The crypto market continues to grow, and dozens of new tokens appear every day. That makes it very difficult to follow all the projects emerging on the market, but how else can you possibly find promising tokens to invest in? Actually, there is a solution: you can let crypto experts choose interesting projects for you, and that’s what Launchpad, a launch platform developed by ByBit, is for. In this article, we are going to explain how it works and how you can use it to invest and earn.
What is Launchpad
One of the most popular crypto exchanges in the world, ByBit was launched in 2018 with the intention to make crypto trading easier and more accessible. Launchpad seems to be the next step on this path since its main goal is to help investors find and purchase new tokens from interesting projects. ByBit’s token launch platform also features pre-listed tokens which can be bought or earned even before their official public sale.
Launchpad requirements
Using ByBit Launchpad is prohibited for users who haven’t confirmed their identity via the exchange’s verification process. You have to complete the KYC Level 1 requirement or business verification to be able to use the platform. Your daily average amount of BIT across all of the accounts also must be 50 or higher if you want to participate in new projects. You also can’t use Launchpad if you live in one of the unsupported countries, including the USA.
How Launchpad works
Basically, every project appearing on Launchpad goes through 4 stages. During the Snapshot period, your daily average amount of BIT is recorded by taking hourly snapshots. Then, you can commit BIT toward the project during the Subscription stage. The maximum amount you’re allowed to commit is defined by the daily average amount calculated during the first stage. Once all users have committed their tokens, the Distribution stage starts.
During this stage, the project tokens get distributed among participating users. The exchange sends your new tokens and unused BIT to your Spot account. You receive them right after the stage ends, and then comes the Launch stage. If the liquidity is high enough, the new Spot pair will be available for traders, and you can start trading the tokens right away with a 0.1% taker fee. You can use your remaining BIT to invest in a new project right after this one ends, and there is no limit on the amount of different projects you can take part in mytoptweets.
