Announcing the Q3 buy-back | 30 September 2018 | GET Protocol
With the first Ethereum main net sale on the 22nd of September the first buy-back of GET from the open market is upon us. This is necessary as in order to fuel the blockchain-registered smart tickets, event organizers like Carré need GET. This blog will specify the details on the buy-back and its scheduling. In Q4 of this year another buy-back will be conducted, this blog is about the buy-back in Q3.
The buy-back auction should not be confused with the mainnet launch on Saturday 22 September.
The GET that will be bought back during the buy-back on September 30th, will be used to fuel the tickets of the 36 theater shows going on sale on the 22nd.
GET Protocol event cycle buy-backs always occur after a ticket sale is completed!
For a more high-level view on how the buy-back method works token-economically in the GET Protocol check out the blog below:
At the current market price of ETH (€177/ETH) the starting swap tranche of the reverse Dutch auction of the buy-back will be at 0.002824 ETH/GET.
The Q3 buy-back summarized:
Key conclusions:
- On 30 September (at 12:00 +2 GMT). In universal epoch time: 1538308800000 the buy-back method will start accepting GET swaps for the base swap tranche. In order to find the accurate market price per GET the auction will increase the swap rate/price in steps after the auction has started. The increasing swap rate will continue until the demand of the buy-back is filled (so until all the ETH in the buy-back is swapped for GET). Note that due to how time zones work the buy-back will start 14:00 in the Netherlands, Amsterdam (+2 GMT) time zone.
- Read more about the process and logic behind it in the blog linked below:
- Details on the ETH/GET swap rates (or the price schedule) will be made public on Friday the 28th of September.
- The tranche address, the Ethereum address participants have to send GET to in order to bid in the reverse Dutch auction will be made public on the 28th of September on the get-protocol.io website. ONLY USE THE ADDRESS AS FOUND ON THE OFFICIAL WEBSITE OF THE GET-PROTOCOL (https://get-protocol.io/).
- In total €30 600 worth of Ether will be swapped for GET. At current ETH prices, this would be equivalent to 172 ETH worth of GET that will be acquired from the open market starting from September 30th until the demand is filled by the open market. The amount of GET that will be bought is decided by the open market participants by means of the reverse Dutch auction price discovery.
- How much GET is going to be required per smart ticket depends on the average ETH/GET as is discovered during the auction.
- Participating in the GET Protocol buy-back auction is completely at the participants own risk! Only trust information given in official GET Protocol channels, such as the website and blog. Always double check the tranche address! Make sure you fully understand the terms and rules of the auction BEFORE you participate.
- Participating is final, after sending GET to the tranche address you cannot cancel or make ‘changes’ to the GET transfer.
Review the blogs going into depth on the buy-back method if you want to know more : 1, 2 and 3.
More about the GET Protocol
Any questions or want to know more about what we do? Join our active Telegram community for any questions you might have, read our whitepaper, visit the website, join the discussion on the GET Protocol Reddit. Or get yourself a smart event ticket in our sandbox environment. Download the GUTS Tickets app on IOS or Android.
