Swash Gnosis Auction FAQ

1. When is the Swash IDO happening?
The Swash IDO will start on October 29 at 00:00:01 UTC and close on October 30 at 23:59:59 UTC.

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2. If I win, when will my tokens be available to claim?
You will receive them on 31 Oct at 00:15:00 UTC.

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3. How many tokens will be sold at the Swash IDO?
Swash’s IDO will make 50M tokens available for sale (5% of the total supply).

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4. What’s the minimum price on the Swash IDO?
0.09 USDT per token.

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5. What’s the maximum bid on the Swash IDO?
There is no maximum bid. You are free to bid the price you deem fair. Instead, you state a specific amount of USDT you are prepared to spend on $SWASH during the auction. You will not pay more than this and may pay less per token, depending on the final auction clearing price.

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6. What about gas wars near the end of the auction? Why not wait until the very end to bid?
The final clearing price will be clearer towards the end of the auction, and it may seem better to wait and see. However, the risk is that the network becomes congested near the end of the auction and your bid may not be recognised.

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7. How does the auction sale model work?
The last price at which tokens can be allocated is called the final clearing price. The amount of tokens each person receives depends on the pecking order of their bid price for each token and the total amounts of funds allocated in proportion to the final clearing price.

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8. How to use the Gnosis platform?
Here is a video explaining step by step how to participate in the auction: https://youtu.be/5iwDFs8-0As

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9. After the KYC is approved what are the other steps people should take to join the sale or is that it?
No more steps after your KYC is approved. You just need to show up on the day of the IDO and place your bid to buy $SWASH.

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10. After the auction where will we able to trade the token?
The token will be listed on a number centralized and decentralized exchanges very soon after the IDO. Names and dates of those exchange listings will be announced one by one after the IDO.

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11. What Network should be used in MetaMask for the IDO?
Ethereum Mainnet.

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12. What mechanism has the team put in place to prevent gas wars on IDO day?
The gas fees are out of our control and depends on Eth network fees that day. The only thing that might save you some fees is not to wait until the last minute of auction to place bids.

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13. Is it possible to place several bids ?
Yes, but don’t place too many as your gas fees will be high.

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15. What price will everyone pay at the end of the auction?
Price will be the clearing price of the auction. So if you put 10x, you won’t get all tokens and you won’t get it at the price you bid.

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16. Where is the link to gnosis auction? Is it available now or would it be released on the IDO day?
On the day of the IDO, Swash’s auction will be featured on this page (https://gnosis-auction.eth.limo/#/) as a ‘Featured Auction’. When the auction link itself is available, we will announce and share it on official channels. Watch out for scams.

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17. Will it be possible to participate in the auction through a mobile phone?
Best to use your desktop to avoid any UX and technical issues.

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18. How can I be sure that whales will not manipulate the auction?
The fair batch auction model requires bidders to collectively determine the price they deem the $SWASH token is worth according to the quality of the project. This is the clearing price at the end of the auction. All auction winners will receive their tokens at the same clearing price, regardless of the amount they put in.

The principal means of manipulating the auction is to make very high bids and then cancel them later on in the auction process. The high apparent clearing price will discourage other bidders, then the cancellation will reduce the clearing price, allowing manipulators to secure a lower price than they otherwise would have paid.

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19. What was the private sale price and will these tokens be available on the market straight away?
Our average token price in private round was $0.05 with average vesting of 455 days.

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20. When will my Fractal KYC be approved? Will I get an email? How do I know?

Visit protocol.fractal.id and log in with your Fractal ID, then see if you have a green checkmark next to your KYC submission. If its not yet approved, but pending, you will see a blue icon with a question mark.
Please be patient, as Fractal needs to process 20000 successful applications by hand(Realistically, this number is much higher, as they have to deal with incorrect applications that need following up, rejected applications, and emails from people who don’t have any problems).

In the case that your KYC has not been accepted or rejected, and is still pending for review after 5 days, feel free to message @RezaHere with your email address to follow up.

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