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    How to Participate in Bybit Web3 IDO
    bybit2024-06-06 08:18:38

     


    Before you subscribe for IDO projects on Bybit, please make sure you’re aware of the following:

    1. Participants need to have a Bybit account and a Bybit Wallet. To learn more about how to create these, please refer to the following:

     

    2. Users who participate in IDO subscriptions are randomly selected via smart contracts to win the token allocation lottery.

     

    3. The smart contract code is public (please refer to the Smart Contract Code section below), and the list of winners will be announced on Twitter: @Bybit Web3 the day after the end of the IDO project. Winners will also be notified via email. 

     

    4. Please ensure your Bybit Wallet has the minimum funds required depending on the IDO project before subscribing to be eligible to participate in the IDO projects. For the ETH chain project, USDC is required while for the BNB chain project, USDT and BNB are needed.

    For example, the first IDO project on the Bybit Web3 IDO portal, Web3 Camp requires users to have at least 300 USDT and 0.1 BNB in their Bybit Wallet to participate. The gas fee is not required until the IDO has been claimed. This means that if you’re unsuccessful in winning the lucky draw, you do not have to pay any gas fee.

     

     

     

    Here’s a step-by-step guide to participating in the Bybit Web 3 IDO projects.

     

     

    Step 1: Subscription

    Please click on IDO in the navigation bar of the Bybit Web3 page, and then click on View Details on the IDO project you would like to join to enter the Subscription page.  
     

     

    Then, click on Register Now.    

     


    The following conditions need to be met:

    • You must already have both a registered Bybit account and Bybit Wallet

    • Minimum balance required depending on different IDO projects in your Bybit Wallet

     

    Tip: Please note that for any deposits to Bybit Wallets, ETH (ETH chain) or BNB (BNB chain) is required as a gas fee. Click on Deposit to enter the Receiving Address page. You can transfer USDC from your Bybit Spot Account or ApeX Account, or click on Copy Address to deposit from other wallets.
     

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    Step 2: Snapshot

    During the Snapshot Period, up to three (3) snapshots will be taken per day. It is essential to achieve the required net deposit on your Bybit Account in order to be eligible to participate in the IDO project. Please note that failure to maintain the required amount at any point during the Snapshot Period will result in ineligibility.

     

    We recommend making your deposit in advance, as status updates may take approximately eight (8) hours to reflect. You have the option to deposit funds via an external wallet or transfer from other Bybit accounts. In addition, you can acquire USDT by clicking on Buy USDT to participate in trading on our Spot market.

     

     

    Tip: During the Snapshot Period, you can earn additional tickets by completing the corresponding tasks.

     

     

     

     

     

     

    Step 3: Lottery 

    The calculation is in process. Bybit Web3 IDO utilizes a smart contract to randomly select tickets, ensuring a fair chance for all participants to win token allocations. To learn more about the process, you can click on How It Works.

     

     

     

     

     

     

    Step 4: Redemption

    Click on Click to Reveal Ticket.

     

     

     

     

     

     

    There are two (2) situations that will occur: 

     


    a) You’ve got a winning ticket. You can redeem your IDO tokens during the redemption period, according to the redemption value shown on your ticket. When the redemption period starts, ensure you have enough USDT (BNB chain project) or USDC (ETH chain project) in your Bybit Wallet to redeem your tokens.

     

     

     

     Then, make sure all transaction details are correct and click on Confirm.

     

     

     

     

     

    You can click on View Assets to check the tokens you’ve claimed in your Bybit Wallet.

    Congratulations! You have successfully claimed your tokens.

    Notes:

    — When redeeming tokens, you must redeem them in full according to the specified amount. Partial redemption is not supported.

    — Please make sure to redeem before the end of the IDO project.

     

     

     

    b) You didn't win a ticket. Please stay tuned for upcoming IDO projects.

     

     

     

     

     

     

     

    Smart Contract Code

    Smart Contracts are executed on the blockchain, which means that the terms of the Bybit Web3 IDO project are stored in a distributed database and cannot be changed to ensure the impartiality of the winners selected in the lottery. Participants can follow the steps below to verify using the code provided:

     

     

    Step 1: Locate the original hash value.

    Code: String hash = "0xbc5e295a6856d047e352264cad63cccca3aa930fda3c37035e8d0a04b7703c4b";

     

     

     

     

    Step 2: Convert a hexadecimal number to a decimal number.  

    Code:85201184566726858973712313028391960960823678141479156851950772733323284331595

    BigInteger bigInteger = Numeric.toBigInt(hash);

    //Take the last 18 digits 772733323284331595

    String integerString = bigInteger.toString();

    if (integerString.length() > 18) {integerString = integerString.substring(integerString.length() - 18, integerString.length());

    }

     

     

     

     

    Step 3: Fetch Seed via 772733323284331595.

    Code: Long seed = Long.valueOf(integerString);

    Random random = new Random(seed);

     

     

     

     

    Step 4: Assuming 100,000 users participate in the activity, the ticket number will be from 1 to 100,000.

    Code: int personSize = 100000;

    List<Integer> ticketNumberList = new ArrayList<>();

    //Fill in the winning number

    for (int i = 0; i < personSize; i++) {ticketNumberList.add(i + 1);

    }

    List<Integer> result = new ArrayList<>();

    //200 winners

    int limitUser = 200;

    for (int i = 0; i < limitUser; i++) {

        int randomIndex = random.nextInt(personSize);

        Integer ticketNum = ticketNumberList.get(randomIndex);

        ticketNumberList.remove(randomIndex);

        personSize--;

        result.add(ticketNum);

    }

     

     

     

     

    Step 5: You can print the winning result.

    Code: System.out.println(result);

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