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    FAQ — ByVotes (Derivatives)
    bybit2023-11-07 07:47:57

    What is ByVotes (Derivatives)?

    ByVotes (Derivatives) allows Bybit users to vote for their favorite projects to be listed on the Derivatives trading platform. Users who vote for the winning project will share the campaign rewards, which are made up of total trading fees from the first two weeks of the winning project listing.



     

    How does ByVotes (Derivatives) work?

    In each round, Bybit will choose a few projects from a variety of categories and genres to vote on. During the voting period, Bybit users can vote for their favorite projects by using their voting voucher. Each project that hits the minimum required number of votes and/or VIP nominations will have its token listed on our Derivatives trading platform the following Monday. Users who have voted for the winning project will receive the rewards three (3) weeks later. Users will need to claim their rewards from the Rewards Hub.



     

    Do I need to verify KYC to participate in ByVotes (Derivatives)?

    Yes, Individual KYC Lv. 1 or Business KYC is required. For more information on how to verify your account, please refer to How to Complete Individual KYC Verification.



     

    What are voting vouchers?

    Voting vouchers are free voting rights that traders can use to cast their votes for their favorite projects.



     

    How do I collect voting vouchers?

    Trader can collect votes via the three methods below:
     

    1. Hold MNT Tokens

    Depending on the amount of MNT that you hold, you can get up to a maximum of three (3) votes per week.

    No. of MNT Tokens Held

    No. of Votes You’ll Receive

    500

    1

    5,000

    2

    50,000

    3

     

    Notes:

    — Only MNT tokens held in your Spot Account, Derivatives Account and Earn Account (exclusive of Dual Asset and Liquidity Mining) will be counted in your total MNT holdings.

    — MNT tokens held in both your Main Account and Subaccount(s) will be counted.

    — We’ll take the MNT token snapshot at 11:59PM UTC every Saturday.

     

    2. Accumulate weekly trading volume

    Depending upon the weekly trading volume of your account, you’ll receive a maximum of five (5) votes per week.

    Weekly Trading Volume (in USD)

    No. of Votes You’ll Receive

    5,000

    1

    200,000

    2

    VIP Users

    5

     

    — Only trading volume (in USD) generated from USDT Perpetual, Inverse Perpetual and Inverse Futures contracts will be counted.

    — Trading volume (in USD) in both your Main Account and Subaccount(s) will be counted.

    — Trading volume will be counted weekly from 12AM (midnight) UTC on Sundays to 11:59PM UTC on the following Saturday.

     

    3. Through nomination of projects (VIP only)

    VIP traders will have a chance to nominate three (3) projects to be listed on the Bybit Derivatives trading platform each week. VIP traders will receive one (1) additional vote which can be used in the next voting round for each nominated project that gets listed. This also means that VIPs can get a maximum of three (3) votes in the event that all three (3) nominated projects are listed on the Derivatives trading platform successfully. 

     




    When will I receive the voting vouchers?

    Your MNT holdings and weekly trading volume will be counted at 11:59PM UTC every Saturday, and voting vouchers will be distributed to you once a week on the following Sunday at 10AM UTC. You can view the vouchers on the ByVotes (Derivatives) page. 

     

    Each voting voucher will be valid for 90 days, including the date of distribution.



     

    What’s the maximum number of voting vouchers I can get?

    You’ll receive up to a maximum of five (5) votes per week from either 

    (1) your accumulated MNT holdings, OR

    (2) your weekly trading volume, whichever gives you more votes.

    However, votes obtained by nominating winning projects (VIPs only) can be stacked on top of the five (5) votes mentioned above, which means that VIP traders have the chance to collect up to eight (8) votes each week!



     

    Can I participate in ByVotes using my Subaccount?

    No, Subaccount is not supported. Only the Main Account can participate in the voting. MNT Holdings or Trading Volume in Subaccounts will be counted in the Main Account.



     

    Can I vote multiple times or for multiple projects?

    No, users can only all-in their vote to one (1) project during the voting period.



     

    What are the minimum and maximum number of votes that a trader can use in voting?

    There is no minimum or maximum number of votes. Traders will all-in their vote to one (1) project if they cast a vote.



     

    How will winning projects be selected?

    Each project that meets the minimum required number of votes and/or VIP nominations will be a winning project. Winning projects will have their tokens listed on the Bybit Derivatives trading platform the following Monday. Hence, it’s possible to have more than one token listed for each voting session. 



     

    What are the rewards for participating in ByVotes (Derivatives)?

    The prize pool is made up of the total trading fees from the first two weeks of the winning token(s) listing. In the third week, your rewards will be distributed to you based on the formula below:

     

    Rewards = Your Votes ÷ Total Votes × Total Prize Pool

     

    The reward is in the form of a bonus. You can claim your bonus from our Rewards Hub within a specific timeline. The bonus can be used as margin, trading/funding fee, and to cover potential losses incurred by trading on the platform. For more information, please refer to Bonus Terms and Conditions.

     

    In the event where more than one (1) winning token is listed, your rewards will be based on the prize pool of your voted token. For example: 

     

    Trader A casts five votes for ABC token. The prize pool accumulated for ABC/USDT is 5,000 USDT. 

    Trader B casts 3 votes for BCD token. The prize pool accumulated for BCD/USDT is 8,000 USDT. Assuming the total votes for the tokens are 50 and 30, respectively: 

     

    Reward for Trader A = 5 ÷ 50 × 5,000 = 500 USDT bonus

    Reward for Trader B = 3 ÷ 30 × 8,000 = 800 USDT bonus




     

    What are the differences between ByVotes (Spot) and ByVotes (Derivatives)?

     

     

    ByVotes (Spot)

    ByVotes (Derivatives)

    Voting Vouchers Collection Method

    USDT snapshot

    1. MNT Token Holding

    2. Accumulated Weekly Trading Volume

    3. Through nomination of projects (VIP only)

    Winner Projects Listing

    Spot Trading Pair to be listed on Spot Innovation Zone.

    Perpetual/Futures Contract Trading Pair to be listed on Derivatives trading platform.

    Listing Criteria

    Only one winning project with the highest number of votes will be listed.

    More than one (1) winning project that meets the minimum required number of votes and/or VIP nominations can be listed.

    Voting Rules

    Users can vote for multiple projects each voting period.

    Users can only choose one (1) project to vote for each voting period. 

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