This article is a widely edited draft, written and provided by Bybit, and does not represent the position of Dongfang.
Many blockchain speculators and long-term investors have flocked to Initial Decentralized Exchange Offerings (IDOs), hoping to take advantage of the high yield. IDOs provide an excellent opportunity for investors to buy tokens at the issue price and cash out at a profit.
If you are also interested in grasping the opportunity, you might as well start with Bybit Web3 IDO. This article will introduce you what IDO is, the rules of IDO activities, and how to apply for IDO projects through Bybit.
What are IDOs?
IDO is the initial DEX offering, which is the initial token offering ( ICO ) completed on the decentralized exchange (DEX). Since the entire issuance process takes place on a DEX rather than a traditional exchange, IDOs offer several key benefits to investors.
On traditional/centralized exchanges, buy and sell orders are not necessarily executed. Centralized exchanges are responsible for matching specific orders to be executed. On a decentralized exchange, the system uses smart contracts to create a liquidity pool and add specific trading pairs to it. Every time a user places an order to buy or sell the corresponding trading pair, the smart contract supports immediate transactions. This ensures that all buy and sell orders on the DEX are completed.
Additionally, investors can add their own tokens to the liquidity pool and get rewarded for doing so. The reward is usually the fee share of the corresponding liquidity pool.
What is Bybit Web3?
The Bybit Web3 website adopts a user-friendly design, making the wonderful Web3 world at your fingertips. Users can also use Bybit Wallet to store digital assets such as NFTs and tokens.
To trade digital assets through Bybit Web3, you need to create a hosted Bybit Wallet. In case the user loses the private key, it may cause a loss of funds, and this wallet can reduce the possibility of the user losing the private key. Bybit Web3 has a security mechanism to protect your private key. If you have any problems retrieving your account information, you can always contact Bybit's 24/7 customer service for assistance.
In addition, Bybit Wallet also supports decentralized applications ( DApp ), and users can also hold their own IDO. In doing so, you can stay in touch with your core audience while extending your reach to a wider investor market. Bybit Web3 is constantly innovating, helping users easily explore the latest innovations and investment opportunities through Bybit Wallet.
What is Bybit Web3 IDO?
Bybit Web3 IDO is a platform that provides investors with the latest IDO project information. Investors can visit the platform through the Bybit Web3 homepage , and click on the link to learn more about how to participate in the IDO projects they are interested in.
Participation in the IDO program can be highly profitable, but understanding program opportunities and eligibility requirements can be time consuming. Bybit Web3 adopts a user-friendly interface design, and all project information is clear at a glance, helping users easily explore the latest IDO projects. Not only that, users can participate in the token distribution of the first project on the Bybit IDO platform without KYC identity verification, fully ensuring the privacy of investors.
Bybit Web3 IDO Activity Rules
Investors who meet the IDO qualification requirements can participate in the purchase during the project purchase period. The specific purchase methods of different IDO projects are different.
Participants can click the "Subscription" button to check whether they are eligible for subscription. If you cannot click this button, you are not eligible to apply. After the purchase phase is over, IDO participants can enter the value storage phase. During this stage, participants will store the required tokens through smart contracts on the Bybit IDO platform. Participants must complete the stored value within the established snapshot period of IDO.
The third step in the whole process is the stage of buying coins. Eligible IDO participants will be allocated a certain amount of tokens, which can be purchased at the IPO. The last stage is the token listing stage, when tokens will be officially launched, divided into DEX listing, level 1/level 2 Bybit spot listing. After the above steps are completed, participants can freely trade tokens on the DEX and Bybit spot trading platforms.
How to create Bybit Wallet
When tokens are not in use, tokens can be safely stored through Bybit Wallet, and assets can also be transferred to DEX for buying, selling, pledging and more transactions. You can create Bybit Wallet using web page or Android device. Creating a Bybit Wallet with an iOS device is not yet supported, but this feature will be available soon.
Before creating Bybit Wallet, you first need to register a Bybit account. After the account is successfully created, you can click on the Web3 icon to complete the wallet creation process. For new users, Bybit Wallet will be created automatically after clicking the icon. After automatically completing the above simple process, you can enjoy various functions of Bybit Web3 and participate in IDO.
Bybit Web3 IDO Rules
Before participating in IDO for the first time, the following two Bybit Web3 IDO requirements need to be met:
- IDO participants must have registered a Bybit Web3 account in order to participate in the IDO purchase. If you are a new Bybit user, you only need to register a Bybit account and create a Bybit Wallet through the Bybit Web3 homepage.
- You must have the amount of funds required on the corresponding IDO project page in your Bybit Wallet in order to register for IDO.
How to participate in Bybit Web3 IDO
IDO will be promoted 10 days before the official start. Seven days before the official start of the IDO, interested users can complete the purchase steps and determine whether they are eligible. The day before the IDO, the Bybit Web3 IDO platform will start a snapshot period to confirm that you have registered a Bybit account and have sufficient funds in your Bybit Wallet.
Interested in participating in the Bybit Web3 IDO project? A few simple steps, easy to get done!
For your understanding, we will use Bybit's first IDO project, Web3Camp, as an example in this step-by-step guide. Note that the requirements listed below apply only to Web3Camp. To learn about the requirements of other IDO projects, please see the corresponding project's page on our IDO homepage.
Step 1: To participate in the Bybit Web3 IDO project, please make sure you already have a Bybit account. You can register for an account by clicking here.
Step 2: After registering a Bybit account, you need to set up Bybit Wallet on the Bybit Web3 website. Just click the <Connect Wallet> button in the upper right corner of the Bybit Web3 website, then click <Bybit Web3 Wallet>.
Step 3: After Bybit Wallet is set up, make sure there are 300 USDT and 0.1 BNB in the wallet to continue to register for Web3Camp. You can buy USDT and BNB through the Bybit spot trading platform or ApeX Pro. Transfer USDT and BNB to your Bybit account through Bybit spot account or ApeX Pro account.
Step 4: Once you have met the two main requirements for enrolling in the IDO, you can choose the IDO program that interests you. To do this, click on the project name, in this case Web3Camp. If the project is open for registration, you can click the IDO registration button.
Step 5: After successfully enrolling in the IDO, you will shortly receive a raffle ticket number which can be used to enter the draw.
Step 6: The smart contract code is used to randomly select 200 participants in the sweepstakes. The full list of winners will be announced on the official Bybit Web3 Twitter page.
Step 7: If your raffle ticket is selected, you can go to the selected IDO project page through the Bybit Web3 website and select <Click to show raffle ticket>.
Step 8: Web3Camp has a total of 200 lottery tickets and needs to invest 200 USDT .
Step 9: In the token exchange stage, you need to pay the miner's fee (only one time) to approve the IDO token transaction. Please make sure you have enough funds in your Bybit Wallet to pay 300 USDT, 0.1 BNB and miner's fee. Your transaction will be approved within 1 hour, so far, you have successfully received the tokens of this IDO project.
write at the end
Participating in the IDO project does have risks, but the possibility of obtaining high returns is also very high. With Bybit Web3, you can easily and conveniently learn about the latest IDO, view qualification requirements, and sign up for token distribution qualification draws. Explore existing IDO projects through the Bybit Web3 website now.
