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Bybit Launchpad, a platform designed to help connect new crypto projects and interested users to potential projects. With strong backing and abundant potential, this is a promising launch pad to compete with leading competitors such as Binance Launchpad,…
However, it is also necessary to choose whether the project should be invested or not depends on your analysis and decision, So you can refer to the Bybit Launchpad article to understand how this platform works so that you can easily Easy to use if you intend to buy IEO.
What is Bybit Launchpad?
Bybit Launchpad is a token launch platform for blockchain projects. Gives users early participation in quality projects and allows them to earn new tokens directly on Bybit’s platform.
Just like other Launpad platforms, here you can share your knowledge about IEO-sold projects that you often refer to.
Watch now: What is an IEO?
Bybit Launchpad Review, Should I Participate in an IEO?
Currently, at the time of writing, there are 2 projects launched on Bybit Launchpad: BIT and CBX.
Regarding the BIT coin, the hotness is not controversial. Briefly about BIT is as follows:
- BIT is the native token of BitDAO, one of the world’s largest Decentralized Autonomous Organizations (DAOs) that allocates huge financial and talent resources to support DeFi development.
- BitDAO is supported by Peter Thiel, Founders Fund, Pantera, Dragonfly, Spartan, Alan Howard, Kain Warwick, SushiSwap, Polygon, and more.
- Bybit is an original proponent of BitDAO and has committed to contribute 2.5% of futures trading volume to BitDAO’s treasury. The contribution, at the rate of 2021, is expected to exceed $1 billion per year.
The 2nd launch project, CropBytes, a leading farming simulation game about growing your crypto farm in the metaverse game, is also a major project backed by Polygon, Old Fashion Research, AU21 Capital, Tamar Menteshashvili (Ecosystem Growth – Solana),…
According to personal assessment, with abundant potential, the next launchpad projects on Bybit Launchpad will become more and more quality and gain wide attention of the community.
Conditions to buy IEO on Bybit Launchpad
To participate in IEO needs to fulfill 2 conditions:
- Have a Bybit account and have done KYC
- That account must hold BIT for the specified time.
If you can sign up for a Binance account at: https://CHK.com/go/bybit
Steps to buy IEO on Bybit LaunchPad
Buying IEO on Bybit Launchpad is done in 4 steps, I will take the recent new launchpad project CropBytes (CBX) as an example:
- Preparation time
- Registration time
- Token allocation time
- Transaction time
During this period, the average BIT in your Spot and ByFi accounts will be recorded via hourly snapshots.
Average daily BITs are calculated as the sum of hourly snapshots of BITs in Spot and ByFi accounts for a day divided by 24 hours.
Suppose: On October 31st, you register on Bybit and start depositing 100 BIT into your Spot account every hour. The balance snapshot will be recorded as follows:
- 00:00 AM: 100 BIT
- 1:00AM: 200 BIT
- 2:00AM: 300 BIT
- 11:00PM: 2,400 BIT
As a result, the average daily BIT on October 31 will amount to 1,250 BIT based on the following calculation:
- 100 BIT + 200 BIT + 300 BIT + 400 BIT + … + 2,400 BIT) / 24
Daily average BITs in Spot and ByFi accounts will be updated at 3:00AM daily (UTC). However, updating the average daily BIT may take some time.
You have to click the “Commit Now” to commit an amount of BIT to the project during this subscription period.
Note that the BIT you have committed will be locked and cannot be used to transfer, withdraw or trade until after receiving the project token from which you purchased the IEO.
Token allocation time
- The last token you received = (number of BITs you have committed / total number of BITs committed by all participants) * Total tokens allocated to Launchpad
Based on the final allocation result, the corresponding BIT will be deducted from the committed BIT. While the tokens you receive and the remaining BIT will be credited to your Spot account.
Example for distributing tokens to users:
- The number of BITs you commit: 1,000 BIT
- The number of BITs committed by all participants: 1,000,000 BIT
- Exchange rate between BIT and CBX: 1 BIT = 20 CBX (example)
- Allocate CBX for Launchpad: 3,000,000 CBX
In this case you will get 3,000 CBX based on the following calculation:
- (1,000 BIT / 1,000,000 BIT) * 3,000,000 CBX
As a result, CBX will automatically be credited to the Spot Account during the distribution period.
Since 3,000 CBX is equivalent to 150 BIT based on the example (1 BIT = 20 CBX). 150 BIT will be deducted from your committed BIT and the remaining 850 BIT will also be automatically credited to your Spot account during this period.
If you meet the conditions, the token you buy IEO will usually be listed shortly after. Ban, just keep track of the time that Bybit fees announced.
Frequently asked questions about Bybit Launchpad
Who gets to participate in Bybit Launchpad?
To participate, you must complete KYC level 1 verification or business verification. Users from restricted countries will not be able to participate in the event.
In which accounts BIT will be counted?
Currently, the BIT in your Spot account and ByFi account will be counted during the snapshot period.
What is the maximum number of BITs that can be committed?
The average daily BITs in your Spot and ByFi accounts over the snapshot period will determine the maximum number of BITs you can commit to a new project.
Will my committed BITs be locked?
Yes, the BIT you have committed will be locked and cannot be used for transfer, withdrawal or trading until after the distribution period.
Is it possible to commit BIT more than once during the subscription period?
No, each user can only click the “Commit Now” button once.
Is it possible to uncommit the BIT number committed during the subscription period?
No, you cannot cancel the number of BITs you have committed during the subscription period.
Currently, there are only 2 projects underway on Launchpad, BIT and CBX, so it takes time to prove that Bybit Launchpad can attract more investors. In order to attract investors, it is necessary to conduct IEO purchases with quality projects and many other factors on the platform.
Bybit has a history of establishment since 2018, the team has experience working at leading companies such as Morgan Stanley, Tencent, etc. Realizing the potential from IEO platforms, Ben Zhou, Co-founder and CEO of Bybit also hopes to shed light on projects and help bring innovations to a wider audience.
IEOs also present risks. You should consider all options when wanting to participate in any IEO purchase on any platform. Please consider the Bybit Launcpad article for reference only and not investment advice. Thanks!
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