The Solana-based options protocol is listing its native token, PSY, on the FTX exchange for qualified users.
FTT Tokens & Level 2 KYC a Prerequisite
The American style options protocol, PsyOptions, has announced the initial exchange offering (IEO) of the PSY token on the FTX exchange.
The announcement was made by FTX via a Twitter post on Jan. 5 for the IEO scheduled for January 18. The exchange’s article states the prerequisites that users would need to fulfill before being able to participate in the sale. Participants of the IEO will have one hour to make their bids between 13:00 UTC and 14:00 UTC on Jan 18th. The minimum amount that can be bid per ticket is $500 USDT, and the maximum bid amount is $600 plus 5 FTT tokens, the native token of the FTX exchange.
“Any user who does not stake 150 FTT by 13:00 UTC, Jan 17th will NOT be allowed to participate in this Sale. Additionally, any user who has not been approved to at least KYC level 2 will NOT be allowed to participate in this Sale,” mentioned the article by FTX.
There will be 2000 accepted tickets in the sale. Just in case there are over 2,000 tickets with each bidding $600 per ticket + 5 FTT, the tokens will be allocated randomly between these bidders. Even though the minimum qualifications to get one ticket is staking 150 FTT tokens have having Level 2 KYC on FTX, users can get additional tickets by staking additional FTX before the deadline in line with the tiers mentioned below:
≥ 150: 1 ticket
≥ 290: 2 tickets
≥ 420: 3 tickets
≥ 540: 4 tickets
≥ 650: 5 tickets
≥ 750: 6 tickets
What is PsyOptions?
PsyOptions is an American-style options protocol built on the Solana blockchain. It is completely trustless and has used flexibility and composability as guiding principles for its architecture and development. Options from the protocol are represented with SPL standard tokens entailing that they can be traded on any DEX that accepts SPL tokens.
Find more about PsyOptions here:
Source : solana.news