What Is Genopets (GENE)? The Third Project On Bybit Launchpad

Bybit Launchpad has announced the launch of Genopets (GENE)The exchange will follow the Launchpad subscription format to issue GENE, the time to record user BitDAO (BIT) balances for 5 days in Spot Account and ByFi Account from 0:00AM UTC on Nov. 12, 2021 to 11:59PM UTC on Nov. 16, 2021.

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

What is Genopets (GENE)?

Genopets is a Free-to-Play, Move-to-Earn NFT game on Solana that makes it fun and profitable to live an active lifestyle. Genopets combines user’s step data from their mobile device and wearables with blockchain Play-to-Earn economics so players can earn crypto for taking action in real life as they explore the Genoverse evolving and battling their Genopet.

Project Highlights

  • Genopets is pioneering a new category of gaming “Move-to-Earn”
  • Genopets raises an $8.3 million seed round to bridge the physical and digital worlds with Move-to-Earn NFT Gaming. The seed round was co-led by Konvoy Ventures and Pantera Capital, with participation from Alameda Research, Old Fashion Research, Solana Capital, Xoogler Ventures, Mechanism Capital, Collab+Currency, Spartan Group, Hyper, CMT Digital, Animoca Brands, DeFi Alliance, CMS Holdings, Yield Guild Games and GBV Capital among many others
  • Notable angel investors from the crypto, gaming, and fitness world also participated, including Prabhakar Reddy (Co-Founder, FalconX), Kevin Lin (Co-Founder, Twitch), John Robinson (President & COO, 100 Thieves), Brian Corrigan (VP and Head of Americas, PUBG Corporation), Keisuke Honda (Professional Japanese footballer) and Melanie Strong, a 19-year veteran executive of Nike
  • Genopet Genesis Egg NFT — Earlier this month, Genopets Eggs were air dropped to their community and have since been listed on Solanart & FTX.us. Genopets Eggs give their holder a whitelist spot in the Genesis Genopet NFT Drop
  • “Genopets is a liquid digital asset representation of a gamer’s physical activity in the real world” -Josh Chapman, managing partner at Konvoy Ventures

Token

  • Name: GENE
  • Total Supply: 100,000,000 GENE
  • Total Allocated: 250,000 GENE (0.25% of the total supply)
  • Cap per User: 500 GENE
  • Price: 1 GENE = $0.80 (exchange rate between BIT and GENE will be confirmed when the subscription period starts)
  • Format: Subscription
  • Committed Token: BIT only

How does it work?

Over this 5-day period, the daily average amount of BIT in your Spot Account and ByFi Account will be recorded through hourly snapshots. Your BIT balance snapshot of the current day will be updated at 3:00AM UTC on the next day.

Subscription Period: 8:00AM UTC on Nov. 17, 2021 to 7:59AM UTC on Nov. 18, 2021

You must click on the “Commit Now” button to commit a certain amount of BIT towards the new project during this subscription period. The max. amount of BIT you can commit depends on the daily average BIT balance in your Spot Account and ByFi Account over the 5-day snapshot period.

Please note that the amount of BIT you’ve committed will be locked and cannot be accessed for transfers, withdrawals or trading until after the final GENE distribution.

Distribution Period: 8:00AM UTC on Nov. 18, 2021 to 9:59AM UTC on Nov. 18, 2021

Your final GENE allocation amount = (the amount of BIT you’ve committed / total amount of BIT committed by all participants) * total amount of GENE allocated for the project.

Based on your final GENE allocation result, the corresponding BIT equivalent will be deducted from your committed amount, while your GENE allocation and the remaining BIT will be credited back to your Spot Account.

Listing: The new spot pair, GENE/USDT, will be live for trades at 10:00AM UTC on Nov. 18, 2021.

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

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