Now Live: Lends (LENDS) on Bybit Web3 IDO

We're excited to announce that our latest IDO project, Lends (LENDS), is now live!

About Lends

• Token: LENDS
• Price: 1 LENDS Token = 0.02 USDT
• Total Allocated to Bybit IDO: 2,000,000 LENDS (0.32 % of the total max supply)

Project Description

Lends is Thorchain's flagship decentralized lending application, serving as the premier platform for loans on the Thorchain ecosystem. Its standout feature is the on-chain issuance of 0% interest, no liquidation, no expiration debt tokens aligned with an overcollateralized lending model based on burning instead of interest accrual. With innovative loan products and deep liquidity sourced from Thorchain's established network, Lends is positioned to become a major fixture in decentralized finance.

Learn more about LENDS here: Website | X (formerly Twitter) | Discord

How It Works

• IDO Subscription Period: Feb 2, 2024, 10AM UTC to Feb 5, 2024, 10AM UTC.
• Snapshot Period*: Feb 5, 2024, 10AM UTC to Feb 8, 2024, 10AM UTC.
• IDO Lottery Draw: Feb 8, 2024, 10AM UTC .
• Smart contracts will randomly select 200 winners who subscribed for the IDO.
• Reveal and Purchase Period: Feb 8, 2024, 10AM UTC to Feb 9, 2024, 10AM UTC.
• During this period, participants can reveal whether they have won a winning ticket. Once the winning tickets have been revealed, users will be able to purchase 200 USDC worth of tokens.
• Listing: LENDS/USDT will be listed on Bybit Spot on Feb 8, 2024, 10AM UTC .

*Note:

• Users must own a Bybit Wallet with a balance of at least 300USDC (Ethereum Chain) to be eligible for IDO participation. Failure to maintain this balance during the Snapshot Period will result in ineligibility.
• Three (3) snapshots will be taken per day during the Snapshot Period.

To learn more about Bybit Web3 IDO, please check out our Help Center.

Terms and Conditions

1. Participants must have a Bybit Wallet with balance of at least 300USDC (Ethereum Chain) to be eligible for IDO participation. Failure to maintain this balance during the Snapshot Period will result in ineligibility.
2. Three (3) snapshots will be taken per day during the Snapshot Period from Feb 5, 2024, 10AM UTC to Feb 8, 2024, 10AM UTC .
3. Identity Verification Lv. 1 is not required for participation.
4. Subaccounts are not eligible for IDO participation.
5. To ensure an optimal Web3 experience on the Bybit App, please upgrade your App to version 4.9.0 or higher.
6. To redeem allocated IDO tokens, participants will need to pay blockchain gas fees which may vary due to network conditions, and redemption will fail if there are insufficient funds.
7. Bybit reserves the right of the final interpretation of this event. If you have any questions, please contact our customer service.
8. Bybit reserves the right to disqualify any participants who engage in dishonest or abusive activities during the event, including bulk-account registrations to farm additional bonuses and any other activities in connection with unlawful, fraudulent, or harmful purposes.