In June, crypto market has crashed across the board. Unfavorable macro environment coupled with a series of deleverage events has put significant pressure on the industry and its participants.
At this extremely hard time, BitCoke, together with market-makers in the platform, decided to launch a $10M relief fund to subsidise liquidated users who take losses amid market volatility, so as to bolster user confidence and sustain a healthy user base during bear market. The $10M relief will hinged on market contigency and its distribution will be conducted through multiple rounds.
The platform is expected to release the first round of $2 million subsidies between June 6 and July 3.
Detailed arrangements for the first round:
Subsidy Time: June 6 — July 3 (First Round)
Distribution Schedule: Subsidy will be credited on Sunday each week, 4 times in total for the first round period. The past June 12 subsidy will be credited on June 17.
Eligible Recipients：Users whose leverage positions are liquidated on BitCoke
Relief Fund Components：$5 million coupon, $2 million bonus, COKE tokens equivalent to $3 million. The first round is expected to distribute $2 million.
We’ll release subsidy at a 7-day interval based on the trading records during the period. The recipients get subsidy in the form of airdrops, trading rewards, special benefits. The detailed rules are:
- Coupon airdopped to the accounts where any leverage position gets liquidated
- Bonus credited to the accounts whose volume > 100k USD
- COKE airdropped to the accounts whose volume > 1 million USD
- If the Fee Level of a liquidated account is above Lvl 6, the account will get additional COKE as special benefits
1. The subsidy cap for each user is 5000U, and the specific amount of subsidy for coupon, bonus and COKE is generated by random function.
2. COKE expenditures of the relief fund come from CokeDao.
3. There is no need to register for this event, and eligible users can get subsidy once conditions are met.
We’ll update the subsidy distribution on Telegram group as well as official Twitter. Please follow the channels to get latest developments:
Channels for Updates
Happy Trading on BitCoke