Bybit Announces Sui Crypto Token Sale — Here’s How to Participate
The Bybit cryptocurrency exchange has announced that it will be hosting a token sale for SUI, the native token of the Sui blockchain platform. The sale will mark the debut of ByStarter, a new token sale platform developed by Bybit. The subscription period for the sale will start on April 20 at 06:00 UTC and end on April 24 at 00:59 UTC.
ByStarter is Bybit’s new take on providing opportunities to web3 investors, as it implements whitelisting and token vesting functions which are absent from most token sale platforms offered by cryptocurrency exchanges. The SUI crypto token sale on Bybit will be one of the first opportunities available to users who want to get their hands on some SUI.
The SUI crypto will be accessible on Bybit to users who are eligible as Supporters of the Sui project. The Sui project has notified eligible users already, using activity on their Discord server as the benchmark for eligibility. Eligibility for the whitelist can be checked on the Sui project’s website. Users from the United States are not eligible for participating in the token sale.
Participate in the SUI token sale on Bybit
What is Sui?
The Sui blockchain is designed to be a highly scalable platform for smart contracts and decentralized applications. Sui’s design enables it to parallelize the execution of multiple transactions, allowing for lower latency and improved efficiency. The SUI token is used for compensating validators, staking, paying gas fees and other key functions.
The Sui platform implements the Sui Move smart contracts programming language, which is derived from the Move language that was initially developed for the needs of the Libra stablecoin project. In some ways, Sui is similar to the Aptos blockchain, which also uses the Move language.
Sui is among the most highly anticipated blockchain projects, especially when it comes to layer 1 platforms. Currently, Sui has a devnet and testnet, with the mainnet set to launch in Q2 of this year (the exact date is not yet known).
Details of Bybit’s SUI token sale
The SUI token sale hosted on Bybit is called the »recognition sale«, as it’s only available to users whitelisted by the Sui project. Participants in the recognition sale can buy SUI tokens at a price of $0.03 apiece, which is a significant discount compared to the $0.1 price that applies to SUI token sales which don’t require whitelisting.
In addition to whitelisting, participants in the SUI crypto sale on Bybit ByStarter will also need to complete level 2 identity verification on the exchange. Users will be able to participate with either USDT or USDC. The purchase limit is up to $45 worth of SUI, which translates to 1,500 tokens. Bybit has a total allocation of 94 million SUI for this token sale, which is 0.94% of the total SUI supply.
In addition to the token sale, Bybit will run a promotion with a 100,000 USDT prize pool. Users will be able to earn extra SUI tokens through Learn and Earn activities, SUI spot trading, staking and more.
How to participate in ByStarter token sales on Bybit?
Bybit has ensured that using the ByStarter token sale platform is simple. Each ByStarter token sale is split into three phases:
1. Warm-up period
The warm-up period is designed to give users the time to prepare for participating in the token sale. Interested users should register a Bybit account, fund it and complete the necessary identify verification.
Create Bybit Account
2. Subscription period
Users are required to answer a questionnaire to demonstrate that they understand the terms of the token sale. Then, users have to select which investment option they would like to commit to. Investment options can vary in terms of token price, vesting period and other factors. Please note that tokens committed in this step cannot be withdrawn, transferred or traded until the end of the next step, which is the allocation period.
3. Allocation period
In the allocation period, Bybit randomly selects between users that committed towards the token sale. Each user can see one of three outcomes:
- Full allocation: All the tokens committed by the user are committed to the token sale and exchanged for new tokens.
- Partial allocation: Only a part of the tokens committed by the user are committed to the token sale and exchanged for new tokens. The remaining tokens are returned to the user.
- Failed allocation: The user receives no new tokens. All of the committed tokens are returned to the user.
If you’re interested in more details about how ByStarter functions, check out the official article on Bybit’s website.
