The cryptocurrency exchange Bybit has a trading voting function for new coins (altcoins, BTC, NFTs) called Byvotes, so this article explains how to participate safely. In 2022, they implemented a new function called Byvote, which allows users to vote for new currencies to be listed on the spot platform. Users can now choose which currencies they want to be newly listed from a selection of pre-selected crypto assets.
What is Byvote?
This is one of the events regularly held by Bybit, where users vote to decide which cryptocurrency they want to see listed on Bybit. The cryptocurrency that receives the most votes will be listed on Bybit’s spot exchange and will be available for trading. This has the advantage that suspicious coins can be prevented from being listed on Bybit, and coins that have garnered user support can be listed. Please participate after completing KYC. You can participate and get through the IT system.
spot trading
ByBit’s regular Byvote deals with spot trading, which is held regularly. The listing destination will be a spot exchange, and the system is such that the coin that receives the most votes will be listed. This event has been held once a month since 2022, and is held fairly frequently, so we recommend participating.
derivatives trading
On the other hand, derivatives events are rarely held. For derivatives, stocks that meet certain standards are listed on derivatives exchanges. Users can receive bonuses as rewards. However, the derivatives event was held in 2022 and has not been held at all since then.
voting period
Byvote is not always available. You will be able to vote once the voting period has started. It is possible to vote up to 100,000 votes per person for each project. You can also vote for multiple projects instead of just one. If you vote for all stocks to be voted for, you can be sure to receive an airdrop.
Holding a specific token
To obtain a voting ticket, you must complete Level 1 of identity verification and possess one of the following tokens: This applies to spot accounts, funding accounts, and derivative accounts.
USDT, USDC, BUSD, DAI, BIT, USDD, CUSD
Participation conditions
To receive a ByVotes voting ticket, you must meet one of the following criteria:
- Holds over 500 BITs
- Weekly trading volume of derivatives trading is 5,000 USD or more
- VIP user
Calculation of Reward Quantity
If you voted for the virtual currency project that came first, you will be able to receive the virtual currency after the voting ends. The formula can be calculated as follows: Reward amount = Own votes / total votes x total rewards. Reward quantity is capped at 1% of total rewards.
Features of Byvote
Byvote has the following features.
receive an airdrop
If you vote in advance for the cryptocurrency that ranks first on ByVotes, you will receive the token for free after listing. The amount depends on the total number of votes and your vote count. The mechanism of receiving tokens for free can be said to be a good condition for users.
Voting is free to participate
It is not a mechanism that users pay money to vote. Anyone with a Bybit account can participate. All you have to do is vote for the cryptocurrency that is likely to be number one during the ByVotes period and wait for the results.
Token Votes
Token vote counts are unfortunately not disclosed during the voting period. Since it is not possible to check before voting, it is a disadvantage that you cannot check the number of votes until you actually vote for the candidate token.
How to participate in Byvote
To join Byvote, you must first open an account. Please create an account first. Please refer to the article below.
Also, in order to participate in the event, it is necessary to complete at least Lv1 of identity verification. Please have your ID ready and upload it until it is approved. In addition, make sure to deposit USDT into your account balance before voting starts.
After logging in, select “Byvote” from “Actual item” at the top of the screen.
You can see which events are currently available for voting. Participation is only possible while the event is being held. Therefore, please check the website from time to time to confirm the voting period.
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