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October, 2022
October 2022
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DEFY on Bybit Launchpad: Now Live
05/08/2022 16:18

DEFY on Bybit Launchpad: Now Live

Bybit excited to announce that our latest Launchpad project, DEFY (DEFY), is now live!

About DEFY (DEFY)

  • Token: DEFY
  • Price: 1 DEFY Token = 0.024 USD (Exchange rate between BIT and DEFY will be confirmed when the subscription period starts)
  • Total Supply: 2,500,000,000 DEFY
  • Total Allocated to Bybit Launchpad: 18,000,000 DEFY (0.72% of the total supply)

DEFY is the governance token of DEFY, a play to earn NFT Blockchain mobile game. DEFY immerses players in a metaverse that bridges the virtual and physical worlds, fusing together hyper casual code breaking gameplay, learn to earn elements, real world exploration and AR adventures.

Website | Whitepaper | Medium | Twitter | Discord

How It Works

You can either commit BIT to subscribe to token allocation or commit USDT to win an allocation of the project token. Please note that you can’t participate in both events at the same time.

For the Subscription:

  • Committed Token: BIT only
  • Cap per Subscriber: 18,750 DEFY
  • Total Allocation: 12,600,000 DEFY

For the Lottery:

  • • Committed Token: USDT only
  • • Allocation per Lottery Winner: 450 DEFY
  • • Total No. of Winners: 12,000
  • • Total Allocation: 5,400,000 DEFY
  • • Each lottery winner will receive an allocation of DEFY. Non-winning participants will get their committed USDT back at the end of the event.

1. Snapshot Period: Aug. 10, 2022, 12AM (midnight) UTC – Aug. 14, 2022, 11:59PM UTC

If you’d like to subscribe to token allocation: Your daily average balance of BIT must be equal to or greater than 50 BIT during this period, and it will determine the maximum allocation of DEFY you can access.

If you’d like to participate in the lottery: Your daily average wallet balance of USDT must be equal to or greater than 100 USDT during this period.

Over this period, the balance in your Spot Account, Earn Account and Derivatives Account will be recorded through hourly snapshots. For the Earn Account, your balance and USDT or BIT staked in the Launchpool and Bybit Savings will be counted in the snapshot. USDT or BIT staked in other products on Bybit Earn (e.g., Dual Asset) will not be included. Your daily average balance snapshot of the current day will be updated at 3:00AM UTC on the next day. For more about the daily average balance, please visit our Help Center. (link to FAQ article).

2. Subscription Period: Aug. 15, 2022, 3:30AM – 10:59AM UTC

If you’ve chosen the subscription: You must click on the Commit Now button to commit a certain amount of BIT during this period. The minimum amount required is 50 BIT. You can subscribe multiple times.

If you’ve chosen the lottery: You must click on the Commit Now button to commit 100 USDT for a lottery ticket. Each participant can only subscribe for one ticket.

For each lottery draw, a certain number of winning tickets will be issued. The probability of winning = Total number of winning tickets/Total number of lottery participants for this Launchpad project * 100%

The BIT or USDT you’ve committed will be locked, and cannot be accessed for transfers, withdrawals or trading until after the final distribution of the project token.

3. Distribution Period: Aug. 15, 2022, 11AM – 11:59AM UTC

For token allocation subscribers: Your final DEFY allocation = (Amount of BIT you’ve committed/Total amount of BIT committed by all participants) * Total amount of DEFY allocated for the project.

Based on your final DEFY allocation result, the corresponding BIT equivalent will be deducted from your committed amount, while your DEFY allocation and the remaining BIT will be credited to your Spot Account.

Please note that the maximum amount of DEFY you can receive is capped at 18,750 DEFY. The amount that exceeds that limit will be allocated to participants who haven’t reached this cap yet.

For lottery ticket holders: If you win, you’ll receive 600 DEFY and the remaining amount of USDT committed will be credited back to your Spot Account. If you don’t win, the 100 USDT you’ve committed will be credited back to your Spot Account.

4. Launch Period

The DEFY/USDT Spot pair will be live for trades on Aug. 15, 2022, 12PM (noon) UTC, if liquidity conditions are met.

Deposits and withdrawals of DEFY will be supported from Aug. 14, 2022, 10AM UTC and Aug. 15, 2022, 10AM UTC respectively.

Buy and Earn:

From Aug. 16, 2022, 12PM (noon) UTC – Aug. 23, 2022, 12PM (noon) UTC, the first 1,000 traders who purchase at least 12,500 DEFY on Bybit will earn a cut from the 330,000 DEFY prize pool.

For more about Launchpad, check out our Help Center article.

Ready to gear up for the project? Here are two things you can do right now:

1. Deposit or transfer BIT or USDT into your Bybit account.

2. Mark your calendar and get ready for the launch.

Terms & Conditions

  1. You must complete the KYC Lv. 1 verification requirement or business verification to be eligible for the event. Users from restricted countries are not allowed to join the event. Please log in to your Bybit account and click here (link to KYC page) to complete the KYC verification.
  2. During the snapshot period, the balance of BIT or USDT in your Spot Account, Derivatives Account and Earn Account will be counted. Please note that only BIT or USDT staked in Launchpool and Bybit Savings will automatically be counted in the snapshot of your Earn Account. BIT or USDT staked in other products on the Bybit Earn (e.g., Dual Asset) will not be included.
  3. During the subscription period, if you want to commit the BIT or USDT held under the Earn Account or Derivatives Account, please manually transfer BIT or USDT to the Spot Account. If you want to commit the BIT or USDT staked in the Launchpool and Bybit Savings, please withdraw first by heading to Earn Order under Orders & Trades and manually transfer it to the Spot Account.
  4. Subaccounts are not eligible for the event. However, the amount of BIT or USDT under the Subaccounts will be counted toward the Main Account during the snapshot period.
  5. Bybit reserves the right of final interpretation of this event. If you have any questions, please contact our customer service.
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