What is Cradles Coin (CRDS)? The First Project On Bybit Launchpad 3.0

Bybit has announced the launch of Cradles Coin (CRDS). The exchange will follow the Launchpad subscription format to issue CRDS, the time to record user MNT and USDT Lottery record the daily average balance of the committed token for five (5) days in Spot Account and ByFi Account from 2023-11-17 00:00 (UTC) to 2023-11-22 23:59 (UTC). You can either commit MNT 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 Cradles: Origin of Species?

Cradles: Origin of Species stands as an MMORPG designed to offer web3 gamers an impressively refined gaming venture, merging the familiarity of Web 2.0 gaming with an innovative economic framework driven by blockchain technology.

Within this gaming universe unfolds an immersive prehistoric narrative, featuring distinctive modules for inventory management, guild engagement, and inventive earning mechanisms. At the heart of Cradles lies the acquisition of crystals, the fundamental currency shaping this virtual realm. These crystals wield substantial power, serving as a means to acquire diverse goods and can even be exchanged for in-game tokens known as CRDS.

You can read more here.

About Cradles Coin (CRDS)

  • Token: CRDS
  • Price: 1 CRDS Token = 0.08 USDT
  • Total Supply: 300,000,000 CRDS
  • Total Allocated to Bybit Launchpad: 1,880,000 CRDS
    • MNT Pool: 940,000 CRDS (Cap per subscriber: 320 USD = 4,000 CRDS)
    • USDT Lottery: 940,000 CRDS (Allocation per user: 7.5 USDT = 94 CRDS, winning tickets: 10,000)

How to Join Launchpad 3.0

1. Snapshot Period: Nov 17, 2023, 12AM (midnight) UTC – Nov 21, 2023, 11:59PM UTC

  • If you’d like to subscribe to token allocation: Your daily average balance of MNT must be equal to or greater than 50 MNT during this period, and it will determine your maximum allocation of new tokens.
  • If you’d like to participate in the lottery: Your daily average wallet balance of USDT must be at least 100 USDT during this period. The more you trade, the more Lottery Tickets you can earn.

Over this period, the daily average MNT and USDT balance in your Funding Account, Spot Account, and Derivatives Account (or Unified Trading Account and Inverse Derivatives Account) will be recorded through hourly snapshots.

In the Funding Account, USDT staked in Launchpool and Bybit Savings will be automatically counted toward your wallet balance snapshots. USDT staked in other products on Bybit Earn (e.g., Dual Asset Mining or Liquidity Mining) will not be included.

In the Derivatives Account, the wallet balance will be counted. The wallet balance may be affected by your realized PnL.

Your daily average balance snapshot and daily Spot trading volume for the current day will be updated at 3AM UTC on the next day.

2. Subscription Period: Nov 22, 2023, 3:30AM UTC – Nov 22, 2023, 10:59AM UTC

  • If you’ve chosen the subscription: You must click on the Commit Now button to commit a certain amount of MNT during this period. The minimum amount required is 50 MNT. You can subscribe multiple times.
  • If you’ve chosen the lottery: You must click on the Commit Now button to commit 100 USDT for the lottery. Each participant can earn up to five (5) tickets based on their Spot trading volume during the Snapshot Period.

The winning probability of each Lottery Ticket = Total number of winning tickets/Total number of Lottery Tickets for this Launchpad project * 100%. If you hold the maximum number of five (5) tickets, you’ll have five (5) equal chances of drawing a winning number. For example, if you have five (5) tickets and two (2) of them were selected as winning tickets, you will receive allocations for two (2) tickets.

The MNT 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 tokens.

3. Distribution Period: Nov 22, 2023, 11AM UTC – Nov 22, 2023, 11:59AM UTC

  • For token allocation subscribers: Your final token allocation = (Amount of MNT you’ve committed/Total amount of MNT committed by all participants) * Total amount of new tokens allocated for the project.

Based on your final token allocation result, the corresponding MNT will be deducted from your committed amount, while your new token allocation will go to your Spot Account (or Unified Trading Account), and the remaining MNT will be credited back to your Funding Account.

Please note that the maximum amount of new tokens you can receive has a hard cap. The amount exceeding that limit will be allocated to participants who haven’t reached this cap.

  • For Lottery Ticket holders: Each winning ticket will grant the holder an allocation of the project token. The new tokens that the winners will receive will go to Spot Account (or Unified Trading Account with UTA upgrades), while the remaining committed amount, if any, will be credited back to your Funding Account. If you don’t win, the 100 USDT you’ve committed will be credited back to your Funding Account.

4. CRDS/USDT Launch: Nov 22, 2023, 12PM (noon) UTC

The Spot pair of the new token will be live for trades at this time, if liquidity conditions are met.

If you don’t have a Bybit account, sign up here.

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