FreshCut on Bybit Launchpool – How to Earn Crypto Rewards by Staking BIT and FCD on Bybit?

Image Source: Bybit

FreshCut (FCD) is a gaming content Web3 project featured on Bybit Launchpool, a platform that allows Bybit users to earn new tokens by staking their crypto holdings into exclusive project-specific farming pools. A total of 2.625 million FreshCut Diamond tokens will be distributed via the FreshCut Launchpool program, allowing Bybit users to stake BIT and FCD to earn FCD rewards relative to the amount of funds they contributed to the pool.

Web3 Gaming Content Platform FreshCut (FCD) Debuts on Bybit Launhcpool

The program started on May 10 at 10:00 AM (UTC) and will run until May 19 at 1:00 PM (UTC).

How to earn FreshCut (FCD) on Bybit Launchpool?

Follow our step-by-step guide to learn how to earn FCD tokens on Bybit Launchpool.

1. Register an account on Bybit and complete the verification process

In order to participate in the FCD Launchpool, you need to open an account on Bybit and complete the Basic verification (KYC Level 1) process. 

How to Pass KYC on Bybit?

Once you have successfully KYC’ed your account, you can access Bybit’s full suite of products and services, including the Launchpoool platform.

Bybit’s Launchpool section can be accessed by navigating to the “Earn” drop-down menu on the homepage. Here you can find the Launchpool program and various passive income generating products under the “ByFi Center” umbrella.

2. Select the FreshCut Launchpool program and stake your BIT holdings

The most recent Launchpool program is located at the top of the page. Bybit’s token farming platform can pay staking rewards in BIT, USDT, and the project’s native tokens. In the case of FreshCut, the rewards are paid out in the gaming platform’s native FCD governance and utility token.

In order to begin staking, you must click on the “Stake Now” button. Keep in mind that staked funds can be redeemed at any time during the staking period. The same goes for adding new assets to the pool – you can top up your pool allocation freely. 

Once you’ve entered the desired amount of funds you are willing to stake into the farming pool, read and agree to Bybit’s terms of service and click “Stake Now” once again to confirm your order.

3. FreshCut Launchpool rewards calculation and token distribution

The farming rewards and corresponding APY rates are updated daily at 12:00 AM (UTC) and are distributed among pool participants based on the amount of funds users have contributed to the pool in relation to other participants. 

The token distribution mechanics are quite straightforward. In short, the share of rewards you are eligible to receive on a daily basis is calculated based on the total amount of crypto funds you have contributed to the farming pool. Bybit follows the following token distribution formula:

Let’s assume that you’ve staked token α to earn a new token β:

Your daily yield for β = (the amount of α you’ve staked to the α pool / total number of α staked to the α pool by the all participants) * daily β prize pool

The rewards are paid to your ByFi Account. From there, you can also unstake your funds before the farming period comes to an end.

The minimum number of tokens required to participate in the Launchpool is 100 BIT, while the maximum quantity is capped at 30,000 BIT per user.

4. FCD farming starts on May 10 and ends on May 19

The FCD farming program started on May 10, 2022, at 10:00 AM (UTC) and is slated to run for nine days, until May 19, 2022, at 1:00 PM (UTC). For more information about the program, click here.

Final thoughts

Earning new tokens by staking physical crypto assets in farming pools is one of the least volatile investments in the blockchain sector – in exchange for providing liquidity users are rewarded with risk-free yields. Thanks to Bybit’s Launchpool program, users can stake their digital holdings with no lock-up period or hidden fees to earn new tokens, which can be used for trading purposes or any other crypto use case that the earned tokens support.