What is FTX Users' Debt ($FUD)?
FTX Users' Debt ($FUD) is a bond token for the highest quality creditors in the FTX event issued by DebtDAO, and is the top quality FTX debt asset that Huobi is exclusively offering. It has been confirmed through a contract provided by DebtDAO that the debt is in the tens of millions of dollars.
The early bird issuance phase will sell FTX the debt at a discount. 1 FUD = $1, FUD initial issuance and liquidity is 20 million. The fair price is 0 < 1FUD ≤ 5USDT (depending on the impact of market volatility, the actual price may exceed the fair price).
After FTX restores the database or FTX officially confirms the actual debt of the creditor, DebtDAO will issue secondary public offering based on the actual amount of the debt and issue airdrops to all FUD holders, at which time the fair price will be 0 < 1 FUD ≤ 1 USDT (example: If the actual amount of the debt is confirmed to be $60 million through the FTX database or published debt information, an additional 40 million FUD will be issued on addition to the initial 20 million FUD. According to DebtDAO's rules, users who holding 1 FUD before the secondary public offering will receive an additional 2 FUDs from the airdrop) After the airdrop, DebtDAO will do a 1:1 debt buyback for users who hold FUD.