The Orbs team has now submitted a proposal to assist token holders impacted by the recent events at FTX.

Orbs Network welcomes its users to review the draft and make comments and suggestions, whether by adding comments in Github, discussing on Telegram or on the governance page of the Orbs discord.

OIP-4: Allocate 6.3M ORBS to Assist Holders Affected by FTX

As everyone knows, the collapse of FTX has created significant losses around the blockchain world. The primary victims are, of course, retail customers. These people held funds on the FTX exchange that now appear to be inaccessible.

Several projects have come to arrangements or set aside resources to compensate those holding their tokens on the FTX exchange.

This OIP proposes that the Orbs community take similar action. The platform set aside 6.3 million ORBS tokens from the long-term reserve pool to replace ORBS tokens lost to their holders on FTX. Moreover, actual reimbursement and the timing will be determined as the bankruptcy case continues and the affected parties and proper procedures become more clear.

Benefits

The Orbs project is, at its root, community-driven. When something happens that harms many community members, the project community should do what it can (within reason) to help. This will benefit the project as a whole by demonstrating that the Orbs project community takes care of its members and is a good actor in the space.

It will also allow for continued participation from those holders who for whatever reason had their ORBS trapped on FTX, instead of allowing these potential participants to become separated from the project and unable to contribute.

Moreover, the number of ORBS tokens trapped on FTX is not large, and releasing the same amount from the reserves should not have a major impact on the supply dynamics.

The Risks

This action could lead to others who lose tokens, for whatever reason, demanding to be similarly compensated. If something similar were to happen on an exchange where more Orbs tokens are held, this might not be a viable option and could harm the viability of the project.

Specification

The FTX bankruptcy case is only beginning, and it is unclear how or when it will be completed. Likewise, how this compensation would interact with bankruptcy claims. Furthermore,  this OIP is establishing the principle that the community is committing to compensate those who hold ORBS on FTX for their losses. The details will be worked out in communication with the affected holders, as well as the current and future management and administration of FTX and, potentially, the courts.

In addition, the reservation of 6.3M ORBS tokens will be open for 18 months. If this window expires and there are still unresolved issues or users who have not been able to recover, the program can be extended by an additional community governance vote.

Any compensation offered from the pool should have certain limitations, which include:

1. 1. Individual retail traders only, no institutions or entities.
2. 2. Not more than $5,000 worth of Orbs to any individual recovery.
3. 3. To receive compensation, holders will need to prove the presence of ORBS tokens on their FTX accounts. Within procedures to be determined as the bankruptcy case continues.

Furthermore, the Orbs team will have a final determination of the final terms and conditions.

The Orbs project should take proactive steps to reserve 6.3 million Orbs tokens to help reimburse those individual retail investors whose funds were misappropriated or locked on FTX.

ABOUT Orbs Network

Orbs is an open, decentralized, and public blockchain infrastructure. Executed by a secure network of permissionless validators using Proof-of-Stake (PoS) consensus.

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RESOURCES

Orbs Network Proposal

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Prepare for the Sale

Take a moment to familiarize yourself with CRIPCO (scroll to the bottom of this article).

Note: Any user who does not stake 150 FTT by July 7, 2022 at 13:00 (UTC) will NOT be allowed to participate in this Sale. Additionally, any user who has not been approved at KYC level 2 will NOT be allowed to participate in this Sale.

Details and guide: https://ftx.com/cripco-ieo

In order to bid during the Sale, make sure you read the rules below and complete the following beforehand:

1. Register your FTX account and submit KYC level 2. Due to a large inflow of new sign ups, any account that is registered past July 1, 2022 at 13:00 (UTC) will not be guaranteed entry into the Sale.
2. There is no guarantee of your right to participate in the Sale or to receive any allocation.
3. Set an alarm in advance: the Sale starts on July 8, 2022 at 13:00 (UTC)
4. Prepare funds to bid: at least 250 USD(T), and at most 300 USD(T) and 5 FTT per ticket.
5. You will have one hour to bid: between July 8, 2022 at 13:00 (UTC) and July 8, 2022 at 14:00 (UTC).
6. Buy/Stake FTT to lock in your additional ticket allotment 24 hours before the Sale. This means before July 7, 2022 at 13:00 (UTC).
7. Await the results.
   • There are 2,000 accepted tickets in total, each ticket for 1,500 IP3. At 14:00 (UTC), they’ll raffle off the allocations. The minimum bid is US$250 and the maximum bid is US$300 + 5 FTT ($0.2 per IP3 + 5 FTT). They will go to the highest bidders. In the event that there are over 2,000 tickets each bidding US$300 per ticket + 5 FTT, they’ll allocate randomly between them.
   • Within a few hours of determining the allocations, the trades will print to the winning buyers’ subaccounts, and they will be able to transfer (non-IP3) funds out of the IP3-IEO subaccount.
     • If you do not win, your funds will be returned.
     • If you bid FTT but would have won the auction without it, the FTT will be returned.
     • All FTT paid will be burned.

Rules for Bidding 

Each bid ticket, if filled, will result in a trade: you will pay the bid price and receive 1,500 IP3 tokens. You can enter the number of tickets you would like to submit. Each ticket is an additional entry for another 1,500 IP3 tokens, so several could theoretically be filled.

• Any user who qualifies for the Sale (where the account is approved to at least KYC level 2 and has 150 FTT staked) will receive 1 ticket. You may be able to purchase additional tickets based on additional FTT staked above the minimum staking requirement.

FTT staked by July 7, 2022 at 13:00 (UTC):

• staked ≥ 150 FTT: 1 ticket
• staked ≥ 290 FTT: 2 tickets
• staked ≥ 420 FTT: 3 tickets
• staked ≥ 540 FTT: 4 tickets
• staked ≥ 650 FTT: 5 tickets
• staked ≥ 750 FTT: 6 tickets

Please note the following:

• • FTT staked will be summed across all your ftx.com subaccounts.
  • Your maximum number of tickets gets locked in based on the amount staked 24h before the Sale. We will indicate on this page what numbers are final a few hours after that.
  • Please carefully review their Terms of Service, as they pertain to trading activity and KYC submission.

Conditions

• All participants agree to abide by the FTX Terms of Service.
• Any participants found violating the FTX Terms of Service will be disqualified.
• FTX reserves the right to amend the Terms and Conditions of this Sale without prior notice.
• Multiple entrants from a single user are strictly prohibited and will result in disqualification.
• US residents or residents of any FTX restricted jurisdiction are strictly prohibited.
• Reselling purchased IP3 to a resident of the US or any restricted jurisdiction is strictly prohibited.

THE CRIPCO Sale AND $IP3 TOKENS ARE NOT AND WILL NOT BE OFFERED IN THE UNITED STATES OR TO ANY U.S. PERSONS (AS DEFINED IN REGULATION S PROMULGATED UNDER THE U.S. SECURITIES ACT OF 1993, AS AMENDED).

About CRIPCO (IP3)

CRIPCO is an IP 3.0 Hub, which aims to build an NFT ecosystem where everyone can create secondary content and merchandise through NFT utilities. Also, Individuals can conveniently buy and sell NFTs on CRIPCO. CRIPCO is an NFT marketplace and a platform where individuals and companies can provide utilities for their NFTs.

Token Terms

• Token: IP3
• IEO price: 1 IP3 = 0.2 USD
• Total IP3 supply: 300,000,000
• Total IP3 for sale for FTX IEO: 3,000,000 (1% of total token supply)
• Unlocked after IEO: YES

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About FTX Exchange

FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. They strive to develop a platform robust enough for professional trading firms and intuitive enough for first-time users.

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SOURCE

https://help.ftx.com/hc/en-us/articles/7282231282836

The post CRIPCO Upcoming IEO on FTX Exchange appeared first on Smart Liquidity Research.