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Gate.io Has Finished First FIL Release & Commencing FIL Trading

2020-10-15 15:41:41Read:30058

Gate.io has now finished the very first release of FIL6 tokens for its users. You can view how many FIL mainnet tokens you've received at My Billing Details page. We are going to commence FIL trading shortly, at 8:00 AM UTC, October 15th.



According to our estimation, about 13K FIL mainnet tokens have been released on Gate.io. Please note, those FIL will be available for withdrawal once withdrawals are enabled following the mainnet launch. FIL deposits are now enabled. Initially, the amount of circulating FIL will be very low, but as more are released on a daily basis, FIL circulation on Gate.io will quickly increase, imposing pressure on the price. Please pay close attention to price changes and trade with caution.

According to IPFS Filecoin official, Filecoin mainnet is going to launch at Epoch 148888. Based on the current block time, the estimated date is around October 15th,14:45 UTC. Following the mainnet launch, Filecoin 6 month (IOU) (FIL6) will be unlocked linearly, at a rate of 0.55% per day, unlocked fully in 180 days (there is still a possibility that new proposals may make changes on the release scheme in the future).



Deposit FIL at: https://www.gate.io/myaccount/deposit/FIL

Trade FIL at: https://www.gate.io/trade/FIL_USDT



Risk Warning Regarding the Overall FIL Mainnet Release

FIL mainnet tokens entering circulation are mainly from unlocked tokens allocated to the FIL team and early investors, as well as miners’ rewards. According to the current release schedule, 50 million FIL will be released over the course of 3 months, and over 0.1 billion to be released over 6 months (the numbers stated are based on our estimations, which may vary from the actual release). At its early stage, FIL circulating supply will be limited but it will quickly increase. The limited supply and high demand may drive the price too high and the increasing supply later may pose increasing pressure on the market price.


Furthermore, there are currently several FIP proposals being discussed, e.g. FIP003, proposing to increase the initial release ratio for miners’ rewards. The proposal is still under discussion and has not been approved yet. However, proposals can impact circulation and affect FIL’s price. Please keep an eye on such changes.

Learn more about Filecoin proposals at https://github.com/filecoin-project/FIPs/tree/master/FIPS

About IPFS 6-month (IOU) on Gate.io

The FIL 6month (IOU) tokens, FIL6, traded on Gate.io were transferred by willing users of Renrenico in 2017, which has the shortest vesting period among all the FIL tokens publicly offered to investors by IPFS. The current circulating supply at Gate.io is 2.4 million tokens. Since 2017, Gate.io has been supporting FIL trading for 3 years. It is now the largest FIL exchange in the world. We hereby make it clear that Gate.io has never had any partnership with any mining services.



According to IPFS Filecoin official, Filecoin mainnet is going to launch at Epoch 148888, around October 15th, 2020. When the mainnet goes live, the public offered FIL token will be released linearly, per blockchain block, and according to the vesting period. For example, FIL (IOU) at Gate.io will be released at a rate of 0.55% per day after the mainnet launches, and fully released in 180 days. FIL (IOU) at GATE.IO is the FIL token for investors with the shortest vesting period.

Read more about Filecoin mainnet launch at:https://filecoin.io/blog/mainnet-ignition/



Gate.io is an established exchange that holds integrity, transparency, and fairness to a very high standard. We charge zero listing fees and only choose quality and promising projects. Our exchange consists only of 100% real trading volume. Thanks to everyone who has joined us in our journey. We always intend to improve and innovate to reward our users for their continuous support.



Gate.io Team

October 15th, 2020


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