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    FAQ — ByVotes (Spot)
    bybit2024-06-10 17:14:42

    What is ByVotes (Spot)?

    ByVotes (Spot) is a product that allows Bybit users to vote for their favorite projects to be listed on Bybit. Users who vote for the elected project will share the campaign rewards provided by the projects in advance. 

     

     

     

    How does ByVotes (Spot) work?

    Bybit will choose 2–6 projects from a variety of categories and genres to vote for each session. During the voting period, Bybit users can use their voting voucher to vote for their favorite projects. The project with the highest number of votes will be listed in the Innovation Zone under Spot Trading. Users who have voted for the winning project will receive the rewards in their Spot Account within four (4) hours after voting ends.

     

     

     

    What is the timeline for ByVotes (Spot)?

    There are five main periods:

    • Snapshot period, starting 24 hours before the voting begins

    • Voting period, which will last for 24 hours

    • Announcement of the winner period

    • Rewards distribution period

    • Launch period

     

     

     

    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 get the voting vouchers?

    Bybit will take hourly snapshots of the user's total USDT, USDC, CUSD, USDD and DAI holdings during the snapshot phase. Tickets will be issued 1:1 based on the final average holding. For example, 1.9 USDT will be rounded to 1 voting voucher.

     

    Note: 

    • Only individual KYC is accepted. Business KYC is not accepted. For more info, please refer to Benefits of Different KYC Levels.

    • The amount of USDT, USDC, USDD, DAI and CUSD holdings in users' Spot Account, Funding Account and Derivatives Account (or Unified Trading Account and Inverse Derivatives Account) will be recorded during the snapshot period. Bybit Launchpool will automatically be counted in the snapshot. Under Bybit Earn, only assets staked in Flexible Savings will be snapshotted.

     

     

     

    Will crypto loans be taken into account in the snapshot of the balance?

    Yes, it's counted.

     

     

     

    Can I participate in ByVotes (Spot) using my Subaccount?

    No, Subaccounts are not supported. Only the Main Account can participate in the voting. However, USDT, USDC, CUSD, USDD, and DAI in Subaccounts will be included in the snapshot of your Main Account. 

     

     

     

    Can I vote multiple times or for multiple projects?

    Users can vote multiple times but only for one project during the voting period. However, do note that the voting vouchers can only be used once, and cannot be carried forward to the next session. 

     

     

     

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

    The minimum number of votes is 100, and the maximum number of votes for each project is 10,000. 

     

     

     

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

    Upon conclusion of the voting round, participants who have voted for the winning project will share the total reward pool distributed to each session, based on the formula below: 

     

    Rewards = Your Votes ÷ Total Votes × Total Prize Pool

     

    Please note that a cap per user will be set according to the total amount of prize pool rewards distributed in each session. Rewards will be credited to your Spot Account within 4 hours after the voting period ends.

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