What is ByStarter?

ByStarter is a token distribution platform where early adopters contribute in the best digital assets, but the token listing is not guaranteed. ByStarter usually caters to early-stage projects that have been strictly reviewed but not listed on any (centralized) exchange, however, we also accept IEO-already projects to raise funds.

What is Whitelist Genesis Offering & Public Genesis Offering?

Whitelist Genesis Offering: Only users who have obtained whitelist status from the Bystarter project are eligible to participate. Users need to complete whitelist verification on the project landing page, meet individual KYC verification requirements, and hold the minimum required amount of tokens before they can contribute to the project.

 

Public Genesis Offering: Allows all Bybit users to participate in token subscriptions for the project, subject to meeting individual KYC verification requirements and holding the minimum required amount of tokens.

 

Note: Users from restricted countries/regions by Bybit or the project are not able to participate in Bystarter.

Who is eligible to participate in ByStarter?

Users who have completed individual KYC verification will be able to participate in the Bystarter project, although different projects may require different levels of KYC verification.

 

Notes:

— KYC verification must be completed before the registration period starts for participants to Bystarter. You can click here to complete the verification.

 

— Business KYC users are not eligible.

— Restricted countries and areas may vary according to projects. Kindly refer to the ByStarter landing page for more details as well as our list of Service Restricted Countries.

 

What are the phases of ByStarter?

There are three main periods:

• Registration Period

• Distribution Period

• Results Announcement

 

 

According to the requirements of different projects, Bystarter may also include the following phases:

• Lock-up period: A pre-planned span of time, usually after a Token Genesis Offering, when token holders of the project are prohibited from selling their project tokens. The Lock-up Period helps projects avoid liquidity problems while they are still in the process of strengthening their supporter base.

• Vesting period: It will occur when tokens are locked for project members and early investors for a specific period of time, and released afterward.

How do I complete whitelist verification?

Different projects will have different verification methods. Verification methods are not limited to the following examples. Please refer to the project landing page for specific whitelist verification methods.

 

Examples

1. Wallet Verification:

The project collects wallet addresses of whitelist users through the project's community before the start of Bystarter and provides them to Bybit. Users only need to: 

• Click Verify Status on the project landing page to start verification.

• Read and confirm the Bystarter agreement, then click to add the wallet for binding.

• Connect to the whitelist wallet you provided to the project for binding. Once bound, the system will automatically verify it. If the system confirms that the wallet address matches the whitelist, the whitelist verification is complete.

 

2. Bybit UID Verification:

The project collects the Bybit UID of whitelist users through the project's community before Bystarter begins and provides it to Bybit. Users only need to: 

• Log in to the corresponding UID account

• Click Verify Status on the project landing page to complete the verification.

 

Notes: 

— All whitelist-related matters will be collected and processed by the project team. Please directly confirm any whitelist-related matters with them.

— Users can attempt to bind their wallet multiple times until the bound wallet meets the whitelist criteria. Once bound to a wallet that meets the whitelist criteria, users cannot switch to another wallet for this Bystarter project.

— For each Bystarter event, each Bybit account can only bind one wallet.

— Users can bind different wallets when participating in Bystarter for different projects.

Can I contribute multiple times during the registration period?

No. Each user can only contribute once during the registration period. Please confirm the contributed amount carefully.

 

Note: For Public Genesis Offering, if you intend to upgrade your VIP level, please do so before contributing. As each user can only contribute once during the registration period, upgrading to a higher VIP level after contribution will prevent users from contributing again.

Will the token I've contributed be locked?

Yes. The token that you've contributed to the project will be locked and cannot be transferred, withdrawn, or traded until the end of the Distribution Period.

What is the distribution period? What are the different results?

During the distribution period, the system will select lucky winners for token distribution. There will be different results for Whitelist Genesis Offering and Public Genesis Offering.

 

Whitelist Genesis Offering: All users participating in Whitelist Genesis Offering will receive token distributions and receive all tokens they previously contributed.

 

Public Genesis Offering: There will be three different distribution results: 

A. Failed to receive a distribution

• Non-winning participants will get back the full amount of their contributed token.

B. Receive full distribution

• After winning, all contributed tokens will be converted into equivalent tokens of the new project based on the subscription price. The new project tokens will be distributed to your funding account.

  • For example, User A contributed 100 USDT and won. If the value of 1 β token is 2 USDT, the system will convert the 100 USDT contributed by User A into 50 β tokens and distribute them to the user's funding account.

C. Receive partial distribution

• Whether it's a Public Genesis Offering or a Whitelist Genesis Offering, there will always be one user who will only receive a partial distribution.

• After winning a partial distribution of the new project tokens, the system will deduct the corresponding amount from the contributed tokens and convert it into equivalent tokens for the new project. The new project tokens and the remaining contributed token balance will be distributed to your funding account.

  • For example: If 1 β = 1 USDT, and the total distribution for the project is 1000 β. During the distribution period, the system selects 10 winners. The total contribution of the first 9 winners was 900 USDT, while the last winner contributed 150 USDT. In this scenario, the first 9 winners will receive a full distribution (total of 900 β). Although the 10th winner contributed 150 USDT, since there are only 100 β remaining for distribution, the 10th winner will receive a partial distribution of 100 β, and the remaining 50 USDT will be refunded to their funding account.

What's the minimum and maximum amount of tokens I can contribute?

Whitelist Genesis Offering: All whitelist users can contribute the same amount of tokens.

 

Public Genesis Offering: The minimum contributed token amount is the same for all users. However, the maximum contributed token amount will differ according to each user’s account tier. As the VIP level increases, so does the maximum number of tokens a trader can contribute.

 

The maximum contributed token amount is calculated as follows:

VIP 1 & 2: The Maximum contributed token amount is 200% of Non-VIP’s maximum contributed token amount.

VIP 3 & 4: The Maximum contributed token amount is 210% of Non-VIP’s maximum contributed token amount.

VIP 5 & Supreme VIP & Pro: The Maximum contributed token amount is 220% of Non-VIP’s maximum contributed token amount.

 

However, the different contributed token amounts for each VIP tier are subjected to different project requirements. Do refer to the ByStarter landing page for the contributed token requirements for each particular project.

 

Please refer to the table below as an example. The actual range of tokens to contribute varies from project to project.

 

Which coin type is supported for contribution?

Only USDT or USDC tokens are supported to contribute to current projects， depending on the project requirements. However, the team is working on increasing the number of supported coins in the future.

Can I contribute to multiple options during the registration period?

The option of contributing varies according to the project. Some projects allow contributing to a single option, while others allow contributing to all options. Once contributed, users are not allowed to make amendments.

Can subaccounts participate in ByStarter?

No, subaccounts cannot participate.

How do I participate in ByStarter?

1. Participants need to have a Bybit account and fulfill the requirements. You may refer here to learn more about how to create a Bybit account. Eligible users should meet the following requirements below:

• Completed Individual KYC. Different projects may require different levels of KYC verification.

• Each project has different requirements for restricted countries. Please refer to the ByStarter landing page for more information.

 

However, do note that different projects will be available to different users and these requirements will be determined by the project. Requirements can be as follows:

• All eligible users who meet the basic requirement above can participate, or

• Only whitelisted users can participate, or

• All eligible users excluding whitelisted users can participate.

2. During the Registration Period, traders can contribute to the options that the project offers.

• Select an option that you would like to contribute. The option of contributing varies according to the project. Some projects allow contributing to a single option, while others allow contributing to all options. Once contributed, users are not allowed to make amendments.

  • Public Genesis Offering: Non-VIP users, users of different VIP levels, and whitelisted users can contribute different amounts of tokens

  • Whitelist Genesis Offering: All whitelist users can contribute the same amount of tokens.

• Respond to the project survey and confirm participation terms.

• Contribute the token. The token that you've contributed to the project will be locked and cannot be transferred, withdrawn or traded until after the Distribution Period.

• You're all set. You just have to wait for the draw.

3. During the Distribution Period, winners will be randomly selected by the system

• Upon winning full distribution, all contributed tokens will be exchanged for an equivalent amount of the new project tokens.

• For partial distributions, based on the allocated amount, the system will deduct an equivalent amount of tokens from the amount you contributed to exchange for the new project tokens. The newly allocated project tokens and the remaining balance of contributed tokens will be credited to your funding account.

• Non-winning participants will get back the full amount of the contributed token

4. After the Results Announcement, the token will be unlocked in batches and airdropped to winning users.

Disclaimer:

Please note that each user can only participate in Bystarter using one account. Any attempt to use multiple accounts to gain additional distribution amounts will violate Bybit's Terms of Service, which may result in immediate suspension of all related accounts and cancellation of any awarded qualifications. To comply with local legal requirements, Bybit reserves the right to cancel the participation eligibility of any account suspected of fraud or take any necessary action, including immediate account suspension and forced closure of open positions.

 

Kindly refer here for more information about the Risk Disclosure of ByStarter.