Announcements Gate.io Startup Initial Free Offering: Picasso Network (PICA)and Announcement of Free Distribution Rules( 6,857,143 PICA free of charge)

Gate.io Startup Initial Free Offering: Picasso Network (PICA)and Announcement of Free Distribution Rules( 6,857,143 PICA free of charge)

2023-10-30 14:24:45 UTC 28025 Read

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About Gate.io Startup Free Airdrop Program In order to reward platform users, Gate.io launched the "Startup Project Free Airdrop Program", and free airdrops for blockchain excellent projects are launched in the Startup area from time to time. VIP and GT users can get a variety of tokens airdrop benefits.
 
This Picasso Network (PICA) Startup subscription is a free subscription, and will not deduct the users' participation funds at the end of event.
 
Startup Link: https://www.gate-learn.com/startup
 
Introduction to Picasso Network (PICA)
Picasso is the network powering cross-ecosystem IBC. Picasso’s native token, PICA, has been designed and deployed to serve as a unified network token supporting multiple L1 blockchains. Currently, PICA is powering both a Cosmos chain (Composable Cosmos Chain) and a Kusama parachain (Picasso). Picasso (PICA) currently powers cross-ecosystem IBC transfer activity between the Polkadot, Kusama, and Cosmos ecosystems, with other ecosystems including Ethereum and Solana soon to be connected.

(The information below is provided by the Picasso Network (PICA) team. Please follow Picasso Network (PICA) for more information）

Token Information
Token Name: Picasso
Token Symbol: PICA
Max Supply：10,000,000,000
Mainnet explorer: https://picasso.subscan.io/ 
Contract: N/A（Mainnet）
Token distribution ratio and unlocking rules: 
Team: 13.65% supply , 6-month cliff + 2-year linear
Partners & Advisors: 6.35% supply, 6-month cliff + 2-year linear
Treasury: 18% supply,  ‘soft-locked’; to be used only under direction of governance vote
Crowdloan: 30% supply, 50% TGE + 48-week linear
Eco Incentives: 10% supply, ‘soft-locked’; to be used under direction governance for activities such as collator & oracle operators, infrastructure rewards (collator staking), market making agreements, exchange listings, grants, and marketing initiatives
Series A: 7% supply, 3-month cliff + 2 year linear
Liquidity Programs: 15%, ‘soft-locked’; to be used under direction governance for activities such as initial seeding of liquidity pools, and liquidity incentives for LP’s

Website: https://picasso.xyz/ 
WhitePaper ：https://docs.composable.finance/parachains/picasso-parachain-overview 
 
 
 
Picasso Network (PICA) Startup Sale Rules
(1) Duration: 01:00 am 12th, November, 2023 - 01:00 am 13th, November, 2023 (UTC)(Orders placed by qualified users within these 24 hours will be treated equally.)
(2) Trading Starts Time: 13th, November, 2023 UTC 04:00 AM
Trading Pairs: PICA/USDT
(3) Price: 0 USDT
(4)Startup Supply : 6,857,143 PICA
(5) Unlock rule: 100% unlock.
(6) Startup Participation Rules:
Each user can only purchase once with a KYC account.
a) Startup Participation Rules for VIP Users:
For Airdrop Projects, the system will no longer verify the VIP Users’ assets adequacy, instead, the system will verify the Users’ VIP Level. The actual shares each VIP User received will be determined based on the actual VIP Level at the time of token distribution.
Purchase limit: The maximum contribution limit for a single user is 1500 shares. The VIP Users’ existing subscription share rules remain unchanged and can get 100% airdrops. The higher the VIP level, the more Startup airdrop shares can be subscribed.
The relationship between the VIP level and the maximum contribution allocation, please refer to the link: https://www.gate.io/article/29892
b) Startup Participation Rules for Non-VIP Users (VIP 0 Users):
Spot assets not less than 10 USD, after participating in the subscription, whether the Non-VIP Users win or not will be announced at the end of the project subscription.
A portion of lucky Non-VIP Users will be randomly selected and the airdrop amount will be evenly distributed.
Non-VIP users who use Startup vouchers to join the subscription will have their Voucher benefits prioritized. Startup vouchers guarantee a 100% corresponding share, the specific subscription rules can be found at https://www.gate.io/article/31899.
(7) Announcement of results: After the end of the day’s subscription, the system will count all eligible subscription orders.
VIP users will be distributed according to the ratio of the individually subscripted tokens to the total subscripted tokens.
Non-VIP users will be randomly selected as part of the lucky Non-VIP users and the airdrop quota will be distributed equally. The subscription results will be announced before listing.
(8) That multiple accounts with the same KYC information when claiming Startup shares will be deemed as cheating behavior, and any cheating behavior is prohibited. In case of cheating, Gate.io reserves the right to disqualify the users involved and forfeit their rewards.

Gate.io Labs Private Sale Participating Disclosure
Gate.io Labs hasn't participated in the Picasso Network (PICA) investment.

**Attention**
(1) Please be noted that we may restrict or prohibit the use of all or a portion of the Services (including the participation in this event, game or competition) from Restricted Locations, including but not limited to the United Kingdom, United States of America, Mainland China, Singapore, Canada, France, Germany, Hong Kong, Lithuania, Malaysia, Malta, Cuba, Iran, North Korea, Sudan, Syria, Crimea Region, Spain, Luhansk, Donetsk, Netherlands, Bolivia and so on.

We may in our sole and absolute discretion elect to make the Services, or only part of the Services available in certain jurisdictions. For more information regarding the Restricted Locations, please read the User Agreement “[Section 2.3(d) Restricted Locations](https://www.gate.io/user-agreement "Section 2.3(d) Restricted Locations")”. We do not intend to solicit or conduct marketing towards customers in such Restricted Locations.
(2) Risk Warning:
-The project team does not guarantee that token price will not be lower than its startup sale price. Please invest with caution, and don’t invest beyond your financial capacity.
-The start-up project is still in its initial stage, factors including the operation and underlying technology of the project, and other related regulatory activities might contribute to significant risks.
-Advanced technical and financial knowledge is required to understand, and evaluate the inherent risks of crypto-asset investment.
-The market volatility is high, and the price of a token might fluctuate drastically due to technical, regulatory, and marketing factors.
-Users may not be able to withdraw all the purchased tokens due to technical issues of the project or Gate.io.
(3) Requirements for participants
-The participant should register on Gate.io and Log in;
-After logging in, complete user identity verification;
-Deposit a certain amount of cryptocurrencies in your gate.io account;
-Sign the Purchase Agreement on Startup before placing orders.

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Gate.io Team
October 30th, 2023

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Gate.io Startup Initial Free Offering: Picasso Network (PICA)and Announcement of Free Distribution Rules( 6,857,143 PICA free of charge)

Gate.io Startup Initial Free Offering: Picasso Network (PICA)and Announcement of Free Distribution Rules( 6,857,143 PICA free of charge)

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