Along with the development of our exchange and for our users who believe in us and our flagship KNG token, we are introducing auction packages that guarantee auction winners participation in IEO on Kanga.
What are the rules?
As part of the sale of tokens on the IEO, the owner (issuer) of a given IEO will have the right to make some (of the entire pool) of tokens available for sale in a given listing for auction, e.g. the pool of a given IEO will be 1,200,000 tokens and a part (any, depending on of the issuer) of them, e.g. 300,000 will be allocated to the auction, thus ensuring a 100% participation of the user in this IEO.
The winners of each such auction will therefore gain some participation in the purchase of tokens in a number equal to the number contained in the bidding package.
Who can bid on packages?
Users who have KNG on Kanga’s wallets or KNG holders (POS users) or who meet both of these conditions at the same time will be able to bid for packages before IEO (they will be given before each IEO and may differ in each of them).
The packet for KNG holders will be marked with a special POS sticker.
To qualify the user for the auction, the following will be taken into account, among others:
the amount of the Autobonus at the KNG POS, e.g. min. 3%
the sum of the bonus obtained by the user at POS KNG in the last 30 days, e.g. min. 1 KNG
Notice! If the user is bidding several packages (e.g. 100 tokens and 500 tokens), then after the end of the bidding process, the system will check whether more than one package has been won.
If so, he will be assigned a higher value package and he will be removed from the list of winners of the cheaper package and his winnings will be transferred to the first person from the reserve list who did not win the auction.
A few words about packages
A part of the entire pool of tokens for sale within a given IEO will be allocated to the auction of tokens, but it will also be possible to distribute all tokens from a given IEO for “bundle” sale.
The packages will contain the number of tokens less than the maximum availability of tokens per person in a given IEO, e.g. if one user will be able to buy a maximum of 1000 tokens in a given IEO, the auction package will be in the amount of 500 tokens.
If, on the other hand, the user wins a package for 500 tokens and in a given IEO the maximum number of tokens available per person is 1000 tokens, then such a user can additionally take part in traditional IEO sales and buy a maximum of 500 tokens – so that the sum of the tokens purchased by him is 1000 , that is, as many as one person is entitled to in a given listing.
There can be several sizes of packages for one IEO, i.e. a package of 100 tokens, a package of 500 tokens, a package of 1500 tokens, etc.
Each pool will have a specific quantity of packages available for winning, e.g. 100 packages of 100 tokens, 50 packages of 500 tokens, 20 packages of 1500 tokens, etc.
Notice! Only the users who submitted the highest offer win, and in the case of a greater number of the same offers, the time factor is taken into consideration.
With 100 packages with a value of 100 tokens each, the winnings will be formed according to the formula:
30 people gave 2 KNG – they won
25 people gave 1.5 KNG – they won
25 people gave 1 KNG – they won
100 people gave 0.5 KNG – 20 first offers of this amount won, the remaining 80 were submitted later and did not win (because there were only 100 packages in total).
How will the auction proceed?
The auction will start, for example, 2 hours before the start of the sale under a given IEO, but with each IEO this time may vary and its end must take place 1 hour before the start of basic IEO sale.
The currency of the auction is the KNG token with a precision of two decimal places (0.00).
The user will see only his offer – the offers of other bidders will be hidden.
It will be possible to submit an offer many times – bid can be raised but not lowered, i.e. each auction must be for a higher amount of KNG allocated for it, e.g. when bidding under one package, the user will want to buy it for 10KNG, then if user want to raise the bid, he/she can not give less than 10,01 KNG.
As part of the auction, it will not be possible to withdraw an offer once submitted.
In order to place an offer during the auction, the user must have in his wallet on Kanga:
- the number of KNG tokens that user offers at the auction (funds deposited at the POS are not taken into account – those must be tokens available in the user’s wallet),
- the amount of the currency for the purchase of tokens in a given IEO needed to purchase the amount of tokens specified in the package, e.g. if the tokens in the package are worth 100 USDT, then the wallet must have at least 100 USDT – these funds will be used to purchase tokens on IEO after winning the auction
After submitting the offer and biding it, the funds used for the auction in the user’s wallet are blocked in the event of a win.
If the user wants to place an offer at an auction and does not have the appropriate amount of funds in his wallet, an appropriate message will be displayed with this information and it will be impossible to submit an offer.
After the user wins the auction, the system will AUTOMATICALLY place on his behalf an order to purchase the number of tokens on IEO equal to (neither less nor more) the number of tokens in the winning package right after its start.
For this purpose, the system uses the user’s previously blocked funds on the wallet. The declared package price expressed in KNG is transferred to the Kanga portfolio.
The user has the right to participate in traditional sales in a given IEO up to the amount of tokens equal to the maximum amount available for one user (i.e. the difference in the amount won at the auction).
After the listing is finished, in the middle section of the IEO’s website, the auction winner will see the RECEIVE button – after clicking, the tokens will be automatically transferred to his wallet.
If the user does not win the package in the auction, after the end of the auction, his blocked funds for the purchase of the package (in the wallet) and the declared KNG for the purchase of the package are released, but to do this he must click the RETURN button. If he does not do this, the funds will be refunded automatically after 24 hours.