Crypto.com, the leading crypto payment processor, announced the next big “Syndicate” listing. This time, the exchange is listing Elrond at a 50% discount. According to the official blog, the Crypto.com exchange will list Elrond on October 20, 2020. Furthermore, The Syndicate event will kickstart on the same date with a $500,000 allocation and will last for the next 24 hours.
The discounted sale event on The Syndicate platform is open to all Crypto.com token (CRO) stakers (minimum CRO staking limit). However, each participant’s maximum amount of CRO eligible for subscribing to the listing event will depend on two parameters. These are the amount of CRO staked and the trading volume on the Crypto.com exchange in the last 30 days.
A Crypto.com exchange user with minimum staking of 5,000 CRO is eligible to participate in the sale event. The official blog also states that a participant’s CRO contribution towards the sale event cannot exceed the maximum allocation amount as per the below table.
Importantly, the maximum allocation in the table above is for the purpose of reference only.
However, Crypto.com users cannot use their staked CRO for the subscription to the sale event.
Promising annual percentage yield
According to the listing event timeline, EGLD will list on Crypto.com exchange on October 20, and the event will remain open for subscription until October 21. Post the “Sale ends” event, an “Acceptance Period” of seven days will begin. At the end of the Acceptance Period (October 21 – 28), subscribers or participants need to accept or reject the final EGLD allocations.
During these seven days, the CRO contributed to the sale event will enjoy an estimated APY (Annual Percentage Yield) of 118%.
Why Elrond?
Elrond’s market cap tank, as per Coingecko, is #87 and the market cap dominance is 0.03%. At the time of press, EGLD is trading close to $7.16 and is up by 2.8% in the last 24 hours. Elrond gained traction in the competitive crypto space for its “Adaptive State Sharding” approach. As a highly scalable, fast, and secure blockchain platform, Elrond is suitable to support the new internet economy. With its adaptive state sharding approach, it enhances the throughput.
Additionally, Elrond has also proposed a new consensus mechanism known as “Secure Proof of Stake” which is a green replacement of Proof-of-Work consensus.
Find your allocation
To find the EGLD allocated to you at the end of the Subscription Period, check out The Syndicate details page or you will receive an email. Once you accept the final EGLD allocation, the un-used CRO will be refunded as an exchange balance. Users must take action within 24 hours of the end of the subscription period to avoid forfeiting the final allocation.
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