What is ByVotes (Spot)?

ByVotes is a unique voting mechanism on Bybit that lets participants support project tokens they wish to be listed on the Bybit Spot market. By casting votes for their favorite projects, participants play an active role in helping tokens gain platform visibility and potential listing. If a project passes Bybit’s assessment and is successfully listed, participants may also receive token airdrops (if applicable) as rewards.

 

 

 

Who can participate in ByVotes ?

Participation in ByVotes  is open to all Bybit participants who have completed Identity Verification. You can complete the Identity Verification process here.

 

Note: Participants from service-restricted areas, Institutional users, Market Maker and users with Business Verification will not be eligible to participate in ByVotes.

 

 

 

What are the main stages of ByVotes ?

1. Daily Asset Snapshot

• The Byvotes system will take daily snapshots of specified assets in user accounts. Voting tickets will be distributed based on the average daily snapshot results of these assets. Voting tickets can be accumulated and used for all Byvotes projects launched within the month. Voting tickets will reset at 12AM (midnight) UTC on the 1st of each month.

 

2. Voting Warm-Up

• The platform announces upcoming Byvotes projects through the Announcement Center, and a countdown for the project appears on the Byvotes page.

 

3. Voting Period

• During this phase, participants can cast their votes for projects.

 

4. Result Announcement

• If a project achieves a 100% support rate during the voting period, it will be approved for listing. 

• If the support rate reaches 100% before the voting period ends, voting will continue, allowing users who have not yet reached their maximum voting limit to continue voting until the end of the voting period. 

• If the support rate does not reach 100% by the end of the voting period, the project will not proceed for listing.

 

5. Token Listing

• Once a project passes the listing process, the token will be available for Spot trading on Bybit’s platform. The listing schedule and announcements will be released separately.

 

 

 

What is a voting voucher?

A voting voucher allows participants to vote for specific projects. These vouchers are distributed based on participants' daily 24-hour average assets snapshot result.

 

 

 

What is the asset snapshot range for ByVotes ?

For ByVotes, Bybit will take 24-hour asset snapshots daily to calculate the average asset holdings of each participant. Snapshots will be taken daily, and accumulated voting tickets will be reset monthly.

 

Snapshot Scope:

• Accounts Included: Unified Trading Account, Inverse Derivatives Account, and Funding Account (or Spot and Derivatives accounts).

• Tokens Snapshotted: USDT, USDC, USDE, USDD, DAI, and CUSD.

 

Important Notes:

• Tokens obtained through Crypto Loans, and assets held in Flexible or Fixed Savings, as well as in the Launchpool, will be included in the snapshots.

• Other financial products are excluded from the snapshots.

• Assets in all Subaccounts (USDT, USDC, USDE, USDD, DAI, and CUSD) will also be automatically calculated in the Main Account snapshot.

 

 

 

Can I use a Subaccount to participate in ByVotes ?

No, Subaccounts cannot directly participate in ByVotes . However, holdings of eligible assets (USDT, USDC, USDE, USDD, DAI, and CUSD) within all Subaccounts will be included in the Main Account’s snapshot.

 

 

 

How do I participate in voting with ByVotes ?

ByVotes offers a way for participants to support their preferred projects by voting with tokens they hold. Here’s how you can get started:

 

Step 1: Top Up Your Bybit Account

To determine your voting voucher, ByVotes will calculate the average asset value from a 24-hour snapshot of eligible holdings. Snapshots will be taken daily, and accumulated voting tickets will be reset monthly.

• Voting Voucher Calculation: You will receive voting vouchers daily at a 1:1 ratio to the previous day’s 24-hour average asset value (rounded down). For instance, if your average asset value is $100.8, you’ll receive 100 voting vouchers.

• Minimum Requirement: If your 24-hour average asset value is below $100, you will not receive voting vouchers for the next day.

 

Step 2: Vote for Your Favorite Project

Once you receive your voting vouchers, you can use them to vote during the voting phase:

• Casting Your Vote: Each vote will deduct a ticket from your balance but will not impact your actual asset holdings.

 

 

 

How do I calculate the number of voting vouchers I can receive?

The number of voting vouchers you can obtain each day is based on the 24-hour average asset snapshot of your Bybit account from the previous day. Here’s how it works:

1. Minimum Asset Requirement:

• If the previous day’s 24-hour average asset snapshot is less than $100, you will receive 0 voting vouchers the next day and will not be eligible to vote.

2. Standard Calculation:

• If your 24-hour average asset snapshot is $100 or more, you will receive an equivalent number of voting vouchers.

• For example, a snapshot of $100 will result in 100 voting vouchers, while a snapshot of $350 will yield 350 voting vouchers.

3. Maximum Limit:

• If your 24-hour average asset snapshot is above $500,000, you will receive the maximum limit of 500,000 voting vouchers.

4. Monthly Accumulation and Reset:

• Voting vouchers accumulate daily based on the above rules and reset at 12AM (midnight) UTC on the first day of each month.

• Voting vouchers earned in the current month are valid for all projects launched that month.

 

Example:

Bob has $100 in his account starting Oct 1 with no changes throughout the month. His voucher count will accumulate daily as follows:

 

 

Bob’s voting vouchers reset on Nov 1, allowing him to start fresh with new votes for any projects in the new month.

 

 

 

How do I check the number of votes cast during the event?

You can view your voting records by visiting the User Center page on the event page for a detailed breakdown of your voting history.

 

 

 

Can I vote for a project multiple times?

Yes, you can vote daily throughout the voting period. Voting vouchers are issued each day based on the 24-hour average asset snapshot of the previous day, allowing you to cast votes daily as long as you have voting vouchers.

 

 

 

What is the minimum/maximum number of voting vouchers I can cast at a time?

Each voting session requires a minimum of 100 votes. The maximum number of votes you can invest in a single project is capped at 10,000.

 

 

 

What are the criteria for ByVotes project approval?

To pass the review and be successfully listed for Bybit Spot market, a project's voting progress must reach 100%. If the project does not meet 100% by the end of the voting period, it will not proceed to listing.

 

 

 

What happens if a ByVotes project fails the review?

If a project does not achieve the required voting progress during the voting period, it will not be listed on Bybit’s Spot market. However, the project may re-apply to participate as a ByVotes event project in the future.

 

 

 

Why do some projects receive more total votes but show lower voting progress?

Each project has unique voting requirements based on the partnership details between the project team and Bybit. These slight differences may affect voting progress. You can view the current voting progress and the total votes received on the ByVotes landing page.

 

 

 

Why has the total number of votes for the project decreased?

To maintain fair voting, Bybit conducts regular risk control checks throughout the voting period. Votes cast by any account found to be in violation of event rules will be removed, which may cause a decrease in the project’s total vote count.

 

 

 

How are ByVotes rewards calculated?

After the voting period, if a project meets the required votes and is approved for listing, Bybit will add the project tokens to its Spot trading. Participants who voted for the project will be eligible for airdrop rewards, calculated as follows:

• Reward Calculation Formula: Rewards = Individual User Votes / Total Project Votes × Total Prize Pool

• Maximum Reward Limit: Each user can receive up to 1% of the total reward pool.

• Reward Distribution: Rewards will be automatically credited to your Unified Trading Account or Spot Account based on final calculations.

 

Note: Only participants who vote for projects successfully listed in Bybit’s Spot trading can receive rewards (if any). Votes for projects that do not list or are disqualified do not yield rewards.

 

 

 

How can I check the rewards I received in ByVotes ?

To view your rewards, access the User Center on the event page, where your reward records are displayed.

 

 

 

Why didn’t I receive rewards even after the ByVotes project has launched?

This could be due to one of the following reasons:

1. The project does not offer rewards.

2. You did not cast a vote during the voting period.

3. Your account may have breached event rules, which disqualifies you from rewards. Please refer to ByVotes reward terms and conditions for details.