Making a profit from IDO investment is no longer strange to us. Many investors try to buy and hold tokens of many potential projects through IDO in the hope that the token price will increase rapidly after the initial sale, bringing great profits to them.
Now, quite a few platforms support projects in the form of IDO. Along with the launch of many IDO platforms, Bybit has also released its newest platform, ByStarter. The following article will help you with more information, how it works, and instructions for using ByStarter.
What is ByStarter?
ByStarter is an advanced token sale platform on the Bybit exchange, allowing first-timers to invest in good crypto projects, which gives investors great opportunities to participate in holding our token of projects at an early stage before they list on decentralized exchanges.
The token listing will not be guaranteed but ByStarter will give access to possibilities for savvy investors, especially those who want to make a lot of money.
In addition, ByStarter also accepts IEO projects and supports those projects to raise more capital, so ByStarter can be said to be a flexible platform for projects, no matter what stage they are at which development.
How does ByStarter work?
Each project on ByStarter will have 4 main stages, including Warm-up, Subscription, Allocation, and result announcement.
Warm-up period
This is the first phase of the project that takes place before the official launch of the project.
First, you must sign up for a ByBit account and complete the verification (KYC) process. After having an account, you should maintain an asset of at least $100 during the warm-up period; if you want to make more profits, you can add the amount of money you want to invest in the project.
You can refer to the purchase limit of each project to be able to make your money allocation decision.
If you miss the Warm-up period, you still need to secure your balance (at least $100) before going to “sign up now”.
Subscription period
For this stage, you need to accurately answer the questions related to the project you are interested in and commit the money to participate according to the terms and conditions of the project.
Each project will have different terms and conditions; there are projects that only allow committing to one option but also projects that allow committing to multiple options at once, so if you want to commit multiple, let’s read the terms and conditions of each project carefully during the subscription period.
Once you have accepted the engagement, you will not be allowed to modify anything, and the tokens will be locked and cannot be transferred, withdrawn, or traded until the end of the allocation period. Different VIP levels can pledge different amounts.
The minimum amount of committed tokens is the same for all users, but the maximum number of committed tokens will vary from user to account level. The higher the VIP level, the maximum number of tokens also increases.
The maximum number of committed tokens is calculated as follows:
- VIP 1 & 2: 200% of the maximum amount of committed tokens of Non – VIP.
- VIP 3 & 4: 210% of the maximum amount of Non-VIP committed tokens.
- VIP 5 & VIP Supreme & Pro: 220% of the maximum amount of Non-VIP committed tokens.
However, each project will have different commitment requirements, so please refer to the ByStarter page to understand the token requirements for each specific project.
Each user is only registered once during the subscription period, so be careful to confirm the amount committed to avoid unnecessary confusion.
Moreover, you must commit before the subscription period ends for your subscription to take effect.
Allocation stage
At this stage, the user does not need to make any requests, and the system will proceed to select random winners with three results as follows.
Get Full Allotment
If you are lucky enough to get a full allocation, all the assets you use to commit will be exchanged for the equivalent value of the new project tokens and transferred to your Funding account.
For example, you commit $100 to a project with token A worth $1 for 1 token; after winning, you will receive 100 tokens of A.
Get a portion of the allotment.
In each project, the system randomly selects a user who won only a portion of the allocation.
If you are only partially allocated, the amount you have committed to split into two parts, part of which will be exchanged for an equal number of tokens, part of which will be refunded to you. These two parts are both transferred to your Funding account.
For example, the project selects 10 people to allocate a prize of 1000 tokens A; each token A is worth $1. After the random selection system, you are the 10th person to win an allocation, and the number of tokens is only 100 tokens A while you sign up for $150, you will get 100 tokens A, and $50 will be transferred to your Funding account.
No allocations received
If you are unlucky to receive any allocation, the amount of assets you committed will be returned to you.
Result announcement period
Users do not need to make any claims during this period, and all winners selected during the distribution period will receive the airdrop. Notwithstanding, some projects will have a lock time or a vesting period.
With a lock-in period, token holders are not allowed to sell any tokens within a pre-planned timeframe. As for the empowerment period, the tokens of project members and early investors will be locked for a specific period before the token is released.
These stages are crucial in ensuring the stability and success of cryptocurrency projects. The lock-in period helps projects avoid liquidity problems while they are still in the process of consolidating their base.
Who can join ByStarter?
First, you need to have a Bybit account and complete KYC level 2. Ensure you have completed the verification before the project registration period on ByStarter begins. Users in the following countries: United States of America, including U.S.A. territories (including American Samoa, Guam, Northern Mariana Islands, US Virgin Islands, Puerto Rico, US minor outlying islands), Japan, countries on the OFAC list, and any Excluded Jurisdiction or Prohibited Parties based on identity verification will not be eligible join the Token sale.
Besides, each project will have different requirements that you need to complete before participating. You can view this information here.
For example, with an MNT project that is preparing to raise capital on ByStarter, you need to click on the location (circled in red as shown below) and fulfill the requirements to be eligible to participate.
Instructions to join ByStarter
Step 1: Sign up for a Bybit account
Step 2: Complete KYC level 2 verification
Step 3: Access ByStarter
Step 4: Check ByStarter Eligibility
If you are a Whitelisted user, please register your Bybit user code (UID) on the project website according to the stated requirements to verify your eligibility.
Step 5: Deposit money into the Bybit account
Ensure your account balance is at least $100 during the warm-up period or before registration.
Step 6: Activate the ByStarter subscription
Let’s answer the simple questions correctly to continue.
Step 7: Commit the amount
Token commitment for the project
Step 8: Wait for the notification to receive the allocation
The system will randomly select the winner. If you win full or partial allocation, tokens will be unlocked in batches and loaded after the Lockup period. If the allocation is not won, the entire amount of tokens committed will be returned to your account.
Visit the ByStarter Website to find out about available projects.
Profits you can get from ByStarter
When promoting a project on the ByStarter platform, Bybit will thoroughly evaluate each project to ensure that it provides users with quality and potential development projects.
However, Bybit also believes this investment carries some degree of risk for users. Therefore, users should be careful and consider carefully before making any decision. Bybit remains committed to providing users with reliable, transparent, and accurate information so that users can make smart choices.
The return you receive when investing in potential tokens on ByStarter will depend on the development of the project you choose.
Notes
- There are many projects in the cryptocurrency market, each in different fields and with different development potential. Therefore, before investing, do your own research to avoid future risks.
- A user is only allowed to register for one account on Bybit. If a user shows signs of fraud in using multiple accounts to register to participate, Bybit will proceed to remove or terminate all accounts and liquidate all open positions of any account fraudulent activity.
Let’s see ByStarter’s risk disclosure information here.
Ways to Check the Vesting Calendar
Go to the ByStarter page, tap on your subscription, then click on the project details and see the unlock schedule.
Please follow the ByStarter page or sign up for notifications on the App to stay updated with the latest ByStarter events.
Summary
Above is some information about the ByStarter overview, I hope you will understand the information and how to join ByStarter. The projects that will be supported by ByStarter filter out low-quality but uncertain projects, so please consider the information carefully before making any decisions.
