Q: What is ByVotes?
A: ByVotes is a product that allows Bybit users to vote for their favorite projects to be listed on Bybit. Users who vote for the elected project will share the campaign rewards provided by the projects in advance.
Q: Who is eligible for ByVotes?
A: Only users who have completed either the individual identity verification (KYC) Level 1 or business verification are eligible for the ByVotes campaign. You can click here to complete the verification.
Users from restricted countries are not allowed to join ByVotes.
Q: How does ByVotes work?
A: Bybit will choose 2–6 projects from a variety of categories and genres to vote for each session. During the voting period, Bybit users can use their voting voucher to vote for their favorite projects. The project with the highest number of votes will be listed in the Innovation Zone under Spot Trading. Users who have voted for the winning project will receive the rewards in their Spot Account within three hours after the results are announced.
Q: What is the timeline for ByVotes?
A: There are five main periods:
- Snapshot period scheduled at 11:59:59PM UTC before the voting period starts
- Voting period, which will last for 48 hours
- Announcement of the winner period
- Rewards distribution period
- Launch period
Q: What are voting vouchers?
A: Voting vouchers are free voting rights that traders can use to cast their votes for their favorite projects.
Q: How do I get the voting vouchers?
A: Bybit will take a snapshot of the user's total USDT holdings at 11:59:59PM UTC the day before the voting starts to determine the voting vouchers that the user will receive. The tickets are given according to the ratio of total holdings at 1:1. The number of holdings will be rounded downward if they are non-integers. For example, 1.9 USDT will be rounded to 1 voting voucher.
Users who complete either the KYC verification Level 1 or business KYC are entitled to a free one-off voting coupon. Each coupon is worth 50 voting vouchers. Before making a vote, the voting coupon is checked by default. Users can manually uncheck the voting coupon if they don’t wish to use the voting coupon for a particular project.
Note: The total USDT holdings include USDT held in your Spot Account, Derivatives Account and Earn Account. Please note that USDT staked in Flexible Saving and Launchpool will be counted in the snapshot of your Earn Account. USDT staked in other products on the Bybit Earn (e.g., Dual Asset Investment or Defi Mining) will not be included.
Q: Can I participate in ByVotes using my Subaccount?
No, Subaccounts are not supported. Only the Main Account can participate in the voting. However, USDT in Subaccounts will be included in the snapshot of your Main Account.
Q: Can I vote multiple times or for multiple projects?
Yes, users can vote multiple times during the voting period. However, do note that the voting vouchers can only be used once, and cannot be carried forward to the next session. Users can also vote for multiple projects in each session.
Q: What are the minimum and maximum number of votes that a trader can use in voting?
A: The minimum number of votes is 1, and the maximum number of votes for each project is 100,000.
Q: What are the rewards for participating in ByVotes?
Upon conclusion of the voting round, participants who have voted for the winning project will share the total reward pool distributed to each session, based on the formula below:
Rewards = Your Votes ÷ Total Votes × Total Prize Pool
Please note that a cap per user will be set according to the total amount of prize pool rewards distributed in each session.
Rewards will be credited to your Spot Account within three (3) hours after the voting period ends.