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

Points System: How It Works and How to Earn Points

You can earn points in the following ways:

• Hold assets during the subscription period and balance snapshots to earn points (list of assets eligible for earning points).
• For trading on DEX Pro or swapping through the cloud wallet in any supported network. You can hold $2,000 worth of assets and get level 3 with 8 tickets, but during the subscription period, you can also make $10,000 worth of exchanges at any time, get an additional 500 points, and reach level 5 with 30 tickets. For maximum turnover, you need $10 in fees ($1 for every $1,000 in turnover) - want to learn how? Message us and we'll help.
• Invite referrals (for example, 1 referral increases your points by 10%, and 10 referrals by 20%);
• If you don't win in an IDO, you'll get extra tickets for the next one (for example, if you lost in two IDOs in a row and now you're at level 4 with 15 tickets in the third one, you'll get 3 additional tickets);

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.

List of assets that can be held to earn points:

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 4, if they did not win in IDO.

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

Earn up to 500 IDO points by trading on DEX Pro or swapping through the cloud wallet in any supported network.

Get up to 30% more IDO points for successful referrals. Here's how the referral multiplier works:

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:

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!