Submit the sell request
Upon submission of the request, if the token is not yet frozen, it would be frozen. Upon frozen, the token will still be in your own eth account. It can not be traded.
Cancel the sell request
The sell request can be cancelled and the Koi will be unlocked (only apply if the pledged KOI token was unlocked) within 3 days.
During the last 3 days, no request can be modified (either submitted nor cancelled). So the market price won't be greatly impacted by the repurchase.
Max Amount Repurchased:
To protect the benefits of the Koi holders the repurchase price will always be NO smaller than the current market price.
So the max amount of Koi repurchase each quarter would be
Max Amount repurchased = ( 30% * exchange fee during the quarter / current market price )
The request to sell will be filled based on a First Come First Served basis.
If the max amount is not reached, the repurchase price might be higher than the market price.
The repurchase price would be
30% * exchange fee during the quarter / all koi token requested to sell.
All repurchase payment will be denominated in USD, BTC revenue will be converted to USD at market price on last day 00:00 UTC+2.
On 23:59 UTC+2 last day of each quarter, KoinPro will fill qualified sell requests. If the max amount is exceeded, the sell request will be automatically cancelled and the token will be unlocked within 3 days.
All token repurchased will be burned.