ApeX Protocol on Bybit Launchpad – How to Invest in APEX IEO?

By April 22, 2022 No Comments
Image source: Bybit

ApeX Protocol (APEX) is the 11th cryptocurrency project featured on Bybit Launchpad, a platform that allows verified Bybit users to participate in the Initial Exchange Offering (IEO) of promising blockchain projects. 10 million APEX tokens will be distributed in the latest Launchpad program, at an initial token sale price of 0.05 USDT. Bybit will distribute 8 million APEX to users subscribing with BitDAO (BIT) and 2 million APEX to users participating in the lottery draw with their Tether (USDT).

ApeX Protocol is a decentralized derivatives trading protocol that uses Elastic Automated Market Maker (eAMM) method to price digital assets using advanced mathematical algorithms. In addition to providing access to perpetual swaps and other derivatives, the platform allows users to earn passive income via liquidity providing, staking, and a referral program. APEX stakers can look forward to earning as much as 30% of all trading fees collected by the decentralized trading platform.

ApeX Protocol is the first project to be featured on the revamped version of Bybit’s Launchpad platform. Whereas previously, verified Bybit users were able to participate in IEOs only with their BIT holdings, they can now participate using their USDT as well. However, using USDT doesn’t grant direct access to APEX tokens. Instead, USDT participants will be randomly selected in a lottery draw, which will award 5000 separate APEX token allocations, each worth 400 APEX.

Here’s an overview of important dates pertaining to the ApeX Protocol IEO:

Snapshot PeriodApril 22 (00:00 UTC)April 26 (23:59 UTC)
Subscription PeriodApril 27 (03:30 UTC)April 27 (10:59 UTC)
Distribution PeriodApril 27 (11:00 UTC)April 27 (11:59 UTC)
Launch PeriodApril 27 (12:00 UTC)/

How to invest in the ApeX Protocol (APEX) IEO on Bybit Launchpad?

In this guide, we will show you how to participate in the Apex Protocol Launchpad program. Keep in mind that only users who have completed the necessary KYC steps and hold BIT or USDT in their accounts are eligible to participate.

1. Create an account on Bybit and verify your account

In order to participate in the APEX IEO, you will first need to create an account on Bybit. You can skip this step if you are already a registered Bybit user.

Once the account registration process is successfully completed, you can proceed to the account verification procedure. Bybit offers two verification tiers, which primarily differ in the amount of daily Bitcoin withdrawals. It is worth noting that both KYC levels unlock access to Launchpad functionality.

How to Pass KYC on Bybit?

Once you’ve supplied the required personal information and completed the KYC process, you can proceed to the Launchpad section, which can be found by navigating to the bottom of the “More” drop-down menu on the Bybit homepage.

2. Select ApeX Protocol from the list of Launchpad projects

Locate Monster Galaxy from the list of ongoing and finished Launchpad projects. The most recent and typically the only active project is listed at the top of the list.

3. ApeX Protocol IEO requirements and token distribution

As mentioned before, Bybit users get a chance to take part in public sales by committing an amount of BIT or USDT that will be used to buy new tokens as soon as they are first available on the exchange. The amount of new tokens a user receives in the sale is directly proportional to the amount of BIT committed. You will need at least an average of 50 BIT or 100 USDT in your Spot, ByFi, or Derivatives account during the 4-day snapshot period, to be eligible for the public sale.

In order to give each user a fair chance at obtaining APEX, Bybit has set a hard cap of 7,000 APEX for users committing BIT. Moreover, each USDT lottery winner will receive a 400 APEX allocation. Users that won’t be selected in the lottery draw will receive the full amount of USDT committed back once the program ends.

Do note that participation in the ApeX Protocol public sale is restricted to residents of the following jurisdictions: the United States, mainland China, Singapore, Quebec (Canada), North Korea, Cuba, Iran, Crimea, Sevastopol, Sudan, and Syria.

4. ApeX Protocol IEO Timeline

The Monster Galaxy IEO will follow a strict Launchpad schedule; below you will find a complete overview of the important dates you will have to keep in mind, as explained by Bybit:

  • April 22 (00:00 UTC) to April 26 (23:59 UTC) – Snapshot Period: The daily average amount of BIT in your Spot Account, ByFi Account, and Derivatives Account during the snapshot period must be equal to or greater than 50 in order to participate in the token sale. Likewise, the daily average to participate in the lottery draw must be equal or greater than 100 USDT.
  • April 27 (03:30 UTC) to April 27 (10:59 UTC) – Subscription Period: You can commit a certain number of BIT or USDT in your Spot Account towards the new project. The number of BIT or USDT you’ve committed will be locked until the public sale ends.
  • April 27 (11:00 UTC) to April 27 (11:59 UTC) – Distribution Period: Based on your final APEX allocation result, the corresponding BIT or USDT equivalent will be deducted from your committed amount, while your APEX allocation and the remaining BIT will be credited back to your Spot Account. The remaining amount of USDT will be credited back to your Spot Account. Non-winning lottery participants will get the full amount of USDT back.
  • April 27 (12:00 UTC) – Launch Period: The new Spot pair, APEX/USDT, will open for trading as long as liquidity conditions are met.

5. ApeX Protocol step-by-step Launchpad guide

Now that you are familiar with the project and the intricacies of Bybit’s Launchpad program, follow our step-by-step instructions to learn how to commit your BIT or USDT holdings. Do note that some of the following images are from a previous Launchpad.

Step 1 – Select to subscribe with your BIT holdings or commit USDT to gain a chance of being one of the lottery draw winners. The process for committing BIT and USDT is very similar.

Step 2 – Proceed by entering the amount of BIT you wish to commit to the sale and click on the “Commit Now” button. Committing USDT doesn’t involve entering your precise token amount, since every lottery ticket costs 100 USDT. Keep in mind that you can’t participate in the Launchap with BIT after you’ve decided to enroll in the lottery draw.

Step 3 – When using BIT, you can choose to commit additional funds after the initial investment has been made. You can increase your investment up to your daily average BIT balance, which was calculated during the Snapshot Period.

6. Performance of past Bybit Launchpad projects and closing thoughts

Projects listed on the Bybit Launchpad have historically performed very well and have enjoyed a markedly positive market reception once they’ve started trading. With a revamped program, Bybit looks to expand the service to users who might not be inclined to hold BIT but have USDT readily available. Here’s an overview of five of the most recent Bybit Launchpad project and their USD adjust returns:

Launchpad ProjectROI (expressed in USD)
Tap Fantasy (TAP)1.23x
Monster Galaxy (GGM)2.32x
Kasta (KASTA)5.4x
Izumi Finance (IZI)1.47x
Realy (REAL)3.96x
*Data collected on April 22, at 1:30 PM UTC.