SOUNI on Bybit Launchpool – How to Earn SON by Staking BIT on Bybit?

By March 9, 2022 No Comments

SOUNI (SON) is an MMORPG open-world metaverse project featured on Bybit Launchpool, a platform that allows Bybit users to earn new tokens by staking BitDAO (BIT) holdings into exclusive project-specific farming pools. A total of 136 million SON tokens will be distributed via the SOUNI Launchpool program, allowing Bybit users to stake BIT to earn SON rewards relative to the amount of funds they contributed to the pool.

The program started on March 8 at 10:00 AM (UTC) and will run until March 14 at 12:00 AM (UTC).

How to earn SOUNI (SON) on Bybit Launchpool?

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

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

In order to participate in the SON 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’s you can find the Launchpool program, as well as various passive income generating products under the “ByFi Center” umbrella.

2. Select the SOUNI 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 SOUNI, the rewards are paid out in the game’s native SON governance 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. SOUNI 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 BIT you have contributed to the farming pool. Bybit follows the following token distribution formula:

Your $SON allocation from BIT Pool = (the amount of BIT you’ve staked to the pool / total number of BIT staked to the pool by all participants) * total SON allocated to the BIT 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. SON farming starts on March 8 and ends on March 14

The SON farming program commences on March 8, 2022, at 10:00 AM (UTC) and is slated to run for six days, until March 14, 2022, at 12:00 AM (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.