Bybit has announced the launch of ApeX Protocol (APEX). The exchange will follow the new Launchpad 2.0 subscription format to issue APEX, the time to record user BitDAO (BIT) and USDT Lottery record the daily average balance of the committed token for five (5) days in Spot Account and ByFi Account from 12AM (midnight) UTC on April 22, 2022 to 11:59PM UTC on April 26, 2022. You can either commit BIT to subscribe to token allocation or commit USDT to win an allocation of the project token. You cannot participate in both at the same time.
What is ApeX Protocol (APEX)?
ApeX protocol, a decentralized, non-custodial, permissionless, censorship-resistant perpetual derivatives protocol incubated by Davion Labs. ApeX protocol enables the introduction of perpetual swap markets for any token pairs. It allows users to relegate crypto derivatives on the Ethereum layer2 blockchain with no intermediaries involved, while maintaining total control over their private keys. It has raised significant capital in a seed funding round led by Dragonfly Capital Partners. Alongside Dragonfly Capital Partners, other prominent investors such as Jump Trading, Tiger Global, Mirana Ventures, Kronos, M77 Ventures, and CyberX have also participated and contributed to the funding round.
APEX Token Details:
• Token Name: APEX
• Price: 1 APEX = $0.05 (exchange rate between BIT and APEX will be confirmed when the subscription period starts)
• Total Supply: 1,000,000,000 APEX
• Total Allocated to Launchpad: 10,000,000 APEX (1% of the total supply).
How does it work?
You can either commit BIT to subscribe to token allocation, or commit USDT to win an allocation of the project token from the lottery.
For the Subscription:
• Committed Token: BIT only
• Cap per Subscriber: 7,000 APEX
• Total Allocation: 8,000,000 APEX
For the Lottery:
• Committed Token: USDT only
• Allocation per Lottery Winner: 400 APEX
• Total No. of Winners: 5,000
• Total Allocation: 2,000,000 APEX
• Each lottery winner will receive an allocation of the project token. Non-winning participants will get their USDT committed back at the end of the event.
Snapshot Period: 12AM (midnight) UTC on April 22, 2022 to 11:59PM UTC on April 26, 2022
If you’d like to subscribe to token allocation: Your daily average balance of BIT should be equal to or greater than 50 BIT during this period, and it will determine the maximum allocation of the project token you can access.
If you’d like to participate in the lottery: Your daily average wallet balance of USDT must be equal to or greater than 100 USDT during this period.
Subscription Period: 3:30AM to 10:59AM UTC on April 27, 2022
If you’ve chosen the subscription: You must click on the “Commit Now” button to commit a certain amount of BIT during this period. The minimum amount required is 50 BIT. You can subscribe multiple times.
If you’ve chosen the lottery: You must click on the “Commit Now” button to commit 100 USDT for a lottery ticket. Each participant can only subscribe to one ticket.
The BIT or USDT you’ve committed will be locked and cannot be accessed for transfers, withdrawals or trading until after the final distribution of the project token.
Distribution Period: 11AM to 11:59AM UTC on April 27, 2022
For token allocation subscribers:Your final allocation = (the amount of BIT you’ve committed / total amount of BIT committed by all subscribers) * total APEX allocated for all the subscribers.
Based on your final allocation result, the corresponding BIT equivalent will be deducted from your committed amount, while your allocation of APEX and the remaining BIT will be credited back to your Spot Account.
Please note that the max. amount of APEX you can receive is capped at 7,000, and the amount that exceeds the limit will be allocated to participants who haven’t reached this hard cap yet.
For lottery ticket holders: If you win, you’ll receive 400 APEX and the remaining amount of the USDT committed, 80 USDT, will be credited back to your Spot Account. If you don’t win, the 100 USDT you’ve committed will be credited back to your Spot Account.
Listing: The APEX/USDT Spot pair will be live on Bybit at 12PM (noon) UTC on April 27, 2022, if liquidity conditions are met.
If you don’t have a Bybit account, sign up here.
Read more:
- Bybit User Can Now Enjoy 3% Bonuses On Their First Time Deposits, Up To $3,000
- What Is Bybit? How To Register On Bybit