FCoin has come up with a new FT1808 warrant, and it is expected to go live tomorrow.
The new development for FCoin has seen the creation, and a soon-to-be launch of a warrant called FT1808. The warrant comes with an abundance of new and interesting details. For example, it will represent a completely new instrument for trading, and the way it will be issued and delivered is on the basis of conversion (FT1808:1)
Upon converting FT into FT1808, the new warrant will be locked and considered a collateral within the special account created specifically for FT1808. The income distribution will then continue normally, with daily announcements. Additionally, the FT1808 will have its initial issue completed by today, July 26.
FT1808, a new warrant product issued by FCoin, closed the daily limit in 2 minutes with an increase of 99.5%. FT1808 is issued and delivered in accordance with the 1:1 conversion ratio with FT. Its price surge today indicates that the market holds optimistic expectations about FT
— FCoin (@FCoinOfficial) July 26, 2018
After FT1808 matures, which is expected to happen by August 26, it is to be returned in an FT form, while the conversion rate is to return to 1:1. At the same time, all income that was accumulated during that time will be distributed to FT1808 holders. After FT1808 expires, the next warrant product is expected to be issued to take its place. Future announcements are said to cover this with additional details.
FT Refunding Adjustments
FT long holding and value investments are two aspects that are supposed to be encouraged, which is why the adjustments of the FT refunding have been made. These adjustments were made on the so-called Trans-Free Mining, and are expected to also carry out the principles of refunding that were established previously.
One of the adjustments made includes the transaction fees in a time period between July 26 and August 26 of this year. During this time, the transaction fees will be generated every hour, and will then go through the FT1808 conversion. The conversion will be based on the FT1808's average price for that specific hour, after which they will be distributed to the members of the community 24 hours later.
The mining issuance mechanism will still stay completely the same, with the only difference being the new FT to FT1808 conversion. The conversion's ratio remains 1:1.
Initially, the issuance date for FT1808 is today, with the transaction fees that were accumulated yesterday, on July 25, being distributed to the community. The community will receive them as FT1808 before the open trading, and will be based on the average price of FT, as it was yesterday.
The effects of these measures are expected to encounter those investors that have been long-term holders of FT, and to suppress the impact on the market done by mining output on a daily basis. Additionally, FCoin traders will not be charged for a 100% refund of the service, but the refund method will be changed from FT to FT1808.