Our platform has recently been significantly impacted by an event involving the Securities and Futures Commission (SFC) of Hong Kong. This has led to our third-party market makers maliciously locking up funds, creating an unprecedented predicament for us. As the platform operator, we understand our irreplaceable responsibility and are striving to resolve the current situation immediately, navigating this difficult time alongside our users.
In response to this event and considering a solution, our platform and project team have used international trading platform Bitfinex’s past successful handling methods as a reference and made improvements. As a result, we will be launching the “DAO Stakeholders Dividend Plan.”
Details for the “DAO Stakeholders Dividend Plan” are as follows:
We will distribute 49% of the DAO Stakeholder dividends, with a total value of approximately 400,000,000 USDT for subscription and conversion. Existing users can convert their assets currently held on the platform to DAO Stakeholder dividends at a 1:1 ratio.
To ensure the assets of each DAO Stakeholder can receive sufficient dividend earnings, we will offer a repurchase option at 30% of the original conversion price one year later (i.e., after September 20, 2024) and a repurchase at 100% of the conversion price two years later (i.e., after September 20, 2025). Detailed pages will be provided for users to choose the conversion at that time.
Suppose you choose to convert assets equal to 10,000 USDT to DAO Stakeholder dividends.
10,000 USDT can be converted to 10,000 DAO Stakeholder dividends, i.e., 10,000 USDT = 10,000 DAO Stakeholder dividends.
At this stage, 10,000 DAO Stakeholder dividends = 100 USDT;
One year later: 10,000 DAO Stakeholder dividends = 3,000 USDT
Two years later: 10,000 DAO Stakeholder dividends = 10,000 USDT
During this period, all users who become JPEX stakeholders can freely trade any holdings. A DAO Stakeholder trading page will be provided for users to freely trade.
To stimulate the participation of new users on our platform, deposits of new assets can subscribe to DAO Stakeholders at a 1:2 ratio. Users who subscribe and become DAO Stakeholders do not need to bear all the operational responsibilities of the platform.
What are the benefits of participating in the “DAO Stakeholders Dividend Plan”?
After subscribing to the Stakeholder dividends, users can receive platform stakeholder dividends in various ways:
- Revenue from new token listing fees on the platform
- Revenue from transaction fees in spot and derivative products
- DAO holders will be able to distribute a corresponding proportion of platform coins JPC
- The daily earnings of USDT in the JPC revenue pool will be suspended. The remaining USDT in the revenue pool will be distributed to the holders in phases according to the proportion of DAO Stakeholder dividends, while the 12% annual return of JPC in the JPC revenue pool will not be affected.
*Assets stake by JPnodes and JPC Vault cannot be directly exchanged for JPC DAO
After the plan is approved, the platform will finish the adjustment at 00:00 on May 1, 2024
Including withdrawal fees will be adjusted to the following:
Platform users can participate in the referendum on September 21, 2023. Users can vote on whether to implement the above plan on the referendum page. We hope to share profits with all users, allowing more stakeholders to jointly monitor and improve the platform’s operational strategy. Most importantly, we hope the platform can quickly overcome the predicament and resume normal service. Before the results of the referendum are determined, JPEX will continue to operate normally, including providing all trading services, continuing to reduce withdrawal fees, and urging the dedicated team to speed up assistance to platform users.
We will honor our commitments and stand firm, not succumbing to the severe challenges brought about by this irreversible policy risk!