Read Solana price protection: how can ordinary investors participate?
Author: WZL
According to CoinList's website, the auction financing for Solana's token SOL was completed on March 24 at about 22 cents each. Eight million sols sold out, raising $1.76 million for Solana.
Solana is the world's first Web scale blockchain. As a new generation of public chain, Solana's original PoH algorithm (historical proof mechanism) has a TPS value up to 65,000, which is praised by the co-founder and managing partner of Multicoin Capital as "the blockchain closest to the" world computer "in the early days of encryption world".
Although a number of eager investors from China and other countries and regions are regretting their absence from the auction process, the following SOL's "Staker Price Guarantee" is planned to open the door to them, and this article describes the participation process of this mechanism. [note: the pledpledge price guarantee mechanism refers to that users can get 90% price guarantee of "auction and settlement price" after the expiration of a certain period of time by officially or designating a third-party pledge token to Solana.]
According to Solana's official documentation, the security is available wherever the user purchased the token (acquired through a CoinList auction or purchased through a third-party exchange) as long as you have registered with the CoinList for the pledge's price protection mechanism. The specific process is as follows:
1. If an investor Alice buys SOL at a certain price through CoinList or other exchanges or other channels, she shall register the pledge price guarantee mechanism through CoinList within three months after the auction (that is, from March 24 to June 24);
CoinList recommended by the user Trust Wallet receives its CoinList bought SOL tokens (user need before April 7, in Trsut Wallet create SOL address submitted to https://docs.solana.com/wallet, to receive for SOL tokens, CoinList staff said in Solana cable group, Users are expected to receive SOL tokens on or before April 7);
2.Alice shall pass KYC authentication, AML anti-money laundering regulations, etc., and sign the participation agreement;
3. Once Alice's application is approved, she can pledge SOL tokens to Solana official or the third party pledger designated by her;
4.Alice needs to send SOL tokensPledge for at least 2 days (that is to say, pledge tokens at least 2 days before the end of the first registration period),To begin to enjoy the price protection mechanism, any transfer of tokens out of the specified address will make Alice no longer enjoy the price protection;
5. The whole pledge price guarantee mechanism will last for 12 months from the end of the auction, and it will be expired;
6. When the price guarantee mechanism expires or the user transfers out of SOL in advance, Solana will pay Alice 90% of the price guarantee it enjoys in the form of USDC/USDT. The settlement price is based on usd 0.22 (the settlement price of this auction), that is, each SOL token pledged by Alice can be redeemed for approximately usd 0.198.
Matters needing attention
The maximum period of validity of the pledge price guarantee mechanism is 12 months, and it will be invalid after the expiration.
- Solana officials indicate that it may unilaterally decide to permanently/temporarily suspend this safeguard mechanism, may unilaterally decide to permanently/temporarily extend the token sale and redemption program, and may unilaterally decide to create another pledge incentive program at a similar structure and price;
- for each pledged SOL token, only one corresponding price guarantee can be obtained;
- the pledge-holder price guarantee mechanism adopts the first-come-first-served principle, and the sooner the KYC, AML and the agreement are signed, the sooner the pledge-holder can enjoy the price guarantee mechanism;
- there is still no definite time when the user can get the pledge reward, so we need to wait for the official news;
- the user can choose not to continue pledging tokens or sell them at any time, but the user's qualification to enjoy the price guarantee mechanism also becomes invalid;
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