In order to keep community members’ tokens from depreciating due to fluctuations in the secondary market, iCoinbay will be jointly bear the depreciation risks of tokens with community members. This allows for a more stable enjoyment of the rights and opportunities like income distribution that TPG brings. iCoinbay has become a close strategic partner with Ever-Bright Financial Company Limited and introduced insurance based on the theories of a token economy. Under this insurance, TPI (Trading Premium Insurance) tokens will be issued. The total number of TPI issued will cap out at 10 billion, after which no more will be issued.
TPI tokens play an important role in the establishment of the community.
The distribution of TPI will be as follows :
Insurance/contribution incentives 51%
Ever-Bright Financial Company Limited 49%
Rules of issuance: TPI of the same value as the insurance premium will be issued to community members. This issued TPI will represent part of [Insurance/contribution incentives] that make up 51% of all TPI. At the same time, TPI will be issued at the same ratio to Ever-Bright Financial Company Limited to make up the remaining 49% of TPI.
Insurance premium :
Besides the 0.05% transaction fee on normal trades and a 0.5% insurance premium on TPG sell orders, the exchange will charge an insurance premium equal to 0.025% the value of the transaction on transactions involving trading pairs in the [Trading Premium Gain] plan. TPI of the same value as this premium will be issued to the corresponding community member’s account.
Following the plan established between iCoinbay and Ever-Bright Financial Company Limited, all insurance premium income and TPG sell order transaction income (1%) belongs to Ever-Bright Financial Company Limited.
Length of insurance :
100 days, starting from the execution of insurance policy.
Object of insurance :
The insured object is the TPG acquired by community members when transaction fees are incurred.
At the end of the insurance period, it can be exchanged for a stablecoin (e.g. USDT) based on market price at the time of TPG issuance.
Notice on TPI insurance rules :
Every day at 00:05 (GMT+0), the exchange executes an insurance policy for the TPG issued during the previous day. This TPG will initially start in a “frozen” state. At the same time, the corresponding TPI will be put into the member’s account.
When the 100-day policy expires, iCoinbay will automatically return a value equal to the average value the day the TPG was originally issued to the member. This value will be returned in the form of an equivalent amount of stablecoin (such as USDT).
During the 100-day period, if a community member wants to terminate the policy in advance, they are free to do so. The corresponding TPG will be “unfrozen” and the member gets full discretion over their TPG, including in the secondary market. However, this also means that the value-keeping function of insurance is lost.
Because the trading conditions on TPI are not yet mature, TPI will temporarily be priced at 0.1 USDT. If TPI/USDT starts trading online and the average price of the past 10 days is lower than 0.1USDT, then the exchange will fill the difference by supplementing more TPI to community members.
iCoinbay will adjust the above methods and rules in a timely manner according to community development and other factors and in combination with community opinions. New rules will be implemented from the time of public announcement.
This document does not constitute any investment advice or profit guidance. Before making any decision on the basis of reading and understanding the content presented in this document, users should be aware that any investment behaviors have certain risks. Participation means that they are willing to accept all relevant risks.
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