Bybit, one of the largest cryptocurrency derivatives exchanges in the world, announced that it will launch Bybit Launchpad on September 22 and spend 5 million BIT tokens to giveaways to its users.
Bybit Launchpad is designed to help connect innovative crypto projects and users who may be interested to gain exposure to promising projects, while protecting users and projects alike. Bybit Launchpad is open to Bybit users who have completed KYC L1, ensuring compliance with local regulatory requirements.
BIT is the native token of BitDAO — one of the world’s largest DAO that aims to allocate massive financial and talent resources to support DeFi growth. BitDAO is supported by Peter Thiel, Founders Fund, Pantera, Dragonfly, Spartan, Alan Howard, Kain Warwick, SushiSwap, Polygon and more.
Bybit is an initial proponent of BitDAO, and has pledged to contribute 2.5bps of futures trading volume to BitDAO’s treasury. The contribution, at 2021 rates, is projected to exceed $1B per year. The BitDAO treasury balance stands at more than $540M as of Sept. 16.
If you don’t have a Bybit account, sign up here..
To participate in Bybit Launchpad, you must keep your average daily wallet balance from 00:00AM UTC on Sept. 22, 2021 to 11:59PM UTC on Sept. 26, 2021 must be equal to or greater than 100 USD, and will be rounded up to the nearest integer. Subject to the following timelines and conditions:
Calculation Period: 00:00AM UTC on Sept. 22, 2021 to 11:59PM UTC on Sept. 26, 2021
Over this 5-day period, the daily average of your wallet balance (all pairs inclusive) — calculated in USD terms — will be recorded through hourly snapshots.
Your total average daily wallet balance during this period will determine the final amount of BIT you will receive. The higher the balance, the more BIT you can grab.
In addition, you will also receive one lottery ticket for every USD-equivalent in your 5-day average daily wallet balance. Bybit exchange will run a lottery during the distribution period to randomly select 400 unique winners for a prize of 2,500 FREE BIT each.
Registration Period: 10:00AM UTC on Sept. 27, 2021 – 8:59AM UTC on Sept. 28, 2021
You must join the event during the registration period. To do so, click on the “Join Now” button and complete the steps that follow. Once joined, you will be auto-enrolled in the lottery and token allocation to earn up to 3,500 free BIT.
Distribution Period: 9:00AM UTC on Sept. 28, 2021 – 9:59AM UTC on Sept. 28, 2021
The total amount of BIT for this project is five million, out of which four million will be earmarked for the token allocation and one million will be allocated to the lottery.
The amount of BIT you will receive from token allocation = {your average daily wallet balance over the 5-day period / the total daily wallet balance of all participants over the 5-day period} * total amount of BIT for token allocation.
| Total | 5,000,000 BIT |
| Token Allocation | 4,000,000 BIT |
| Lottery | 1,000,000 BIT |
| Cap per User (Token Allocation) | 1,000 BIT |
| Cap per User (Lottery) | 2,500 BIT |
BIT Listing: The new spot pair, BIT/USDT , will be live for trades at 10:00AM UTC on Sept. 28, 2021.
If you don’t have a Bybit account, sign up here.
Read more:
- BitDAO Will Start Dutch Auction On Sushi MISO For BIT Token By August 16th After Raised $230 Million
- 12 Firms Including Huobi And Bybit Are Warned By Spain’s Regulator For Non-Registration