Bybit Web3: What Is IDO & How Do I Participate With Bybit Web3?

Disclaimer: This article pertains to the original Bybit Web3 IDO system which has now been upgraded to Bybit Web3 IDO 2.0. We have enhanced the features and functionalities to provide a more streamlined and equitable token allocation process. For the latest information and details on the upgraded version, please visit our Bybit Web3 IDO 2.0 article.

Many blockchain speculators and long-term investors tend to flock toward initial DEX offerings, or IDOs, thanks to the lucrative opportunities they provide. IDOs present a great opportunity for investors to buy a token at its launch price to maximize profits. If you’re seeking to do the same, look no further. Bybit Web3 IDO is a great place for you to start. Find out in this article what an IDO is, how it works — and how you can register for IDO projects with Bybit. 

What Is an IDO?

An IDO, or initial DEX offering, is an initial coin offering (ICO) that’s completed on a decentralized exchange, or DEX. Because it functions on a DEX rather than on a traditional exchange, an IDO provides traders with a few key benefits.

On a traditional, or centralized, exchange, buy and sell orders aren’t always executed. A centralized repository is responsible for identifying specific orders to execute. On a decentralized exchange, however, liquidity pools are created using smart contracts to collect a pair of specific tokens. Each time a buy or sell order is made for this pair, smart contracts support an immediate exchange. This ensures that all buy and sell orders on a DEX can be completed. 

In addition, investors can contribute their own tokens to the liquidity pool, generally receiving a reward as a result. This reward is usually an allocation of the transaction fees for that specific liquidity pool.

What Is Bybit Web3?

The user-friendly Bybit Web3 Portal brings the world of web3 to your fingertips. With the Bybit Wallet, you can store digital assets like NFTs, coins and others.

A custodial Bybit Wallet is necessary in order to take advantage of digital asset trading via Bybit Web3. This wallet minimizes the possibility of a user losing their private keys, which could result in financial loss. Bybit Web3 features security mechanisms that protect your private keys. If you face any issue retrieving your account details, you can always count on Bybit’s 24/7 live customer support for assistance. 

In addition, Bybit Wallet supports decentralized applications (DApps). It also lets you host your own IDO. By doing so, you can remain in touch with a core audience while also expanding your reach to a larger market of investors. Bybit Web3 continues to evolve today, and the best way to take advantage of the latest innovations and opportunities is through the Bybit Wallet.

What Is Bybit Web3 IDO?

Bybit Web3 IDO is a platform that informs investors about the latest IDO projects. Through this platform, accessible on the Bybit Web3 landing page, investors can follow links to learn more about how they can get involved with the IDOs they’re interested in.

While participating in an IDO can be lucrative, learning about these opportunities and their eligibility requirements can be time-consuming. However, Bybit Web3 users can easily discover the latest IDO projects through a user-friendly interface that offers an at-a-glance view of all available projects. What’s more, the Bybit IDO platform facilitates token allocations for these announced projects without requiring KYC, allowing investors to maintain their privacy.

How Does Bybit Web3 IDO Work?

Interested investors who meet an IDO’s eligibility requirements can participate in the Subscription Phase of the project to get started. The specific methodology for the subscription may vary from IDO to IDO. 

Participants will be able to check their eligibility to subscribe when they click on the Subscription button. If you are unable to click on it, it means that you are not eligible. 

After the Subscription Phase, IDO participants can move on to the Deposit Phase. During this stage, participants will deposit the necessary tokens on the Bybit IDO platform via smart contracts. This must be completed in compliance with the IDO’s established snapshot timing. 

The third step in the process is the Token Purchase Phase. Eligible IDO participants will be allocated a specific amount of tokens to purchase at the launch. The final part is the Token Listing Phase, in which the token is officially listed, via a DEX listing and a Tier One or Tier Two Bybit Spot Listing. After these steps, participants can freely trade their tokens on both the DEX and the Bybit Spot trading platform.

How to Create a Bybit Wallet

Your Bybit Wallet enables you to store your tokens securely when they’re not in use. It also lets you move your assets to the DEX for buying, selling, staking and more. Creating a Bybit Wallet is easy to do through your desktop or on an Android device. While it’s not yet possible to create a Bybit Wallet on an iOS mobile device, this capability will soon be available. 

It’s essential to sign up for a Bybit account before you can create a Bybit Wallet. Once your account is created, you can click on the Web3 icon to complete the process. For new users, a Bybit Wallet is created automatically after clicking on the icon. After this simple, automated step, you’ll have full access to Bybit Web3 benefits, and can participate in IDOs.

Rules of Bybit Web3 IDO

Bybit Web3 IDOs have two main requirements before participating in your first IDO: 

• IDO participants must have a registered Bybit Web3 account in order to participate in the IDO Subscription Phase. If you’re a new Bybit user, you’ll qualify as long as you’ve signed up for a Bybit account and set up your Bybit Wallet via the Bybit Web3 Portal.
• Your Bybit Wallet must have the required amount of funds as stated in each IDO project’s page in order to register for the IDO.

How to Participate in a Bybit Web3 IDO

An IDO will be promoted approximately 10 days before it begins. Seven days before the IDO takes place, interested users can complete the subscription steps and determine if they’re eligible. The day before the IDO, the Bybit Web3 IDO platform will commence a snapshot period to confirm you have a registered Bybit account, and that your Bybit Wallet has the required amount of funds. 

Interested in participating in a Bybit Web3 IDO project? Follow our step-by-step guide to start! 

To facilitate understanding, we will be using our first IDO project, Web3Camp, as an example in this step-by-step guide. Take note that the requirements listed below are specific to Web3Camp. For requirements relating to other IDO projects, please check their individual pages on our IDO portal.

Step 1: To participate in a Bybit Web3 IDO, be sure you have an established Bybit account. You can sign up for an account here. 

Step 2: After you’ve signed up for a Bybit account, you need to set up your Bybit Wallet on the Bybit Web3 Portal. Simply click on the Connect Wallet button on the top right of the Bybit Web3 Portal page, and click on Bybit Web3 Wallet. 

Step 3: Now that your Bybit Wallet has been set up, you need to have at least 300 USDT and 0.1 BNB in it in order to proceed to register for Web3Camp. You can purchase the USDT and BNB through the Bybit Spot Trading platform or via ApeX Pro. Transfer the USDT and BNB to your Bybit account through your Bybit Exchange Spot Account or your ApeX Pro Account. 

Step 4: Now that you meet the two main requirements to register, you can proceed to select the IDO project you’re interested in. To do so, click on the project’s name, which in this example is Web3Camp. If the project is open for registration, you can click on the Register IDO button.

Step 5: Once you’ve successfully registered for the IDO, you’ll immediately be given a serial number, which will be your lucky draw ticket number. 

Step 6: The lucky draw uses smart contract codes to randomly select 200 winners. The full list of winners will be announced on the official Bybit Web3 Twitter page. 

Step 7: If you’ve won, you can navigate to your selected IDO project page via the Bybit Web3 Portal and tap on Click to Reveal Ticket. 

Step 8: For Web3Camp, there are 200 tickets available in total, with an investment requirement of 200 USDT.

Step 9: During the token redemption period, you’ll need to pay a one-time gas fee to approve the transaction for the IDO tokens. Please ensure that your Bybit Wallet has sufficient funds to pay for the 300 USDT and 0.1 BNB, as well as gas fees. Within an hour, your transaction will be approved — and with that, you’ll have successfully claimed your tokens for the IDO.

The Bottom Line

While there are some risks associated with participating in an IDO, the potential for financial gain is significant. With Bybit Web3, you can conveniently learn about the latest IDOs, review their eligibility requirements and register for token drawings. Explore some of the IDOs available today through the Bybit Web3 IDO portal.

Terms & Conditions

1. Participants must have a Bybit Wallet with a minimum of 300 USDT (BNB Chain) and 0.1 BNB (BNB Chain) to be eligible for the Bybit Web3 IDO.

2. KYC Verification of your Bybit Account is not required for participation.

3. To redeem allocated IDO tokens, participants will need to pay blockchain gas fees which may vary due to network conditions, and redemption will fail if there are insufficient funds.

4. Bybit reserves the right to the final interpretation of this event. If you have any questions, please contact our customer service.

5. Please update Bybit APP to version 4.9.0 or above.

6. Subaccount registration is not supported for IDO, users are advised to switch to main account and join.

7. Bybit reserves the right to disqualify any participants who engage in dishonest or abusive activities during the event, including bulk-account registrations to farm additional bonuses and any other activities in connection with unlawful, fraudulent, or harmful purposes.