Aurigami on Bybit Launchpad – How to Invest in PLY IEO?

By April 28, 2022 No Comments

Aurigami (PLY) is the 12th 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. 200 million PLY tokens will be distributed in the latest Launchpad program, at an initial token sale price of 0.005 USDT. Bybit will distribute 160 million PLY to users subscribing with BitDAO (BIT) and 40 million PLY to users participating in the lottery draw with their Tether (USDT).

Aurigami is a lending and borrowing protocol open to the users of the Aurora ecosystem. As a decentralized money market featuring a comprehensive suite of investment products and services, Aurigami has attracted the attention of some of the leading venture investors in the space, including Dragonfly Capital and Polychain Capital.

The platform offers several notable features to investors. For starters, Aurigami users are rewarded for HODLing with PLY tokens as a part of an innovative The Papermill gamified system. Users can also make use of yield-bearing collaterals that enable self-repaying loans collateralized with yield generating digital assets such as stNEAR and LP tokens. Undercollaterlized lending allows users to increase their capital efficiency and gain access to a broader decentralized lending audience. The platform also features fixed lending rates, Flash Loans, and collateral swapping. Last but not least, the Aurigami team also runs a so-called innovation zone program that aggregates liquidity for promising start-up decentralized projects.

Aurigami is the second 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 PLY tokens. Instead, USDT participants will be randomly selected in a lottery draw, which will award 10,000 separate allocations, each worth 4,000 PLY.

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

Snapshot PeriodApril 30 (00:00 UTC)May 4 (23:59 UTC)
Subscription PeriodMay 5 (03:30 UTC)May 5 (10:59 UTC)
Distribution PeriodMay 5 (11:00 UTC)May 5 (11:59 UTC)
Launch PeriodMay 5 (12:00 UTC)/

How to invest in the Aurigami (PLY) IEO on Bybit Launchpad?

In this guide, we will show you how to participate in the Aurigami 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 PLY 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 Aurigami from the list of Launchpad projects

Locate Aurigami 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. Aurigami 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 5-day snapshot period, to be eligible for the public sale.

In order to give each user a fair chance at obtaining PLY, Bybit has set a hard cap of 80,000 PLY for users committing BIT. Moreover, each USDT lottery winner will receive a 4,000 PLY 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 Aurigami 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. Aurigami IEO Timeline

The Aurigami 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 30 (00:00 UTC) to May 4 (23:59 UTC) – Snapshot Period: The average daily 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 to or greater than 100 USDT.
  • May 5 (03:30 UTC) to May 5 (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.
  • May 5 (11:00 UTC) to May 5 (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 PLY 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.
  • May 5 (12:00 UTC) – Launch Period: The new Spot pair, PLY/USDT, will open for trading as long as liquidity conditions are met.

5. Aurigami 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.

Select the “Subscription” option to participate in the Launchpad with BIT and the “Lottery” to participate with USDT.

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 Launchpad with BIT after you’ve decided to enroll in the lottery draw.

After committing USDT, you will be given a lottery number and see how many participants are currently in the 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.

When the Launchpad period ends you will be notified about your lottery draw status. The first image below shows what you can expect to see in the event of a lottery win, while the second image shows what to expect if you were unfortunate in the draw.

Winning lottery message.
Lossing lottery message.

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 the five most lucrative Bybit Launchpad projects and their USD adjust returns:

Launchpad ProjectROI (expressed in USD)
Genopets (GENE)17.24x
Apex Protocol (APEX)6.09x
Kasta (KASTA)5.71x
Realy (REAL)3.32x
Monster Galaxy (GGM)2.25x
*Data collected on April 28, at 9:45 PM UTC.