This is a bonus letter for my subscribers! It was requested of me in order to participate in the syndicate happening next week.
If you don’t already have an account on Crypto.com’s Exchange, you’re going to need one if you want to follow along with this guide. I’ve had several of my newsletter readers reach out to me in the past week and ask me about the syndicate on Crypto.com. It’s a promotion wherein you can buy a token at 50% off. They do this promotion basically once per month, and this month they’re selling AGLD.
I’ll be the first to tell you that I don’t really care about most of the tokens that they sell during the syndicate. My only goal is to increase the size of the bags I’m already holding; namely bitcoin. So if they’re giving me an opportunity to essentially double my money, I’m going to take that opportunity, and so can you.
Mind you, participating in the syndicate has a couple of steps and gotchas. So I’m going to lay out the steps for you in this guide.
How to Participate in the Syndicate
Sign Up
The first step to participating in the syndicate is having an account on the Crypto.com Exchange. If you already have an account on the Crypto.com App, then I recommend signing up with the same email so you can later link the accounts.
Stake CRO
Everything in the Crypto.com ecosystem is geared towards making use of CRO tokens. Specifically, locking up your CRO tokens in order to participate in special promotions put on by Crypto.com. So in order to be eligible to buy tokens at 50% off through the syndicate, you need to stake tokens on the exchange.
Gotcha #1: You must stake CRO tokens on the exchange to participate
The syndicate wouldn’t work very well if everyone could just buy as many tokens as they want from the syndicate. So they’ve developed staking tiers. The higher the tier, the more CRO you can use to participate in the syndicate.
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In practice, it does actually work this way. I’ll elaborate on this a bit later.
Trade ‘X’ Volume of USD in a 30 Day Period
Part of the purpose of the syndicate is to encourage and incentivize trading on the Crypto.com Exchange. In order to participate in the syndicate, you need to have traded some threshold of money.
Gotcha #2: You have to have traded a certain amount of volume (USD) in the past 30 days
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A Simple Trade
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Subscribe with CRO
Now that I have my sufficient trading volume complete, I can rest easy until the day of the syndicate. When the syndicate comes around, then I can allocate my total allowed amount to the syndicate.
Syndicate Oversubscription
Now let’s talk about oversubscription. There is only a limited amount of AGLD that can be bought for 50% off. Specifically, $250,000 worth of AGLD is being sold at 50% off.
Since there is a limited amount, there needs to be some process or method that determines who gets how much. The simple answer is that you get a proportionate amount of the $250k pie.
Gotcha #3: You rarely ever buy the full amount of what you want. Syndicate events are always oversubscribed by about 40x.
So if you contribute $500 USD worth, you only get to double $12.50 worth.
$500 / 40 = $12.50
Wait 7 Days
After you subscribe to the event by contributing CRO, all you have to do is wait 7 days.
Claim your Reward
After 7 days, Crypto.com discloses the full details of the promotion, and everyone discovers how much AGLD they will receive. Like I said before, it’s about 40x less than what you contributed.
CRO Refund
Let’s say I contibuted 10,000 CRO, and the syndicate is 40x oversubscribed. I would actually only spend 250 CRO
10,000 CRO / 40 = 250 CRO
The remaining 9,750 CRO is returned to me immediately after I claim my reward.
Sell/Keep your Reward
I typically sell enough of the token I just received to cover whatever I paid to participate in the syndicate. In the above example, I contributed 250 CRO. So I would then sell enough AGLD to reimburse the 250 CRO I paid. I would then either keep the AGLD if I think it will go up in CRO or BTC terms, or I will sell it immediately for CRO or BTC. I’m not too interested in keeping AGLD, so I will likely sell it immediately after the syndicate is over.
Keep Stacking
The syndicate is a fun and interesting way to get acquainted with several of the exchange’s most basic features. In order to participate you need to stake, trade, and then contribute. So in a way, they’re incentivizing you to learn how to be a trader. Not exactly my jam, but I hope the steps I laid out for you above help you helps you participate if that is what you want to do.
As always, please let me know if you have questions or comments.
Regards,
Keegan