On May 7th, 2018, UPbit will begin distributing GAS to traders who hold NEO on the exchange. UPbit is an exchange based in South Korea, and was launched by the company that owns Korea’s most popular chat app, Kakao Talk. UPbit is the largest exchange in Korea by volume, and currently ranks 2nd in 24 hour volume globally.
UPbit will be adhering to a GAS payment schedule to distribute GAS to its users. Every Friday between 21:00 – 22:00 (GMT +9), UPbit will take a snapshot of all user’s NEO hot wallet account balances. UPbit users will receive the GAS distribution the following Monday before 12:00 (GMT +9).
UPbit has also shared the formula they will use to calculate GAS payments.
The formula is as follows:
GAS received by user = Total GAS claimed by exchange x (NEO held by user / Total NEO held by exchange)
UPbit has plans to support GAS deposits and withdraws sometime in the future.
You can view the official announcement here.
About The Author: Chase Cook
Chase is a recent Computer Science graduate from Arizona State University. His current focus is aimed at the cryptocurrency market, and learning about blockchain technology. In his free time he likes to program, research projects, and explore potential investment opportunities.
More posts by Chase Cook