The Q4 2018 GET buyback of December the 27th | The times, rates and the buyback address
In two days, on Thursday the 27th of December, the second buy-back of the GET Protocol will run its course. In this blog, all the numbers relevant in this buyback will be disclosed. The rules of the auction have been explained in previously published blogs on the subject.
The buyback address can be found on our website: https://get-protocol.io/
The buyback address (as can be verified on the get-protocol.io website) is:
As for more information about how and why these buy-backs are conducted, dive into the blogs below:
With the main net launch coming up fast, all eyes are on the long-awaited buyback. In this blog, I will elaborate on…blog.guts.tickets
Please pay close attention if you are planning to participate because as soon as you send GET to the buyback/tranche address there is no way of canceling or editing your transaction. Participation in the buyback auction is final.
Make sure you fully comprehend the auction rules before participating!
Be patient, the buyback auction will be finalized/settled within 48 hours after the auction is completed
As last time the GET Protocol team is still in process monitoring the buyback process actively. While some aspects of the buyback are automation the overall process is still relying on human confirmation/control. So as was the case with the first buyback it might take up to 48 hours after auction finalization for the participants of the auction to receive ETH or GET.
For both accepted as rejected GET, the participant will not immediately receive ETH or GET after the auction is finalized. The swaps and returns will be processed within 48 hours after the auction has been declared completed. Be aware of this latency!
Moving forward we will aim to fully automate and decentralize the reverse Dutch auction process of the GET Protocol. For now control is preferred over ease of use.
All clear? Great. Time to talk numbers
Assuming all the details and rules of the buy-back are clear to the reader, this article will proceed in listing the concrete GET demand, lock and times.
Key numbers of the Q4 buyback:
- With the market price of GET being below the guaranteed exchange rate; this means the auction will start with the ETH equivalent of €0.50/GET.
- Ethereum was locked today at €124.30 EUR/ETH. On behalf of the theater, we exchanged €3 039 for ETH. Thus; the auction will buy back 24.5 ETH worth of GET in a progressively increasing Dutch auction accessible for the whole open market.
- The first price tranche will start with on the swap rate of 0.00402 ETH/GET.
- Each price tranche will last 6 hours. The swap rate of the next tranche will increment the previous price tranche with +12% until the total ETH demand is filled. This is a change from the previous buyback where the increase was only 5%.
- All GET sent to the buyback address that is accepted will be swapped for ETH within 48 hours. The participant will receive the GET in accordance to the swap rate of the price tranche in which their bid was confirmed on the buyback address. Be aware of this latency!
- All GET sent to the buyback address that was too late will be returned to the sender within 48 hours of the auctions close. Be aware of this latency!
That is all you have to know! Below I will list several important rules that already have been stated in previous blogs but are important to underline once more.
Key points of attention for participants:
- The auction will start at 12:00 PM UTC (EPOCH:1545912000). If you are in the Amsterdam timezone (+1 UTC) the first tranche will open at 13:00 local time sharp. First come, first serve.
- The duration of the buy-back depends on the number of participants send GET to the buyback address. The buyback auction can last 18 hours or 10 seconds. The duration is a factor that is fully at the grace of the open market, not us.
- There is no slippage when your GET is accepted at a certain price tranche. If the time-stamp of the block in which the transaction from your wallet to the tranche address falls within the price tranche, the GET you sent will be swapped for that swap rate fully.
- The address a participant sends his or her GET from to the buyback address is the address to which the ETH or GET will be returned. Do not send GET from an exchange address as it is unsure if the ‘deposit’ address of your exchange wallet is the same as ‘from’ address. MAKE SURE YOU CONTROL THE PRIVATE KEY OF THE WALLET/ADDRESS YOU USE TO PARTICIPATE WITH.
- To prevent spamming and gas wastage the minimum participation amount for the buyback is 50 GET per participant. If a participant sends less than 50 GET it will be burned.
All details of the buy-back (and the progress) can be checked, verified and tracked on the website of the GET Protocol at https://get-protocol.io/. Questions? Ask us (or one of the team members) on Telegram.
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.