Topics
    Launchpad 3.1 FAQ — USDT Subscription Method
    bybit2024-06-21 09:26:07

    There are two (2) subscription methods available. Traders only have the option of choosing one (1) of these methods. Note that traders cannot participate in both events simultaneously.

     

    • Commit Mantle (MNT) to subscribe to token allocation

    • Commit USDT by using lottery tickets to win an allocation of project tokens

     

    Bybit Launchpad is a token launch platform for groundbreaking blockchain projects. It gives users access to pre-listing rounds and allows them to earn new tokens on Bybit. The Terms and Conditions for the Bybit Launchpad are regularly reviewed and updated.

     

    Participating in the USDT lottery on Launchpad 3.1 only requires meeting the minimum average wallet balance.




    Who is eligible for Bybit Launchpad?

    Only users who have completed Individual Identity Verification Lv. 1 or business verification are eligible for Launchpad events. Please note that users from restricted countries are not eligible to participate in the Bybit Launchpad.  

     

    Identity Verification must be completed before the Subscription Period starts. You can click here to complete the verification. 




    Which balances will be counted during the Snapshot Period?

    The daily average USDT balance in your Funding Account, Spot Account, and Derivatives Account (or Unified Trading Account and Inverse Derivatives Account) will be recorded through hourly snapshots. 

     

    For your Funding Account, USDT staked in Launchpool and Bybit Flexible Savings will be automatically counted towards your wallet balance snapshots. However, USDT staked in other products on Bybit Earn (e.g., Fixed Term Savings, Dual Asset or Liquidity Mining) will not be included.

     

    For your Derivatives Account, the wallet balance will count. The wallet balance may be affected by your realized P&L.

     

    Over the Snapshot Period, your daily average wallet balance of USDT must be equal to or greater than $100, and the amount will be rounded down to the nearest integer.




    Can I participate in Launchpad using my Subaccount?

    No, Subaccount is not supported. Only the Main Account can participate in Bybit Launchpad. However, MNT and USDT balances or Spot Trading volume from subaccounts will be included in the snapshot of your Main Account.




    How to calculate the daily average USDT wallet balance?

    The daily average USDT wallet balance in your Funding Account, Spot Account, and Derivatives Account (or Unified Trading Account and Inverse Derivatives Account) will be counted. The snapshot will be updated daily at 3AM UTC. Due to the high volume of asset calculation, there might be a delay in updating your daily average USDT wallet balance.

    Note: USDT staked in Launchpool, Bybit Lending and Bybit Flexible Savings will count in the snapshot of your Funding Account. USDT staked in other products on the Bybit Earn (e.g., Fixed Term Savings, Dual Asset or Liquidity Mining) will not be included.

    Let’s assume that on Oct 31, 2023, Bob signs up for a Bybit account and makes a deposit of 200 USDT every hour to his Funding Account only. His wallet balance snapshots will be recorded as follows:


    00.00 UTC: 200 USDT
    01.00 UTC: 400 USDT
    02.00 UTC: 600 USDT
    03.00 UTC: 800 USDT
    ...
    23.00 UTC: 4,800 USDT 

     

    In this case, his average daily wallet balance on Oct 31 would amount to 2,500 USDT based on the following calculations:
    200 USDT + 400 USDT + 600 USDT + 800 USDT + … + 4,800 USDT) / 24



    What is a lottery draw?

    A lottery draw is the random selection of tickets to decide the winners in a lottery. Through our lottery draw, lucky participants will get an allocation of a new token. 

     

    For each Launchpad event, the maximum number of lottery tickets a user can obtain depends on the tasks during the Launchpad Snapshot Period. The more tickets the user receives the higher the chance of winning an allocation of tokens.




    How can I earn more lottery tickets?

    For users participating in the USDT subscription, you can increase your chances of winning by earning more lottery tickets through various tasks during the Launchpad Snapshot Period.

     

    Please note that you can only select one (1) path for additional ticket acquisition beyond the initial ticket: either through VIP status or by maintaining/trading assets. For example, if Bob is already a VIP user, he will automatically receive an additional three (3) lottery tickets and cannot obtain additional lottery tickets by accumulating Spot trading volume or daily average assets holdings.

     

    Notes:

    — Your VIP level will be updated daily at 07:00 UTC. For VIP applications sent to premium@bybit.com, please allow a minimum of T+1 time for review and updates. More information on how to become a VIP and the benefits of being a VIP, please refer to the relevant articles.

    — All tasks are as shown on the Launchpad page for that specific period, and both tasks and the number of lottery tickets earned may change with each Launchpad event.

    — Participation in Launchpad USDT subscriptions requires participants to meet the following minimum requirements during the Snapshot Period:

    • Daily average wallet balance of at least 100 USDT

    The asset snapshot for holding assets will include available balances of all tokens in the Funding Account, Spot Account, and Derivatives Account (or Unified Trading Account and Inverse Derivatives Account). Please note that any assets in collateral will not be counted.

    For example, Bob collateralized 100 USDT to borrow an equivalent of $75 worth of BTC. 

    • In the daily snapshot for additional tickets, the snapshot will be taken of the current account's available balance of $75 worth of BTC. For non-USDT tokens, they will be converted to USDT value using the closing price for that day (UTC time 23:59:59).

     

    Each ticket will be assigned a random number (not based on subscription sequence) generated based on the lottery protocol. Winning numbers will be published after each drawing. Each winning number will grant the holder an allocation of the project token. The new tokens that the winners will receive will go to their Spot Account or Unified Trading Account (if the account has been upgraded), while the remaining committed token, if any, will be credited back to your Funding Account. Non-winning participants will get back the full amount of the committed token in their Funding Account.

     

     

     

    How to calculate the average accumulated Spot trading volume?

    The accumulated Spot trading volume from Spot Trading, Spot Copy Trading, Grid Bot, DCA Bot, Spot Margin Trading and Leveraged Tokens will be recorded through daily snapshots. This includes all your buy and sell transactions. 

    Do note that trading volume from API and Derivatives trading will not be counted.

    For USDT denominated pairs, the trading volume is the sum of all order values for each executed USDT order. For non-USDT denominated pairs, the trading volume will be converted into USDT at the closing price of the day (23:59:59 UTC).

    Let’s assume that on Nov 3, 2023, which is the third day of the Snapshot Period.
    First day of snapshot: Alan bought 100 USDT worth of BTC and sold 50 USDT worth of ETH.
    Second day of snapshot: Alan bought 100 USDT worth of MNT and bought 100 USDT worth of BTC.

    Total trading volume snapshot for the first day: 100 + 50 = 150 USDT
    Total trading volume snapshot for the second day: 100 + 100 = 200 USDT

    Accumulate Spot trading volume: (150 + 200) = 350 USDT

    During the Snapshot Period, the accumulated Spot trading volume for the day from 0.00 UTC to 23:59:59 UTC will be updated daily at 03.00 UTC. The snapshot result of the accumulated Spot trading volume will be rounded down.




    What's the Subscription Period and how is it calculated?

    During the Subscription Period, you must head to the Bybit Launchpad and click on Commit Now to subscribe to all of your lottery tickets by committing 100 USDT. 

     

    The probability of winning for each lottery ticket is calculated using the formula:

    Probability of winning per lottery ticket = Total number of winning tickets / Total number of tickets issued × 100%. 

     

    If you possess multiple winning tickets, you will receive multiple token allocations.




    How does the USDT subscription for the lottery work?

    The winners will be selected based on the lottery number and the winning numbers from the system. The winning numbers consist of the last digit up to the last four (4) digits. If the winning numbers match the lottery ticket, then the owner of the lottery ticket will be the winner.

     

    Winners of the lottery draw will receive their token allocation, and any remaining token amount will be credited to their Funding Account. Non-winning participants will get the full amount of the committed token back.

    Example 1:
    There are two (2) traders. Trader A holds a lottery ticket: 132 whereas Trader B holds a lottery ticket: 172. If the winning number from the Launchpad is two (2), then both Trader A and Trader B will be winners of the lucky draw, and they will be able to receive tokens based on the token allocation of the project. 

     

    Example 2:
    There are two (2) traders. Trader A holds a lottery ticket:132 whereas Trader B holds a lottery ticket: 172. If the winning number from the Launchpad is 132, then Trader A will be the winner of the lucky draw and he will be able to receive the token based on the token allocation of the project

     

    Example 3:
    There are two (2) traders. Trader A holds five (5) lottery tickets: 132, 133, 134, 135, and 136 whereas Trader B holds a lottery ticket: 172. If the winning numbers from the Launchpad are 132, 34, and 35, then Trader A will be the winner of the lucky draw and Trader A will be able to receive three (3) portions of the token based on the token allocation of the project.

    For example, if the token allocation was 100 β, then trader A will be receiving 300 β in this case, as 3 out of 5 numbers of his lottery ticket matched the lucky draw numbers.




    What's the maximum amount of USDT I can commit?

    The maximum number of lottery tickets that a user can subscribe to depends on the total number of lottery tickets obtained by the user during the Snapshot Period.

    Users can obtain additional lottery tickets by committing only 100 USDT during the Subscription Period once they fulfill particular requirements.




    What happens during the Distribution Period?

    At the end of the event, the winners will each receive project tokens, while the remaining amount of the committed tokens (if any) will be credited to their Funding Account. Non-winning participants will get the full amount of the committed token back. 

     

    Example
    Let's assume β is the new token and 1β is equivalent to 1 USDT. 

    As 80 β is equivalent to 80 USDT, based on the hypothetical exchange rate (1β = 1 USDT), 80 USDT will be deducted from the number of USDT committed by the participant, and the remaining 20 USDT (100 USDT − 80 USDT) will be automatically credited to their Funding Account during the Distribution Period. At the end of the event, winning ticket holders will each receive 80 new tokens and get the remaining 20 USDT back.  

    The new tokens (if applicable) can be viewed under your Funding Account immediately after the Distribution Period ends.




    How many new project tokens will traders receive from each lottery ticket?

    The amount of the new token allocation depends on the total amount of the prize pool and the number of lottery tickets drawn. For example, if the total token allocated for USDT subscription is 10,000 β, and the total draw number is 1,000, then every portion of the token allocation will be 10 β (10,000 β/1,000).

    In the case where traders' lottery tickets matched the two (2) lucky draw numbers, Trader A will be able to receive two (2) portions of the token based on the token allocation of the project. In this case, the trader will receive 20 β (2 × 10 β).




    Will the USDT I've committed be locked?

    Yes. The amount of USDT you've committed to the project will be locked and cannot be accessed for transfers, withdrawals or trades until after the Distribution Period.




    When can I start trading the new Spot pair?

    You can trade the new Spot pair after it goes live on Bybit. Please stay tuned to our blog announcements, or follow us on Twitter, Telegram, and YouTube.




    When will the exchange rate between USDT and the new token be available?

    The exchange rate between USDT and the new token will be displayed directly on the Launchpad page upon the release of the new project. Please refer to the Bybit Launchpad event page for the latest update.




    If I place a limit sell order for USDT on the Spot trading platform but it hasn’t been filled yet, will my USDT balance snapshots be affected?

    No. All orders that have yet to be filled will still be included in your USDT balance snapshots.




    Can I uncommit the USDT I’ve committed during the Subscription Period?

    No, you cannot cancel the USDT that you’ve committed during the Subscription Period.

     

    Disclaimer:

    Please note that each user can only register for one (1) account on Bybit. Bulk-account registrations to farm additional allocation are a violation of the Bybit Terms of Service, and may lead to immediate termination of all associated accounts and eligibility. To comply with local jurisdictions, Bybit reserves the absolute right to disqualify or take any appropriate actions against accounts associated with fraudulent activities, including immediate termination of any accounts and a liquidation of any open positions.

    Was it helpful?
    yesYesyesNo