Genius concludes its Season event; refunds corresponding to GENIUS will be burned.
BIBIBI
AT A GLANCE
With the conclusion of Genius Season, users who request a refund will have their fees returned and forfeit GP, with the corresponding GENIUS permanently burned.
Article
Genius Concludes Season Campaign; Tokens Corresponding to Fee Refunds GENIUS Will Be Burned
BlockBeats reported that October 3，YZi Labs the trading terminal Genius, invested in by 200000000 tokens GP were planned for distribution, while 173000000 tokens GP were actually distributed, corresponding to a claimable GENIUS of the supply; the remaining 6.055%will be automatically burned. Users who choose a refund can receive all fees paid to Genius during this season, while forfeiting the Season 0.945%they have earned, corresponding to GP which will be permanently burned.
The refund window will open at Beijing time on GENIUS will be permanently burned.
The refund window will open at Beijing time October 7 at 0: 00 and remain open until October 12 at 0: 00. Users who do not request a refund may, during the second October 12-day window starting from 5, choose to unlock immediately with a deduction of 85%from their allocation share; or lock for 24 months and claim the 100%airdrop.
Original link https://m.theblockbeats.info/flash/370144
Key points
01
BlockBeats stated that the Genius Season event has concluded.
02
Planned distribution of 200000000 tokens GP, with an actual distribution of 173000000 tokens GP, corresponding to claimable GENIUS of the supply at 6.055%。
03
The remaining 0.945% will be automatically burned.
04
Users who choose a refund may receive all fees paid to Genius this season, but will forfeit the GP, corresponding to GENIUS which will be permanently burned.
05
The refund window is from Beijing time October 7 at 0: 00 to October 12 at 0: 00。
06
Users who have not received a refund may,October 12 the second 5 day window beginning on, choose immediate unlocking with a deduction of 85%of their allocated share, or lock it for 24 months and claim the 100%airdrop.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
GP serves as the basis for allocation in this event. Users who choose to have this season's fees refunded cannot retain the GP earned during the season, and the corresponding GENIUS will also be burned; users who do not request a refund must choose between immediate unlocking with fewer shares and claiming the full airdrop after a 24-month lock-up.
Why it matters to readers
This arrangement directly affects whether participants can retain their Season GP, the claimable GENIUS shares, and the claim timing; the refund decision also affects the final amount of GENIUS to be burned.
New users who participated in the Genius Season event should pay attention to the refund and subsequent decision windows, and compare the three arrangements: refund, immediate unlocking with reduced shares, and long-term lock-up.
Risks and unknowns
The material is relayed by BlockBeats and does not provide the original text of Genius's official announcement.
The number of refunded users and the corresponding GENIUS final amount to be burned have not yet been provided.
The original text does not specify GP and GENIUS more specific conversion rules between.
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Related concepts
GP
This term is not in the glossary yet. Browse related concepts in the glossary.
A method of distributing digital assets free of charge to members of the public who meet conditions such as holding assets or demonstrating address activity.
