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Aurigami (PLY), an Aurora-native Decentralized Money Market, is the Next Bybit Launchpad Project

By April 28, 2022 No Comments

Key takeaways:

  • Bybit has announced Origami (PLY) as the 12th Launchpad project and the second one since the platform overhaul
  • Origami is a decentralized lending and borrowing protocol built on Ethereum scaling solution Aurora
  • The most recent Launchpad project, ApeX Protocol (APEX), is currently trading over 500% above its initial sale price

Bybit will start collecting users’ BIT and USDT balance snapshots on April 30

Bybit has announced the twelfth Launchpad project, a decentralized lending and borrowing protocol Aurigami (PLY). In total, there will be 200 million PLY tokens, at an initial price of 0.005 USDT, made available for Launchpad participants.

Aurigami is a money market platform built on the Ethereum scaling solution Aurora. The platform offers a comprehensive feature set for the broader decentralized finance (DeFi) audience. For starters, Aurigami users are rewarded for HODLing with PLY tokens as a part of an innovative gamified system called The Papermill. In addition, users can also make use of yield-bearing collaterals that enable self-repaying loans collateralized with yield generating digital assets such as stNEAR and various LP tokens. 

Moreover, undercollateralized 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.

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.

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

Aurigami is the second project to be featured on the revamped version of its Launchpad platform. As a reminder, earlier this month, Bybit expanded its offering to allow users to participate in the public sales of promising projects with Tether (USDT) in addition to BitDAO (BIT)

Those who commit BIT will receive PLY tokens based on the amount of BIT they have committed during the subscription period in relation to other users. Users committing USDT, on the other hand, will be enrolled in a lottery draw that will grant winners a chance to win a 4,000 PLY allocation with 100 USDT. Unlucky participants will receive their USDT back after the Launchpad program ends. 

More often than not, Bybit Launchpad programs represent a lucrative investment opportunity for Bybit users. Here’s an overview of five projects that went live on Bybit via Launchpad in recent months and their current performance compared to their initial sale price.

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.