Bybit Debuts Latest Launchpad Project: Velar (VELAR)

Bybit proudly introduces Velar (VELAR) as its latest Launchpad project. With an allocation of 8,000,000 VELAR, the project is divided into two sections: an MNT pool with a cap of 300 USD per subscriber and a USDT lottery with an allocation of 12 USDT per user. The subscription period runs from Apr 3, 2024, 3:30AM UTC to Apr 3, 2024, 10:59AM UTC, with distributions occurring from Apr 3, 2024, 11AM UTC to Apr 3, 2024, 11:59AM UTC.

Bybit Launches Latest Launchpad Project: Velar (VELAR)

Singapore, March 30, 2023 - Leading cryptocurrency exchange Bybit is pleased to announce the launch of its latest Launchpad project, Velar (VELAR).

Velar is a decentralized autonomous organization (DAO) that aims to provide a comprehensive suite of decentralized financial (DeFi) products and services. The VELAR token will serve as the governance token within the Velar ecosystem, enabling holders to participate in decision-making and earn rewards.

Token Details:

• Token: VELAR
• Price: 1 VELAR Token = 0.03 USDT
• Total Allocated to Bybit Launchpad: 8,000,000 VELAR

Subscription Details:

The subscription period for VELAR will run from April 3, 2023, 3:30AM UTC to April 3, 2023, 10:59AM UTC. Participants can subscribe to VELAR through the Bybit Launchpad mechanism, which consists of two pools:

MNT Pool:

• Allocation: 4,000,000 VELAR
• Cap per subscriber: 300 USD = 10,000 VELAR

USDT Lottery:

• Allocation: 4,000,000 VELAR
• Allocation per user: 12 USDT = 400 VELAR
• Winning tickets: 10,000

Eligibility Requirements:

To participate in the Launchpad, users must meet the following requirements:

• Hold at least 50 MNT or 125 USDT in their Bybit account.
• Stake USDT or participate in additional optional tasks to increase lottery ticket allocation.

Optional Tasks:

• Trade minimum 5K USDT on Spot or hold minimum 1K USDT in assets: +2 lottery tickets
• Trade minimum 25K USDT on Spot or hold minimum 10K USDT in assets: +3 lottery tickets

Snapshot Period:

The snapshot period for determining eligibility will occur from March 29, 2023, 12AM (midnight) UTC to April 2, 2023, 11:59PM UTC.

Distribution Period:

Successful participants will receive their VELAR token allocation on April 3, 2023, 11AM UTC to April 3, 2023, 11:59AM UTC.

Disclaimer:

This announcement is solely for informational purposes and should not be considered investment advice. Bybit strongly advises users to conduct thorough research before investing in any cryptocurrency.