Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from ByBit and our guest was . The AMA took place on the 9th of December.
The AMA session was divided into 3 parts with a total crypto reward pool of $500
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&WebSite
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with ByBit! Welcome to Satoshi Club.
D. | Satoshi Club:
Today our guest – @Stephanie_Guo !
D. | Satoshi Club:
Welcome to Satoshi club! happy to have you here!
Mary | Satoshi Club:
@Stephanie_Guo we are happy to see you here today
Stephanie Guo:
Hello guys!
Stephanie Guo:
Nice to meet you!
Mary | Satoshi Club:
Hello, Stephanie !
Mary | Satoshi Club:
How are you today?
Stephanie Guo:
Hhh another busy day!
Mary | Satoshi Club:
Oh, i understand you
Mary | Satoshi Club:
So, let’s start our party
Stephanie Guo:
Great lets start!
Mary | Satoshi Club:
Bybit already visited Satoshi Club before, but a lot of new members joined Satoshi Club since that day, so… Let’s start with intro.
Mary | Satoshi Club:
Could you please introduce yourself and tell us about ByBit.
Stephanie Guo:
Hhhh okok
Stephanie Guo:
Glad to be the guest of Satoshi Club’s AMA, this is Stephanie from Bybit, marketing director of spot team.
Stephanie Guo:
I think most of users have been already famiiar with Bybit, this is a global cryptocurrency exchange ranking Top 5 in derivatives products, serving over 3 million users with over 10 Billion US dollars trading volume every 24 hours. It has users from all over the world including Europe, Russia, Japan, and Southeast Asia. Recently it opened the spot trading products.
Stephanie Guo:
So in the past, Bybit has been characterized as a leading platform for the perpetual contract
Stephanie Guo:
But since July, we have been explore our business in spot
Stephanie Guo:
Also options, defi, NFT in the future.
Stephanie Guo:
As we want to become a leading exchange not only for futures, but all-round product and services
Stephanie Guo:
Done
D. | Satoshi Club:
Cool! we will ask you about NFTs today, but bit later.
Stephanie Guo:
Hhh ok
Mary | Satoshi Club:
Wow, spot is also important when we are talking about CEXs
Mary | Satoshi Club:
Btw, i want to ask you, how’s volume on ByBit now? Is it growing? Because as i see we have mini bear market currently
Stephanie Guo:
Hhh of course, you see our daily trading volume for futures reaches billions
Stephanie Guo:
While trading volume for spot reaches 500 million at present
Mary | Satoshi Club:
Wow, awesome! Great job guys
Stephanie Guo:
Since we launch the spot business in July, and the volume keeps growing
Mary | Satoshi Club:
Nice for the beginning, i am sure it will grow day by day!
Stephanie Guo:
Hhh thx we have a large user base over 3m
Mary | Satoshi Club:
Ohhh, incredible numbers!
D. | Satoshi Club:
This is also impressive, but it’s not the limit for you.
Stephanie Guo:
Yeah it is true a huge user base and also our engagement rate is quite high as well
Stephanie Guo:
Hhh thx and we believe as well.
Mary | Satoshi Club:
Stephanie, thank you for your intro! We choose 6 questions from our community for the first part of our AMA . Are you ready to start with them?
Stephanie Guo:
Sure pls
D. | Satoshi Club:
Q1 from Telegram user @meml97
A few months ago on Augusth 30th, Bybit was here on Satoshi Club for the first time, during that AMA session Bybit’s team told us about their newest product at the time Spot Exchange, about a trading competition that was going on and about more interesting things about the platform. With that in mind, can you tell us more about what improvements has Bybit done to the platform, Spot Exchange and it’s other services during this period of time? How did that Trading Competition went? Do you still have no plans of having Bybit’s own token? Has Bybit made any kind of changes to it’s products during this months where the market has been very unpredictable? What upgrades and milestones have you accomplished since August 30th and what accomplishment during this months are you most proud of achieving?
Stephanie Guo:
Quite long question
D. | Satoshi Club:
We have a several more like this today
Stephanie Guo:
Well I remember last time we only have 32-40 spot trading pairs, but now we have over 100 popular token in market place
Stephanie Guo:
Second, our biggest progress is our Launchpad and Launchpool.
Stephanie Guo:
Last BIT is our first project, till now we have listed over 10 projects
Stephanie Guo:
Over 500k participants in total
Stephanie Guo:
And attract lots of new users as well
Stephanie Guo:
Also we have held 4 treasure hunt events, attracting more than 200k users to participate
Stephanie Guo:
I think for such a new product like spot in Bybit, this number is quite satisfying
Mary | Satoshi Club:
It was excellent idea to launch spot trading
Stephanie Guo:
Lol yes
D. | Satoshi Club:
Lots of work was made
Mary | Satoshi Club:
Do you plan list new trading pairs soon? And btw, do you list only projects which applied for listing or also new popular projects?
Stephanie Guo:
Oh of course
Stephanie Guo:
Actually we now list new tokens almost everyday
Stephanie Guo:
All very high quality with potential
Stephanie Guo:
And not only for those who applied for listing, also the popular projects as well
Stephanie Guo:
As we have a professional research team that would evaluate each project to determine whether can be listed or not
Stephanie Guo:
To guarantee the quality of each asset on Bybit
Mary | Satoshi Club:
Thank you for your answers, Stephanie! Ready to go to the next question?
Stephanie Guo:
sure!
D. | Satoshi Club:
Q2 from Telegram user @Anne_Tim
Among the reasons why people should trade with Bybit you call your smart, intuitive crypto trading platform. As I’m considering adding Bybit to my portfolio, please explain how user friendly is the platform for those who make first steps in crypto trading as well as for experienced traders. How easy is to withdraw or deposit funds from/to any country and any crypto wallet? Are therу any countries where trading with Bybit is restricted? Thanks!
Stephanie Guo:
Well bybit indeed a user friendly platform for traders
Stephanie Guo:
First the trading experience is very good on our UI design
Stephanie Guo:
Seconde we also have a bybit.learn platform to guide newbies to quickly get the whole picture on crypto trading
Stephanie Guo:
We think user education is every important
Mary | Satoshi Club:
It has free access?
Stephanie Guo:
The website includes both the analysis on popular assets
Stephanie Guo:
The recent market analysis as well
Stephanie Guo:
Yeah of course
Stephanie Guo:
Hhhhh
D. | Satoshi Club:
Now you can post the link
Stephanie Guo:
https://learn.bybit.com/
Stephanie Guo:
Hhhhh okok
D. | Satoshi Club:
Sorry about that
Stephanie Guo:
Hhh no problem
Stephanie Guo:
And for experience traders, we also have daily bitz for them to get to know more about the market, and our product itself concludes also the functions exclusively for experience users
Mary | Satoshi Club:
A lot of categories there, i need to refresh my knowledges
Stephanie Guo:
Done
D. | Satoshi Club:
How many networks are you supporting at the moment? are you supporting Layer 2 networks for deposits and withdrawals, like optimism, arbitrum?
Stephanie Guo:
Hhhh you can talk a look later
Stephanie Guo:
well very good question! actually we considered about it very early, but due to schedule issue, we postpone a little bit, but we are now exactly working on it, and will suspport by the end of this month lol
D. | Satoshi Club:
nice!
Mary | Satoshi Club:
Thank you for your answers! Ready to proceed?
Stephanie Guo:
Yeah!
D. | Satoshi Club:
Q3 from Telegram user @Jmagsss
Most cryptocurrency trading platforms, like Binance and OkEx are welcoming NFT products and integrating their platforms with NFT marketplaces because of the sudden mainstream adoption of NFTs in the crypto industry. For ByBit, does it have plans on expanding its products variety and include NFT and NFT utility products like marketplaces and minting mechanism? Can you please discuss more about platform’s involvement with NFTs?
Stephanie Guo:
hhh NFT
Stephanie Guo:
Yes, we created a NFT project team last month, and plan to launch Bybit’s exclusive NFT’s platform in January
Stephanie Guo:
Now we are working on the product, also approaching some very famous IP to cooperate
Stephanie Guo:
Will see next month
Stephanie Guo:
Done
Mary | Satoshi Club:
We will follow your updates
Mary | Satoshi Club:
Thank you for your answers! Ready to jump to the next question?
Stephanie Guo:
yeah!
D. | Satoshi Club:
Q4 from Telegram User @chinyere2020
I learnt that the Bybit Launchpool allows users to stake and earn tokens for free. Can you give more information about the Bybit Launchpool? What is the minimum time that users are required to lock their tokens before being able to unstake? Will a user be able to compound his/her yield or will the user be required to make new deposits manually on the Bybit Launchpool? Will users be required to complete any form of KYC verification to be eligible for the Bybit Launchpool? I also learnt that the current Launchpool project allows you to stake $BIT and/or any new token. Will users receive their yield in $BIT only or will users also be able to receive their yield in other tokens/cryptocurrencies?
Stephanie Guo:
Well glad to answer, so basically Launchpool is one kind of ieo as well. It allows users to get new llisted token in advance for free, simply by staking USDT or BIT – Bybit’s “semi-native” token, which can guarantee users a high return as they would not event to lose any money for token.
Stephanie Guo:
In Launchpool system, T+1 for yield calculate, T+2 for yield delivery
Stephanie Guo:
So users minimum staking amount (if they want to get their free earnings) is 2 days
Stephanie Guo:
Users need to pass KYC 1 in this case
Mary | Satoshi Club:
For KYC 1 what do they need?
Stephanie Guo:
Yes their yield can be compound for staking in the future, but need to do it manually at present hhhh
Stephanie Guo:
Just ID
Stephanie Guo:
ID card
Stephanie Guo:
And video as well!
Stephanie Guo:
Bybit has a restrict risk system to protect users assets hhhh
Mary | Satoshi Club:
Small details
Stephanie Guo:
So need to be careful about it
Stephanie Guo:
But as long as you are a qualified users, then no need to worry about it hhh
Stephanie Guo:
Done
Mary | Satoshi Club:
Is there any minimum to stake?
Stephanie Guo:
Yes, 50 BIT or 100 USDT
Stephanie Guo:
A small threshold
Mary | Satoshi Club:
Yes, it’s affordable money
Mary | Satoshi Club:
Thank you for your answers! Ready to jump to the next question?
Stephanie Guo:
Yeah exactlly
Stephanie Guo:
Yeah pls!
D. | Satoshi Club:
Q5 from Telegram User @UniqueVicky
Please let’s talk about security as the top priority for trading platforms. To further enhance users security and protection for users assets,Bybit said he is “implementing major security upgrades”and is also working with “leading security experts”,blockchain businesses and data analytic companies accross the globe, this is quite impressive,can you tell us what are the leading security firms or experts you are collaborating or working with,is it CERTIK or TECHRATE? What are the major security upgrades you are implementing into Bybit ecosystem and the data analytic companies you are collaborating with? You also said Bybit has set up Asset security fund should incase users encounter any issues on regards of their assets on Bybit, how can users get Access to this fund? What criteria of users are reliable to this fund,is it ordinary traders or investors? How much % Bybit token have you allocated for this purpose?
Stephanie Guo:
Well security is one of the most important thing for us, we have cooperated with like slowmist, which audited a lot of well-known projects.
Stephanie Guo:
A large number of audits and penetration tests have been done for the projects before and after the listing to ensure the user’s capital security and information security.
Stephanie Guo:
On the other hand, the layered deterministic cold wallet and offline signature technology are adopted to eliminate the possibility of hackers’ attack to stole the private key.
Stephanie Guo:
Bybit has operated safely and stably under double-layer protection for more than a year without token hacked.
Mary | Satoshi Club:
Did you ever have any security incidents?
Stephanie Guo:
Bybit leads the industry in security investment, with 25% of its budget to this area.
Stephanie Guo:
Hhhh non till now
Stephanie Guo:
Good job on Bybit
Mary | Satoshi Club:
That’s cool
Stephanie Guo:
Done
Mary | Satoshi Club:
Thank you for your answers! Ready for the 6th and last question from this part?
Stephanie Guo:
Sure!
D. | Satoshi Club:
Q6 from Telegram user @Ajpaa
One of Bybit’s DeFi product called ByFi Center is said to be a gateways to cloud mining where users get enhanced hash power for virtual mining, Offering greater profitability with fewer risks cloud mining service. Which advantages does your cloud mining service offer over other cloud mining service? Can you elaborate on your enhanced hash power cloud mining service and how it’s implemented to offer virtual mining, fewer risks and great profitability? How can users get contract for cloud mining, do you offer different plans and what is the payout modality? Which assets can be harvested directly via your cloud service?
Stephanie Guo:
Oh Byfi Center
Stephanie Guo:
Well to be honest, we just launch a new version this month, and cloud mining is already not been there hhhh
Stephanie Guo:
Now our focus are flexible staking and Launchpool
Stephanie Guo:
Byfi center also has Dual Asset mining and defi mining
Stephanie Guo:
They can cater the needs of diversified type of token holders
Stephanie Guo:
Btw. Bybit’s staking product has a rather high APY in the industry
Mary | Satoshi Club:
Do you have any guidance how to join virtual mining?
Mary | Satoshi Club:
What APY do you currently have?
Stephanie Guo:
Stephanie Guo:
More details can be seen on our website lol
D. | Satoshi Club:
And in the end of the first part of our AMA – can you share with us a short-term goals which you planning to achieve in the near future? what we can expect from ByBit?
Stephanie Guo:
Yeah sure, you see the spot business will be our focus in the future, and we aim to become top 3 in spot market cap in 2022 (now rank around 12th. on coingecko), and our derivative, since now already rank top 4, so our goal is top 2 in next year hhhh
Stephanie Guo:
And we are all confident that we can make it
D. | Satoshi Club:
Fantastic goals! i wish you achieve them!
Mary | Satoshi Club:
Stephanie, thank you for this awesome first part! Live part of our AMA is so close, that i can hear our users fingers printing their questions
Stephanie Guo:
Thx
Mary | Satoshi Club:
Are you ready for the storm?
Stephanie Guo:
Lets start hhh
Mary | Satoshi Club:
Let’s go
Part 2 — live questions from the Telegram community
Q1 from Telegram user @highpee :
HELLO !You have said that users will need to PASS KYC Lev 1 in order to be able to partake in LAUNCHPOOL. What document is required to pass this KYC level? And are there regions restricted from accessing this?
Stephanie Guo:
Yes KYC L1 needs the ID card and a photo of the user holding picture with the key info on it(like many exchanges do), the restricted areas include The U.S, Quebec (Canada), Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan, and Mainland China.
Q2 from Telegram user @Mejaniyam:
Does ByBit have plans to attract new crypto users especially those living in non English speaking countries?
Stephanie Guo:
Actually Bybit is a very globalized platform with over 10 languages supported, and if you can see the division of our users, Korean, Japan, Spanish and Turkey are main market of Bybit (EN market can only rank 3rd) we have a professional regional market team to operate the localized marketplace, with affliate program, cooperation with local communities and influencers, and localized campaign & exclusive bonus for local area, etc. more details can check our community or official website, we have all the local communities
Q3 from Telegram user @feranno :
Hi Stephanie.Is Bybit Launchpool competitive against other launchpools?
So is it possible for us to generate more income than others? Also, do you have detailed documentation for those who don’t know enough about launchpools?
Stephanie Guo:
Sure yes, actually we did a math earlier, if user stake 10000 BIT, how much they can earn lol, and for example, for the detravel project just ended, the answer is users can get around 5000 usdt for staking 10000 BIT (they can unstake BIT later, so the yield is really high); our current project DeHorizon – invisted by YGG, the expected APY reaches over 100% as well, and its quite simple, all you need is to stake USDT and get DEVT automatically everyday!
Q4 from Telegram user @habibi_ve :
Bybit has been growing a lot in a short period of time. What do you think is the reason for this success? What will be its purpose now for 2022?
Stephanie Guo:
Our affiliate business is very good, and we have a professional investment team to guarantee the financial support lol and also the solid product & security system, so Bybit has a very good branding actually.
Q5 from Telegram user @Arnavx5 :
Hello @Stephanie_Guo.
Do you have any plans of conducting Future Trading Competition?
I am quite good at it.
Stephanie Guo:
Actually we will have one in the next several days, just stay tuned on our website! the prize pool is reeeally huge!
Q6 from Telegram user @Ishan1_7:
Please define the meaning of your project name “ByBit,” as I’m curious.
Stephanie Guo:
Win over the entire world with our products and services, bit by bit.
Q7 from Telegram user @sirdefi:
How strict is Bybit with the projects you list? Do you take it lightly and accept any request? Or do you do a proper investigation of each project? Can we trust the projects that are there?
Stephanie Guo:
We have an exclusive research team to evaluate each token to be listed on Bybit, our colleagues will produce a professional recommendation report if they agree to list any token, the evaluation dimensions ranging from the legal to unility, to ensure the quality of the token listed on Bybit
Q8 from Telegram user @Zohaya:
What are the Bybit plans and events to which we should look forward? Are there any freebies or airdrops available?
Stephanie Guo:
Yes, for newbies, Bybit has a $600 bonus, and if you can browse on Bybit’s website, you can see there are tons of campaigns with free airdrops everyday, with huge prize pool, in fact we will launch a campaign with prize pool of 6 million dollars, well Bybit is very rich.
Q9 from Telegram user @Chrisboy5:
At what stage is Bybit currently at and what is on your roadmap for the next 6 months?
Stephanie Guo:
Well just want to mention our focus in the next half year: NFT, Defi, Launchpad & Launchpool, Options, and Fiat.
Q10 from Telegram user @tahanisg :
Can you tell us about BIT token? I can’t find it on Coinmarketcap or listed anywhere other than Bybit. is it an internal only token?
Stephanie Guo:
BIt has been listed on Gate and MEXC by now, and will be listed on many more big exchanges in the future lol
Part 3 – Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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