Velar (VELAR): New Project on Bybit Launchpad 3.0
VELAR
About the Project
The Velar project has introduced an automated market maker (AMM) based on Uniswap V2 for the Bitcoin blockchain for the first time. This mechanism offers users a reliable way to trade and the immutability of Bitcoin transactions. Velar launched the first decentralized perpetual derivatives exchange (PerpDex) on Bitcoin. It allows trading various assets with leverage, using BTC as collateral, and conducting transactions without intermediaries in Bitcoin's immutable environment. The Velar protocol has demonstrated active user engagement in the Dharma test network, setting a global record for participation at the testing stage among all Bitcoin-based DeFi applications. Velar plans to continue expanding the range of DeFi services across various Bitcoin L2 solutions.
- Token: VELAR
- Price: 1 VELAR = 0.03 USDT
- Allocated for Bybit Launchpad: 8,000,000 VELAR
- MNT Pool: 4,000,000 VELAR (subscriber limit: 300 USD = 10,000 VELAR)
- USDT Giveaway: 4,000,000 VELAR (per user: 12 USDT = 400 VELAR, winning tickets: 10,000)
Website | Whitepaper | Reddit | Medium | Twitter | Telegram | Discord | Terms and Conditions | FAQ
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How to Participate
Here is a step-by-step guide on participating in Bybit Spot X Launchpad projects.
Terms
Gain early access to tokens. You can use MNT for subscription or USDT for the giveaway!
- Your average daily balance of MNT must be ≥ 50 MNT, but the more MNT you have, the more allocation you will receive (guaranteed).
- Your average daily balance of USDT must be ≥ 100 USDT.
- If you trade, you will receive more tickets (up to 3 tickets can be obtained).
- In this pool, having tickets does not guarantee an allocation, it will be random (lottery).
- If you do not hold 100 USDT but simply trade, you will not be given tickets. USDT can be held on a unified trading account or on a financing account, but at the moment of subscription, the USDT must be on the financing account, otherwise, you will not be allowed to subscribe.
- Trading volumes should start from the moment the balance snapshots begin, and this can be quickly done in the USDT/USDC pair.
Launchpad Schedule
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Balance Snapshot Period 2024-03-29 03:00 - 2024-04-03 02:59 MSK
A minimum average daily balance of MNT/USDT is required during a certain period to receive tickets.
Balances in spot, derivatives accounts, funding account, staking, and loans are considered. Assets in bi-currency investments are not considered. For tickets, balance and profit/loss are converted to USDT.
Trading volume snapshots for the period consider spot trading and related transactions, converted to USDT. Derivatives trading is not included.
Balance and trading volume data are updated daily at 06:00 MSK, delays may occur due to volume of calculations.
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Subscription Period 2024-04-03 06:30 - 2024-04-03 13:59 MSK
KYC Level 1 or corporate verification is required to participate, excluding residents of unsupported countries/regions.
Sub-accounts cannot participate; their balance and trading volume are accounted for in the main account.
Participants choose one of the two events and lock in their participation during the subscription period.
Locked tokens are blocked for transfers, withdrawals, and trading until the end of VELAR distribution.
To lock MNT/USDT invested in staking, they must first be withdrawn and transferred to the funding account.
Funds in the funding account are used for subscription to the distribution or giveaway tickets.
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Distribution Period 2024-04-03 14:00 - 2024-04-03 14:59 MSK
When subscribing to tokens, your final share of VELAR is calculated as your token amount divided by the total token amount, multiplied by the total number of VELAR for Launchpad. A maximum of 10,000 VELAR can be received. Excess amounts are distributed among those who did not reach the maximum. Your initial token amount is reduced by the cost of received VELAR, the remainder returns to the funding account, and VELAR is credited to the spot or Unified trading account.
Participants in the giveaway who win receive 400 VELAR on the spot or Unified trading account. Non-winning participants have their entire contributed amount returned to the funding account.
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Launch Period 2024-04-03 15:00 MSK
The new token will be listed on the Bybit spot platform at 2024-04-03 15:00 MSK provided liquidity conditions are met.
Our Participation
We are interested in distribution in USDT, as there are almost no risks involved, just minor expenses for commissions. Subscribing in MNT is recommended only for holders of this coin. Suppose you have 1 winning ticket, in exchange you will receive 400 VELAR tokens at a rate of $0.03, your expenses will be 12 USDT. After the listing, you sell your coins, usually at several multiples more, or you can hold onto them further.
Throughout the snapshot period, you need to maintain a balance of at least 100 USDT + you can trade on spot to get more tickets. During this time, accumulate a trading volume of 5K USDT or maintain a balance of at least 1K USDT in assets to get 2 tickets, accumulate a trading volume of 25K USDT or maintain a balance of at least 10K USDT in assets to get 3 tickets. Lifehack: How to easily and quickly achieve trading volume with a small amount? Read in the section How to participate.
During the subscription period, you need to go to the launchpad page and subscribe – click the “Lock in” button. The fact that you get tickets does not guarantee your ticket will win, meaning it's not certain you'll get an allocation – it will be random. If you don't win, you lose nothing.
We will be making a trading volume of 25K USDT on 4 accounts to receive 3 tickets each, you can simply maintain a balance of at least 100 USDT and get 1 ticket. Good luck to everyone!
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Our Results
Someday, luck will be on our side :), 0 out of 12 tickets (we made 4 accounts with 3 tickets each)😥. But our editor got lucky with 1 out of 2🤑.
What profit could one get from a winning ticket? The cost was 12 USDT for 400 VELAR, selling was possible at around $0.37, totaling $150 (more than 10x).
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