Allbit & APOT : FUD is a positive for this one
Is it really your turn to lead?
It seems like a lot of bloggers, YouTubers, media etc are having a hard time finding the right content in this bear market. The same applies to me. I have been constantly thinking about what to write about. ICOs? Cryptocurrency News? Blockchain Tech? All of them were once the popular content that everybody looked out for. Right now it seems like everybody is in super HODL + let’s not even look at it mode.
Recently I covered Korea’s exchange frenzy in which exchanges launched their tokens and gave back their profits based on trading volume and the # of tokens owned. A lot of the questions I had was regarding how to participate in CoinZest (COZ) and Cashierest (CAP). Unfortunately, all I could say was that those are only available to Korean users. Now, however, I am back with something that everyone can participate in: Allbit! Some people may know, but Allbit is Korea’s first DEX(Decentralized Exchange) backed by Dunamu, the company that created Upbit. “Officially” Upbit and Allbit are not related, only backed by the same company. To me it seems like a big BS, after all, why choose the name “Allbit” out of all the names out there that do not resemble Upbit? Anyways, I have prepared a simple how-to guide on using the exchange and participating in its mining event.
APOT Pre-event Overview
Allbit is currently doing an “APOT Pre-event”. The event is basically encouraging users to actively trade on the exchange. You also get to mine APOT as you trade since the transaction fees will be redistributed to the users as APOT tokens. Here are some details. Keep in mind the transaction fee is 0.1%.
Event Target : For users with daily trading volume of more than 1 ETH
Event Date : 2018 October 1st 9am ~ 2018 October 8th 9am (KST)
APOT Reward Distribution : 2018 October 9th
I participated in the mining myself. Let’s see how it works.
1. Send ETH to your Allbit account and deposit it to the smart contract
The very first step (as in all exchanges) is to send ETH to your Allbit account. Allbit doesn’t seem to have a KRW system right now, but it will probably happen at some point. Once you receive the ETH, you have to deposit it to the smart contract.
Keep in mind to leave some ETH in your wallet for gas fee purposes. Usually 0.1 ETH is recommended but if you are a whale go for more! Gas fees are deducted from your WALLET, not your CONTRACT. If you leave no ETH in your wallet you will get a notice that you have insufficient gas when trading on the exchange.
2. Trade a coin of your choice
Once the ETH is ready, simply begin trading! I tried buying NEXO as an example. I bought a total 1.19784789 ETH of NEXO. The interface is simple to use, but I wish they included both the % change and trading volume for users to see (so far you have to go back and forth).
With the current trading volume of 105,831 ETH, my expected amount of APOT reward is 4.52739735 APOT. As you can see in the below chart a fixed amount of APOT is available for mining. A total of 5,000,000 APOT will be available for mining rewards during the event.
The calculation is as the following.
My trading volume = 1.19784789 ETH
Current total trading volume = 105,831 ETH
Day 2 APOT available for mining = 400,000 APOT
% of APOT to receive = 1.19784789/105831 x 400,000 = 4.5273989 APOT
Right now the one-pager is only available in Korean, but English versions will be up soon from what I have heard. If you are having some difficulties with the process feel free to ask me in my Telegram channel. The APOT rewards as I mentioned above will be distributed on October 9th.
Some calculations and considerations
APOT tokens will be listed on the exchange October 8th, but mining rewards are distributed on the 9th. I can only assume that presale and exchange supply will be initially unlocked. For presale lockup, APOT tokens are distributed 30%, 20%, 20%, 10%, 10%, 10% over 6 months. With 235,600,000 APOT tokens allocated for presale and 5,000,000 APOT tokens mined in the pre-event, here is the calculation for initial supply.
235,600,000 x 0.3 + 5,000,000 = 75,680,000 APOT
With listing place as 0.13 USD, the initial market cap is 75,680,000 x $0.13 = $9,838,400. Sale details and calculations you can find in my Telegram channel.
Trade-mining : more FUD is better
So far I am seeing a lot of FUD going on among Korean communities. The FUD is not necessarily to raise concerns of APOT but to reduce the token price so miners can mine more APOT for a profitable token price. Based on yesterday’s trading volume APOT token price can be calculated as follows.
- 100 ETH trading volume equals 214 APOT as rewards
- With 0.1% as transaction fee you will receive a total 0.1 ETH worth of APOT.
- Assuming 0.1 ETH = $23, 214 APOT as reward means that 23/214 = $0.107 per APOT.
Because listing price is $0.13. Miners (well, traders) have to mine as much as APOT possible below $0.13. This is why FUD is going around so that fewer people can take a larger portion of the pie. It’s really fun watching all this happen!
What happens after the pre-event?
Two events will follow the pre-event. The first is the APOT Hold Event and the second is the APOT Mining Event.
- APOT Hold Event
To summarize, if you hold more than 100 APOT you will receive 100% (well, technically 90% + 10% VAT)of the exchange’s transaction fees in ETH. Keep in mind that your APOT has to be deposited on the smart contract, not in your wallet.
2. APOT Mining Event
700,000 APOT will be available for “trade-mining” every day. This results in 21,700,000 APOT available for trade-mining per month. Trade-mining is simple, your daily trading volume has to be more than 1 ETH, and you will receive a certain amount of APOT for the transaction fee you have generated.
You have to be aware that besides the 21,700,000 APOT in circulation, unlocked tokens from presale will be added each month. Roughly there will be 60,000,000 APOT in circulation each month. Take the numbers carefully when you calculate the APOT token price.
So far English versions of the whitepaper and one-pagers are not available yet. I hear that those will be available soon. In the meantime, stay tuned in my Telegram group and I will be your personal translator in assistance :)
Final Remarks
As with all investment opportunities, there are the pros and the cons. In my perspective, however, there is finally an exchange where both foreigners and Koreans can participate in the event. That exchange also happens to be Upb… Dunamu’s DEX, Allbit. I am curious to see how Korea reacts to a local DEX and whether Allbit can make a presence in both Korea and internationally. Here is another quick lesson of Korean. Many of us say “To the moon”, in Korea we say “Gazua, 가즈아”. Will APOT be an international version of COZ?
Gazua!
Website: http://icoofkorea.com/
Twitter: https://twitter.com/soohanR
ICO of KOREA Telegram: https://t.me/icoofkorea
SooHan(Hans) Telegram: https://t.me/joinchat/IfV7iBDto6Iq-9K6w1vn6g
ICO OF KOREA Spreadsheet: https://goo.gl/iCTzZp
