINTS cannot be transferred, with an expiration period of two years.
3) After September 1st, 2020, users can swap their Previous POINTS to Timed POINTS only by purchasing a certain number of Timed POINTS (the number of Timed POINTS purchased should not be lower than that of the Previous POINTS). Once swapped, the Timed POINTS cannot be transferred to others, and the expiration period is two years.
4) Previous POINTs only support one-way swap to Timed POINTs; Timed POINTS cannot swap to Previous POINTS.
5) Professional traders and institutional users are able to purchase Timed POINTS in bulk to reduce their trading costs. Timed POINTS are only available within the first 3 years after purchase and are not allowed to be transferred to others. Users are not able to enjoy a VIP discount at the same time while using Timed POINTS as handling fees payment in spot trading and futures trading.
6) Under the non-bulk-buying condition, we highly encourage users to use GT as handling fees payment in order to dramatically lower the trading costs. Users are able to enjoy a VIP discount while using GT as handling fees payment.
7) From September 1st, 2020, all the POINTS used as handling fees payment (including all the Timed POINTS, Previous POINTS, and Timed POINTS swapped from Previous POINTS) paid from the users will be converted to the platform income calculated in accordance with a fair market price and the average cost price of new POINTS (currently calculated as a 70%-off discount). They will be used for a GT buy-back and burn.
