Bybit has announced the launch of izumi Finance (IZI). The exchange will follow the Launchpad subscription format to issue IZI, the time to record user BitDAO (BIT) balances for 5 days in Spot Account and ByFi Account from 0:00AM UTC on Dec. 15, 2021 to 11:59PM UTC on Dec. 19, 2021.
If you don’t have a Bybit account, sign up here to join the event.
What is izumi Finance (IZI)?
izumi Finance is the platform providing programmable liquidity as a service on Uniswap V3 multi-chains. It proposes LiquidBox liquidity mining platform to provide Uniswap V3 LP token staking rewards non-homogeneously in different price ranges, which could improve the efficiency of incentive distribution for reward providers and enhance the earnings of liquidity providers in Uniswap V3. In addition, izumi will extend liquidity service to multi-chains with built-in DEX and bridge in the future.
On December 9, izumi Finance has successfully closed its Series A fundraising round of $3.5 million from Mirana Ventures, IOSG, Cadenza, FENBUSHI, EVG, Hashkey, GSR, CyberX, Bixin, Kronos Research, Dorahacks, Gate Labs, MEXC and individual investors from Nansen, Perp, Chainlink, and Babel. Including this last investment round, izumi Finance has raised a total of $5.6 million.
Key Highlights
Safe to farm: Keep your principle in Uniswap safely. Fully decentralized and non-custodial.
Easy to use: Deposit, zap, harvest, withdraw, just with one click.
High APR to earn: Stake to earn LP fees and liquidity mining incentives at the same time.
IZI Token Details:
Name: IZI
Total Supply: 2,000,000,000 IZI
Total Allocated to Bybit Launchpad: 10,000,000 IZI (0.5% of the total supply)
Cap Per User: 10,000 IZI
Price: 1 IZI = $0.04 (exchange rate between BIT and IZI will be confirmed when the subscription period starts)
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 3:00 AM UTC on the next day.
Subscription Period: 3:30AM to 10:59AM UTC on Dec. 20, 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 IZI distribution.
Distribution Period: 11:00AM to 11:59AM UTC on Dec. 20, 2021
Your final IZI allocation amount = (the amount of BIT you’ve committed / total amount of BIT committed by all participants) * total amount of IZI allocated for the project.
Based on your final IZI allocation result, the corresponding BIT equivalent will be deducted from your committed amount, while your IZI allocation and the remaining BIT will be credited back to your Spot Account.
Listing: The new spot pair, IZI/USDT, will be live for trades at 12:00PM UTC on Dec. 20, 2021.
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