Bitget pre-market trading: MAJOR POINTS (MAJOR) is set to launch soon

We're thrilled to announce that Bitget will launch MAJOR POINTS (MAJOR) in pre-market trading. Users can make pre-market trades of MAJOR POINTS in advance, before MAJOR becomes available for pre-market trading. Details are as follows:

Start time: August 8, 2024, 11:00 (UTC)

End time: TBD

MAJOR POINTS will not be listed for spot trading.

Bitget Pre-Market Introduction

Delivery method: Coin settlement, USDT settlement

• Coin settlement

Coin settlement: Utilizes a "cash on delivery" method. If the seller fails to deliver the required coins, the security deposit will be forfeited as compensation for the breach of contract.

• USDT settlement

USDT settlement: A new option for pre-market trades. This is the second settlement option offered by Bitget for pre-market trades. Orders are settled at the average index price at the last minute as the delivery execution price. The losing party will pay the difference to the winning party.

Both parties can lose or gain up to 100% of the security deposit, excluding transaction fees.

Example:

The user buys 10 tokens at 10 USDT (the filled order is called Order A) and sells 10 tokens at 15 USDT (the filled order is called Order B).

At delivery time, the system calculates the delivery execution price based on the average index price from the last minute. Assuming the execution price is 5 USDT, the calculations are as follows:

PnL of Order A = (5 – 10) × 10 = –50 USDT

PnL of Order B = (15 – 5) × 10 = 100 USDT

The total PnL for the user in pre-market trading is 50 USDT.

For USDT settlement, orders are settled at the average index price from the last minute as the delivery execution price, determined by a weighted average of prices at leading exchanges to ensure fairness and transparency.

Delivery procedures:

1.Bitget will start the pre-market trading of MAJOR after confirming its total supply.

2.Completed MAJOR POINTS pre-market trades will be transferred to the MAJOR pre-market trading. The transfer does not change the volume of the MAJOR POINTS pre-market orders, but will scale the coin quantity and price based on the total supply of MAJOR POINTS and the total supply of MAJOR.

3.Bitget will later announce the pre-market delivery time for MAJOR and complete the delivery.

Note:

1. If, due to any unusual circumstance, MAJOR cannot be listed, Bitget will terminate all MAJOR POINTS pre-market orders and unlock the trading margins of both parties to ensure users' interests are protected.
   

2. Additionally, Bitget will calculate the interest on the user's locked margin for the transaction based on the maximum APR of USDT Flexible Savings products on the day of delisting and distribute the said interest to users to cover their costs.
   

Introduction

Major is the first rating game in Telegram. You get the rating for Stars. The more Stars you get — the higher is your rating! Stars can be earned for completing daily tasks, for referrals and for other users' votes for your profile.

To further support the innovation and development of TON Ecosystem, Bitget is launching the MAJOR POINTS ( MAJOR) in pre-market trading.

1. Why are we launching MAJOR POINTS ?

As the MAJOR project team has not yet announced its tokenomics, the total supply of MAJOR Tokens remains unknown. Bitget launches the MAJOR POINTS as the representation token for the pre-market trading, with a total supply set at 10 billion tokens.

2. How will the trades be settled after MAJOR's TGE?

When MAJOR is officially listed, Bitget will convert MAJOR POINTS to MAJOR Tokens for pre-market delivery based on the actual tokenomics. The volume of orders filled by the user in the MAJOR POINTS pre-market trading will remain unchanged, but the coin quantity and price of the coins will be scaled.

For example: User A buys 5000 MAJOR POINTS at the price of 0.2 USDT, with a total order value of 1000 USDT.

If the total supply of MAJOR turns out to be 100 billion, the coin price in the order will be 0.02 USDT, and the coin quantity will be scaled up to 50,000 MAJOR.

If the total supply of MAJOR turns out to be 10 billion, then the coin price in the order will be 0.2 USDT, and the coin quantity will be 5000 MAJOR.

If the total supply of MAJOR turns out to be 1 billion, the coin price in the order will be 2 USDT, and the coin quantity will be scaled down to 500 MAJOR.

FAQ

What is pre-market trading?

Bitget pre-market trade is an over-the-counter trading platform specializing in providing a pre-traded marketplace for new coins before their official listing. It facilitates peer-to-peer trading between buyers and sellers, enabling them to acquire coins at optimal prices, secure liquidity in advance, and complete delivery at a mutually agreed upon time.

What are the advantages of Bitget pre-market trading?

Investors often have expectations regarding the price of a new coin before spot trading becomes available. However, they may be unable to purchase the coin at their preferred price and secure liquidity in advance due to lack of access. In response to this, Bitget pre-market trading offers an over-the-counter (OTC) platform where buyers and sellers can establish orders in advance to execute trades as desired and complete delivery later. In this scenario, sellers are not required to own any new coins; instead, they only need to obtain sufficient new coins for delivery before the designated delivery time.

How are pre-market trades deliveries completed?

The system will pre-freeze the funds required for the current order between the buyer and seller as a transaction guarantee. Prior to the delivery time, the seller must ensure that their spot account holds the required amount of new tokens; otherwise, the transaction will be canceled. Similarly, the system will unfreeze the buyer's funds and compensate the buyer with the seller's frozen margin.

Once the delivery is completed, the corresponding quantity of tokens will be transferred to the buyer's spot account, and the buyer's frozen funds will be transferred to the seller's spot account after deducting the transaction fee.

Note:

(1) Upon reaching the delivery time, the system will execute the delivery according to the transaction time in sequence, which is expected to be completed within one hour. The seller should refrain from any transactions involving the delivery currency funds within 30 minutes after delivery initiation to mitigate the risk of delivery failure due to insufficient funds.

(2) If you have both buy and sell orders, ensure that your spot account holds the required quantity of the sell order currency at the time of delivery. Orders with insufficient balance will be processed using the "compensate with margin" approach.

How can I make a pre-market trade as a seller?

As a seller, you are required to use the USDT in your spot account to pay the margin. You can list your new tokens on the order market at your preferred price via Post Order, or you can find a suitable buy order on the order market and sell it to the buyer at the buyer's asking price. Once the order is filled, simply await delivery.

How can I make a pre-market trade as a buyer?

As a buyer, you are required to use USDT from your spot account to pay for the trade. Using the Place Order function, set the quantity of coins you want to buy at your preferred price and list the maker order in the order market. Bitget will then lock the funds for the purchase and handle any related fees. Alternatively, you can directly select a sell order from the marketplace and buy the coins at the seller's designated price. Once the order is filled, simply await delivery.

Do I have to fill the entire maker sell/buy order at once in pre-market trading?

No, the platform allows you to trade any quantity of coins as long as it meets the minimum transaction limit.

Disclaimer

Cryptocurrencies are subject to high market risk and volatility despite high growth potential. Users are strongly advised to do their research as they invest at their own risk. Thank you for supporting Bitget!