You probably saw the next events of the CRYPTO.COM platform where it is possible to buy Bitcoin at -50%.
How it works? What are the conditions? Here's all you need to know:
The rules have changed recently so this is what it takes to be able to participate in these events and what you will be entitled to:
Have an account on the CDC exchange
The first thing to do is to have an account on the crypto.com exchange (CDC). The exchange is not the same as the app. If you already have an account on the application, you will still need to create an account on the exchange. You can also create an account on the exchange, to participate in these events, without using the application.
Conditions
1 / CRO Staker
The CRO is the token of crypto.com. To be eligible to participate in these events you must now have staked 5,000CRO on the exchange. Please note that you need to stake them on the exchange and not on the app. CROs thus staked will be blocked for 6 months.
If you are new to the exchange and create an account for it. Remember to use a code when registering like this one: 8m4r7pwnbn or by clicking directly on this link. By doing this you will earn $ 50 in CRO when you have staked 5,000 CRO.
If you already have an account on another exchange you will be able to exchange your tokens (see the list of tokens available on CDC) for CRO. If you have never bought cryptos before, the easiest way is certainly to create an account on the crypto.com app (the transfer of your cryptos from the app to the exchange is done in a few clicks). that you will receive 20% annual interest on those 5,000 CRO. This interest is paid daily. If you stacke over 5,000 CR you will get other benefits. For example a reduction on your trading fees (Rebate) or even reductions on the purchase of gift cards or online purchases using CROs as a means of payment (Pay Benefit).
2 / 5,000 $ of volumes on the exchange
You should now have a volume of $ 5,000 on the exchange for the last 30 days (at the time of the event). The number of transactions to reach this volume is not important. So you can make 50 transactions of $ 100 for example or one of $ 5,000. If you are not trading you can for example trade USDT for USDC, then trade USDC again for USDT and so on.
Participate in the event
Once these 2 prerequisites have been completed, you can therefore participate in the event. The syndicate For that you must still have CROs available! and yes you will need between 8000 - 9000CRO in total to be able to participate. 5,000CRO stakes + 3,000 to participate in the event. The principle is simple. You are going to trade CROs for BTCs. Imagine that on the day of the event 1 BTC = 200 CRO, then you can get 1 BTC for every 100 CRO. Hence the 50% reduction! (PS: these numbers are absolutely not correct! This is an example) But beware! Don't expect to get 50 BTC for half price. The amount of BTC you can get will depend on how many CRO you have staked. See the table below.
If you store 5,000 CROs, then you can offer the equivalent of $ 3,100 of CRO to trade for BTC. This is the figure shown in "Maximum allocation (in CRO). The more you have staked, the more CROs you can offer to trade.
Calculation of the allowance
The “problem” with these events is that many more people participate, and offer CROs to trade, than the amount of BTC put into play (here $ 2 million BTC). So all the CROs that you have offered to exchange will not be. To know the proportion of your CROs that will be exchanged there is a very simple calculation to do.
Let's take an example. You participated for 10,000 CROs.
If the event was “oversubsrcibed” 40x. That is, there are 40x more CROs that have been offered than what is available. You have to divide your stake by 40 to know the quantity of your CROs that will be exchanged…. . Which makes, 10,000 / 40 = 250.
Currently:
1 BTC = 68,000 CR0 so 1 BTC at -50% = 34,000 CRO
We want to know how much BTC you can have at -50% for 250 CRO
So X = 250 / 34,000 = 0.007352941176471 BTC So you can exchange 250 CRO for 0.007352941176471 BTC. And the remaining 19,750 CROs will be returned to you.
Do not panic...
You are lost ? No problem. Here's a real-life example. Let's take the example of someone starting on the CDC exchange and staking as little as possible.
One person stake 5,000 CRO for 6 months. She gets 20% interest on that 5,000CRO paid daily. Or about 5.2 CRO / day
It will be able to offer 3,100 CROs to be exchanged for BTC at -50%
The syndicate is 40% oversubscribed
The person can therefore exchange 77.5 CRO for BTC at -50%.
Useful informations
So keep in mind that the amount of BTC you can get at -50% is limited. Especially if you only store 5,000 CROs. However, keep in mind that you have 20% interest on that 5,000CRO and that even if you only get a few tens of dollars in BTC at half the price, it still has to be. This kind of event now takes place on a weekly basis (along with other tokens and with lower allocations. $ 500K instead of 2 million for BTC).
