IDO 2.0 on Bybit: Understanding How the New Rules Work

IDO 2.0 on Bybit: Understanding How the New Rules Work

Table of Contents

At the much-loved cryptocurrency exchange Bybit, changes have occurred in the Web3 section, specifically altering the rules for participating in IDO. IDO allows investors to have a chance to purchase new coins that are not yet available on exchanges, providing the opportunity to increase their funds after listing on the Bybit exchange.

In this article, we will discuss what IDO events on the Bybit cryptocurrency exchange entail, how they work, the rules and features, and provide instructions on how to use this section.

What is IDO

IDO is an event that allows you to participate in a draw for the chance to buy the initial offering of coins, after which these coins will appear on the exchange with the ability to trade them, essentially allowing you to buy new coins at a discount.

The key goal of IDO is to support new projects in the cryptocurrency space by providing them with not only funding from the Bybit community but also access to a vast user base, which can significantly speed up the process of attracting attention to the project and positively impact its further development. For investors, IDO is an opportunity to become part of potentially successful projects at the earliest stages of development, which can bring significant profits in the future.

Where to find the IDO section

The IDO section is located in Web3, then "Earn" and "IDO".

How IDO works and its features

  • Subscription and Balance Snapshot Period

    To be eligible for tickets on the Web3 wallet during balance snapshots, you must have an appropriate account level and a point count above the minimum.

  • Distribution Period

    Each investor with a winning ticket will have the opportunity to purchase coins for $100 per winning ticket.

  • Collection

    Check and collect the tokens before the deadline to avoid losing the distribution of winning tickets.

Points System: How It Works and How to Earn Points

How will tickets now be distributed? By the number of points and your account level. More details can be found in the table below.

Level Points Number of Tickets Max. Number of Winning Tickets
Level 0 0-29 1 1
Level 1 30-99 3 1
Level 2 100-199 8 1
Level 3 200-499 15 2
Level 4 500-999 30 3
Level 5 ≥1,000 60 5

How the referral multiplier works:

Number of Referrals Points Distribution Multiplier
1-3 10%
4-9 15%
10-24 20%
25-49 25%
≥50 30%

If you lose in IDO, additional tickets will automatically be credited to you, which can be used in the next draw. The number of tickets depends on your IDO account level:

Level Failure in the Last IDO Failure in the Last 2 IDOs Failure in the Last 3 IDOs
Level T0 0 0 0
Level T1 0 1 1
Level T2 1 1 2
Level T3 1 3 4
Level T4 3 6 9
Level T5 6 12 18

You can earn points in the following ways:

  • Adding certain tokens to the Web3 wallet;
  • If you lose in IDO, additional tickets will be given for the next one (for example, if you lose in two consecutive IDOs and are now at level 3 with 15 tickets, you will receive an additional 3 tickets);
  • Inviting referrals (for example, for 1 referral your points will increase by 10%, and for 10 referrals – by 20%);
  • Holding assets during the subscription and balance snapshot period to earn points (list of assets that can be held to earn points).

The system takes balance snapshots three times a day after the subscription starts (at 03:00, 11:00, and 19:00 MSK) on your Web3 wallet and considers the average balance you hold. It is recommended to top up the balance before 19:00 so that the snapshots immediately capture the full amount; otherwise, you will have to average out.

Available Assets Points
$0-99 0
$100-499 10
$500-999 50
$1,000-1,999 100
$2,000-4,999 200
$5,000-9,999 500
$10,000-49,999 1,000
>$50,000 5,000

List of assets that can be held to earn points:

Network Coin Name
Ethereum ETH, USDC, USDT, PEPE, ENA
BNB BNB, USDT, FDUSD, DOGE, CAKE
Solana SOL, USDT, JUP, RAY, WIF
Arbitrum One ETH, USDT, ARB, DAI, GMX
Mantle MNT, USDC, mETH, WETH, USDe
Base ETH, cbETH, DAI, USDC

Important points:

  • No verification (KYC) is required. Participation is exclusively with a Bybit Web3 wallet;
  • There is no longer a mandatory holding amount on the wallet as before. The main thing is to pass the minimum level with points;
  • FCFS (First Come First Serve) round for unclaimed tokens for participants from level 3, if they did not win in IDO.

How to Claim Your Prize After Winning

If your ticket is a winning one, you will need to purchase an allocation (a certain number of coins) using USDT [BEP-20] (for Binance Smart Chain network projects) or USDC [ERC-20] (for Ethereum network projects) from your Web3 wallet.

On the project's IDO page, there will be a so-called winner interface indicating your win in the lottery. You need to claim the coins before the IDO ends, and you will have 24 hours to confirm. After purchasing the allocation, the coins will appear in the Web3 wallet.

Conclusion

IDO from Bybit is not only a tool for attracting investments in new projects but also an event where users can get a chance to win a certain number of new tokens.

Thanks to such events, both developers and investors benefit. A news background is created around the project, which can positively impact its development.

In this article, we discussed what IDO events on the Bybit cryptocurrency exchange entail, how they work, their features, and provided instructions on how to use this section.

Write in the comments if you have participated in IDO from Bybit. Share your impressions with our partners.

We hope this article was helpful. Wishing everyone successful and profitable investments!

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Comments (1)
  1. psv1964 23 July 2024 16:10

    Спасибо за познавательную статью! В IDO не участвовал.

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