Since QLC Chain mainnet went live in mid 2019, QGas distribution via mining and staking has accrued among the community. To provide an alternative to QGas trading for the QLC Chain supportive community and QGas hodlers, the QLC Chain team decided to conduct the QGas buyback and burn program to give back to the QGas stakeholders, mining and voting node runners.
QGas buyback program will be conducted in the Q-Wallet OTC. All the Q-Wallet users are allowed to trade QGas for QLC by filling the QGas buy orders placed by the QLC Chain team. Through the program, the QGas hodlers and Q-Wallet users are expected to sell a total of 200,000 QGas for 900,000 QLC. All QGas bought back will then be burnt and removed from the QLC Chain for good.
To fund the program, QLC foundation provides 900,000 QLC for QGas purchase which is about to be introduced to the QLC circulating supply. In the meanwhile, the QLC team will burn an equivalent amount of QLC from the QLC foundation allocation to that released to the community through the buyback and burn program. We do this for the long term decrease in supply volume of QLC token.
Program implementation and rules
Program time: 7:00 pm, 13/03 to 9:00 am 23/03 (UTC+8)
QGas buyback price：1 QGas= 4.5 QLC
The conversion rate is calculated based on the average rate of QLC & QGas in the past 10 days in the public market prior to the program starts.
Team account: Buyback and Burn Program
Kindly notice the unique Team icon in the red box that indicates the authenticity of the official team account.
QGas burning time: Within 48 hours after the buyback part concludes
ALL the Q-Wallet users with QGas funds are entitled to engage in the buyback program, the QGas purchased will be sent to one dedicated address for burning afterwards.
- QGas is traded for QLC within the Q-Wallet OTC
- The buyback program is expected to buy back a total of 200K QGas for burning later, at the buyback price of 1 QGas= 4.5 QLC which is slightly higher than the average public market price
- One campaign day starts from 7:00 pm till 7:00 pm the next day lasting for 24 hours
- During each campaign day, the team will gradually publish the QGas buy orders in Q-Wallet OTC at 5 different time points, 7:00 pm, 12:00 am, 2:00 am, 5:00 am, 9:00 am (UTC+8)
- During one campaign day, the volume of QGas bought back is 20K. Each time there will be several QGas buy orders splitting the 4000 QGas placed, the QGas buyback amount may vary in each order
- All the Q-Wallet users with no less than 1 QGas balance in their Q-Wallet are eligible to trade their QGas for QLC
- The dedicated QGas buyback pool which is a QGas address is now published as follows for public supervision
- Once the buyback concludes, all the QGas in the pool shall be burnt within 48 hours after the buyback completion
- To assure the QLC greatest contributors the fairness and shared benefits through the program, one Q-Wallet user is limited to selling up to 10,000 QGas during one campaign day.
A guide to selling QGas in Q-Wallet OTC
- Go to ‘Trades’ in the main menu at the bottom of the screen
For the QGas hodlers looking to sell their QGas, go to the ‘Sell’ screen where all the QGas buy orders are listed.
Pick an order configured with the desired selling price, click on ‘Sell’ to start filling this order.
2. Fill in the selling amount
Choose a Nep5 wallet address to receive QLC, and a QGas address with sufficient funds to pay QGas.
After filling the order, the user’s selling request is temporarily under ‘processing’.
3. Once the deal is completed, the record will be moved under ’Completed’. In the meanwhile, the user shall receive a notification email from Q-Wallet updating on the deal status.
Exclusive offerings for Q-Wallet first timers
- All the first timers will get free 1,500 QLC for staking with QGas as daily rewards. Please note the users will need to access QGas wallets to claim QGas manually.
- By sharing the allocated unique referral code, all the users are entitled to 2 QGas earnings for each successful referral.
Q-Wallet download links
QLC Chain is conducting QGas buyback and burn program in Q-Wallet OTC was originally published in QLC Chain on Medium, where people are continuing the conversation by highlighting and responding to this story.