My Gate Exchange Launchpad Experience and How I Requested a Refund

I recently took part in a launchpad held on the Gate exchange. Previous launchpads had performed reasonably well, and the market wasn't in bad shape either. On top of that, tokens often pumped after the launchpad ended.

The launchpad I joined this time was the BOB token sale. To be honest, I wasn't a big fan of the project, but I joined because of the Gate name.

In the end, I subscribed 5,000 USDT. However, the sale ended below its target amount, so I was allocated my full subscription. The problem was that the BOB token price dropped quite sharply after the launchpad.

BOB Launchpad Ends and the Price Drops

After the launchpad ended, I received about 220,000 BOB tokens. I had subscribed 5,000 USDT, and the half of the tokens I could sell right away was worth only about 2,000 USDT.

That meant it had fallen nearly 20% below the sale price. On top of that, the rest was under a 3-month vesting period, so I couldn't even sell it. When BOB listed on Binance Alpha and futures and bounced a little, I thought about dumping it, but I decided to wait.

The reason was an announcement saying Gate would offer refunds if a launchpad token fell below its sale price. The Gate exchange runs a policy of refunding launchpad tokens when they trade below the sale price.

Requesting a Gate Launchpad Refund

If you look at the launchpad refund announcement, it explains that the BOB token's post-listing performance fell short of expectations, and that refunds would be offered to users who want them.

So how do you request a launchpad refund? To do this, you need to deposit all of the tokens allocated to you in Gate Wallet into your spot account, and then submit the application form.

The problem was the remaining vested tokens. For these, Gate said it would work with the project team to try to arrange an early unlock and refund.

According to the announcement, the refund is 100% guaranteed. So once you've deposited your tokens to the exchange and filled out the form, you've done everything you can as a user.

Submitting the Refund and How It Was Processed

About a day after I submitted the launchpad refund request on the Gate exchange, I got 2,500 USDT back. This matched exactly the amount of unlocked tokens I had deposited into my spot account on the exchange.

Honestly, I was surprised at how quickly it was processed. Just in case, I also created a ticket about the launchpad refund, like this. I was told that the refundable amount had been deposited for now, and that the exchange would handle the remaining locked tokens after discussing it with the project team.

In conclusion, it's a bit of a hassle, but with a refund process like this in place, I think Gate launchpads are worth considering.

Final Thoughts on the Refund Request

Above, I wrote that I got a refund for 50% of my BOB tokens. Later, after a month passed and the lockup period ended, I was able to sell more BOB. However, since the price had fallen 50% below the sale price, I requested a refund.

The Gate exchange replied that it had decided to withdraw the refund plan for the additionally unlocked BOB. In other words, it changed its position partway through, contrary to the original announcement.

It doesn't really make sense to me, but the reasons given were that BOB's price had risen above the sale price after listing on other exchanges, and that the BOB ecosystem would continue to develop in a more positive direction.

And so this BOB sale ended in a loss. Going forward, I think I'll think carefully before joining any launchpads run by the Gate exchange.