We are thrilled to announce that Apex Protocol is coming to Bybit Launchpad 2.0 tomorrow, April 22nd, at 00:00 AM UTC.
Summary
ApeX protocol will be the very first DeFi project to go live on the new Bybit Launchpad 2.0 platform. There will be in total 10,000,000 APEX tokens allocated for the TGE, priced at 0.05 USDT per token.
Check out the ApeX Protocol page on Launchpad 2.0 now: APEX on Launchpad 2.0
Out of 10,000,000 APEX tokens, 8,000,000 APEX will be allocated to the Subscription Model, while the remaining 2,000,000 APEX will be distributed in the Lottery model. For more information about the Subscription and Lottery models read on.
About APEX
APEX is the native token of the protocol with a maximum supply of 1,000,000,000, and will serve the following utilities:
- Governance: Token holders are entitled to submit and vote on protocol governance proposals.
- Protocol Incentivization: Users can earn APEX tokens through participation rewards and liquidity mining on the ApeX protocol.
- Staking: Users can stake APEX tokens to earn rewards in APEX tokens.
APEX token distribution is as follows:
Team and early investors: 23% of the total token supply will be allocated to the core team and early investors with a 12-month cliff starting from TGE followed by 2-year linear vesting.
- Core team & advisors (15%)
- Early investors (8%)
Strategic DAO Allocation: The remaining 77% will be allocated to the DAO and community. These include allocations for participation rewards, ecosystem building, and liquidity bootstrapping.
- 100% unlocked at TGE but tokens allocated to the DAO will be locked for 36 months;
Participation Guide
Here is all you need to know about how to participate:
STEP 1. Choose between the BIT Subscription and USDT Lottery allocation models: You can either commit BIT to subscribe to APEX allocation or commit USDT. You cannot participate in both at the same time.
STEP 2. Five (5) — day Snapshot Period
Both the BIT Subscription and USDT Lottery record the daily average balance of the committed tokens for five (5) days.
Starts: 2022–04–22 00:00 UTC
Ends: 2022–04–26 23:59 UTC
Daily average balance = The sum of hourly snapshots of your BIT or USDT balance in a day/24.
Hourly snapshots automatically record the balance of BIT or USDT in your Spot Account, Derivatives Account, and Earn Account.
- If you have selected the Lottery model: Your daily average balance of USDT should be equal to or greater than 100 USDT during this period.
- If you have selected the Subscription model: Your daily average balance of BIT should be equal to or greater than 50 BIT during this period, and it will determine the maximum allocation of the project token you can access.
STEP 3. Subscription Period
During the Subscription Period participants can commit their funds by clicking on the “Commit Now” button. Subscription period lasts for 7.5 hours.
Starts: 2022–04–27 03:30 UTC
Ends: 2022–04–27 10:59 UTC
A couple of things to keep in mind:
- You must complete the KYC L1 requirement or business verification to be eligible for the event. Users from restricted countries are not allowed to participate.
- The tokens you’ve committed will be locked and cannot be accessed for transfers, withdrawals or trading until after the final distribution of the APEX.
If you have selected the Lottery model: You must commit 100 USDT for a lottery ticket. Each participant can only subscribe to one ticket.
The probability of winning = The total number of the winning tickets / the total number of lottery participants of this Launchpad project *100%
If you have selected the Subscription model: The minimum amount required is 50 BIT and the maximum amount is determined by your daily average BIT balance recorded during the snapshot period. Please be informed that the maximum allocation of APEX token is capped at 7000 and you can’t subscribe to an allocation exceeding the cap. You can subscribe multiple times.
STEP 4. Distribution Period
The Distribution period will last for 1 hour and based on your token allocation result, the BIT or USDT will be deducted from your committed amount, while your APEX tokens and remaining BIT or USDT will be credited back to your Spot Account.
Starts: 2022–04–27 11:00 UTC
Ends: 2022–04–27 11:59 UTC
- If you have selected the Subscription model:
Your final allocation of APEX = (the amount of token you’ve committed / total amount of token committed by all participants) * total amount of APEX allocated to Launchpad.
- Please note that the max. amount of APEX you can receive is capped at 7000, and the amount that exceeds the limit will be allocated to participants who haven’t reached this hard cap yet. Based on the final APEX allocation result, the corresponding amount of committed token will be deducted from your committed amount, while the APEX tokens allocated to you and the remaining amount of committed token will be credited back to your Spot Account.
- If you have selected the Lottery model: Winners will each receive 400 APEX, and the remaining amount of the committed token, if any, will be credited back to their Spot Account. Non-winning participants will get the full amount of the committed token back.
