Spot X: One-Stop Service to Earn More From Spot Listings
Spot trading is the go-to method for many traders because of its simplicity. After all, you simply need to buy and sell your desired cryptocurrency at the current market price to earn quick short-term profits. And now, with Bybit’s Spot X, Spot traders can easily reap even more crypto token rewards through our variety of Spot listing products, all within a single interface.
Key Takeaways:
Spot X streamlines access to various listing events, offering a one-stop service for Spot traders seeking new crypto opportunities.
From Token Splash to Launchpool, Spot X introduces a range of events, each catering to specific preferences, enabling users to engage with pre-listed tokens, stake for rewards and participate in voting campaigns.
What Is Spot X?
Spot X is a platform aggregating all of Bybit’s latest Spot listings on one page via various events: Token Splash, ByStarter, Launchpad, Launchpool and ByVotes. Each of these events promotes specific in-demand or upcoming crypto projects with associated rewards in various ways.
With Spot X, you can assess ongoing projects before participating in prize pools and review past projects' performances, even if their campaigns have ended, in order to learn more about the tokens before trading in them.
Advantages of Using Spot X
Spot X offers several advantages for Spot traders, as listed below:
One-Stop Service — Spot X helps optimize user experience, creating a convenient and comprehensive journey for Spot traders who may be on the lookout for exciting new cryptocurrency projects.
Easy Access to Latest Products — Spot X provides users with effortless access to a diverse range of events that promote various popular or emerging crypto projects in which they can participate in to earn rewards.
Real-Time Insights — Spot X provides real-time information, serving as a direct source for users to stay informed about the latest listings and receive numerous rewards.
User-Friendly — Spot X’s user-friendly interface empowers users to navigate dynamic market trends easily and enjoy the rewards of discovering new tokens.
Products on Spot X
Spot X shows a transparent overview of the total number of participants in the five products, as well as the total amount they’ve invested and the total prize pool. It even includes an average percentage increase in the value of the sale price of a token during the first week after its launch, which helps you better estimate your potential earnings from your investments. Each of these figures is further broken down and reflected for each campaign.
Token Splash
Token Splash offers new token listings with their associated prize pools, with two ways for users to earn rewards. Users can choose to deposit the minimum amount of the listed tokens required during the event period, or deposit an equivalent amount of USDT to Spot trade the listed tokens.
All the deposits made during the event period — including deposits made through on-chain transfers and One-Click Buy — will be considered in the calculation to determine your eligibility for rewards. However, it’s important to note that deposits made via internal transfers are excluded from calculations.
While you can only take part using your main account, all Spot trades performed via Subaccounts or Spot Grid Bot will be taken into consideration. You’ll be able to claim your rewards within 14 days after the end of the Token Splash event.
ByStarter
ByStarter allows early adopters to invest in tokens with potential. These projects are typically not listed with any centralized exchanges (CEXs), but have undergone stringent reviews to assess their potential. The tokens may not necessarily be listed, but there will definitely be winners who will receive an airdrop of the tokens.
ByStarter is divided into four phases: Warmup Period, Subscription Period, Allocation Period and Results Announcement.
While making a deposit is optional during the Warmup Period, it’s highly recommended that you make the deposit during it so that you can transit smoothly to the Subscription Period. Note that Subaccounts aren’t allowed to join ByStarter.
For the Subscription Period, you’ll need to partake in the ByStarter token project’s quiz and commit a specified amount of tokens to the project, depending upon your VIP tier level. However, the actual range of tokens to be committed still differs from one project to another. Committed tokens will be locked until the end of the Allocation Period.
Winners are then randomly selected by the system during the Allocation Period. There will be three outcomes from the distribution results:
You may win a full allocation, during which your committed tokens will be exchanged for an equivalent value of the new project tokens and airdropped to your Funding Account.
For all ByStarter sales, there will always be one winner receiving partial allocation, with half of their committed tokens swapped for an equivalent value of the project tokens and the remaining half returned to their Funding Account.
Even if you fail to win any allocation, you’ll have the full amount of your committed tokens returned to you.
Launchpad
Bybit Launchpad is a token launch platform that grants investors early access to pre-listed tokens on Bybit, allowing them to earn the new tokens directly once they get listed. Launchpad has seen several upgrades, with the latest version, Launchpad 3.1, featuring more exciting ways for users to earn rewards.
There are two ways to subscribe to Launchpad, but you can only commit to one method each time you participate in the event. The first is the Subscription method, whereby you commit Mantle (MNT) tokens to subscribe to token allocation. The second approach is a lucky draw in which you commit USDT to win a share of the project token. Like ByStarter, Launchpad has four distinct stages: Snapshot, Subscription, Distribution and Launch.
The Snapshot phase lasts three to four days, during which the daily amount of MNT or USDT in your Funding Account, Spot Account and Derivatives Account (or Unified Trading Account and Inverse Derivatives Account) will be recorded via hourly snapshots.
For the MNT Subscription plan, you need to accumulate a minimum of 50 MNT and can commit multiple times if you wish. Meanwhile, for the USDT Lottery track, you’ll need at least 100 USDT to proceed to the Subscription stage, and can choose to earn more Lottery tickets to boost your chances of winning during this phase. Please note that the MNT or USDT tokens you commit during this period will be locked.
During the Subscription Period, simply click on the Commit Now button to commit either MNT or USDT tokens. During the Distribution phase, winners will receive the new project tokens in their Spot Account or Unified Trading Account (if the account has been upgraded), while their committed tokens will be returned to their Funding Account.
Launchpool
Bybit Launchpool lets you stake and earn tokens for free. The more tokens you stake, the more you’ll receive. You may unstake your tokens at any time. However, you must stake your tokens for at least one day to start earning. The Launchpool typically lists one or two projects for a fixed period, during which you can stake your tokens to earn your staking currency, new tokens and a USDT bonus. The tokens that you earn will be credited to your Bybit Earn account.
ByVotes
ByVotes lets you vote for your favorite crypto project to be listed as a Bybit Spot pair. During the campaign, two to six projects will be up for voting. The project with the most votes will be listed in the Innovation Zone under Spot Trading. ByVotes consists of five phases: Snapshot period, voting period, winner announcement period, rewards distribution period and launch period.
The snapshot period is held first to ascertain the number of votes allocated to each participant. It takes place one day before the voting starts, at 11:59:59PM UTC. The number of votes you possess is determined by the total holdings of USDT, USDC, USDD, DAI, CUSD and BUSD in your Spot Account, Funding Account and Derivatives Account (or Unified Trading Account and Inverse Derivatives Account). For instance, if you have a total of 100 USDT, you can cast 100 votes. The votes will be airdropped to your main account, which you can then use for your favorite project.
The voting period lasts for 24 hours. Each user can cast a minimum of 100 votes up to 10,000 for each project during the voting period.
If you’ve voted for the winning project, your corresponding rewards will be airdropped to your Spot Account within four hours after the voting ends. Rewards for each user are capped based on the amount of the total prize pool. You will not be eligible for any rewards if you vote for a project that didn’t get listed
Conclusion
Spot X is tailored to cater to the needs of Spot traders who are perpetually seeking new tokens for investment opportunities. With its user-friendly interface, Spot X provides access to five distinct products, all conveniently navigable within a single page. This consolidated approach simplifies the process of exploring and participating in various events, making it effortless to stay informed about potential investment opportunities.
Whether you’re a seasoned trader or new to the world of Spot trading, Spot X aims to enhance your token discovery journey, offering a unified and efficient platform for uncovering the latest and most promising tokens in the market.
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