As part of an airdrop campaign, Singapore-based crypto-derivatives exchange Bybit has announced that it is launching a USDT giveaway to traders. The campaign is to celebrate the launch, launched last month, of Bybit’s new range of perpetual USDT contracts. It’s the first in a series of Bybit-planned giveaways as part of the bigger airdrop campaign.
The giveaway will commence at 10 am UTC on April 13. All Bybit traders with a wallet balance of 0.5 BTC or more will be eligible for a free bonus of up to 50 USDT from that moment on. A second giveaway will take place on April 16 at 10 am UTC, where all traders with a minimum balance of USDT 50 in their Bybit wallet will receive coupons valued at up to USDT 60.
Bybit users could be eligible for rewards of up to 1,000 USDT in total, depending on the individual’s trading volumes and net deposits. In addition, the exchange will boost rewards distributed over the campaign by an additional 20 percent for early bird users who pre-register for the April 9-12 airdrop.
Most Valuable Feedbacker Earn Up to USDT 500
Bybit is also seeking users feedback on their experience in trading the new range of USDT contracts. Traders who provide meaningful input on the new range of perpetuals during the USDT airdrop are eligible to become a “Most Valuable Feedbacker” for which they can earn up to USDT 500 in addition to the rewards outlined above, as well as the opportunity to receive a commemorative sterling silver coin.
CEO Ben Zhou said:
“The launch of USDT perpetual contracts on Bybit is a cause for celebration, and this airdrop will incentivize traders to hold the most liquid and trusted stablecoin on the market.”
Bybit launched its USDT contracts in March bringing its users far more flexible trading opportunities. Previously contracts were linked to USD, but that meant traders had to fund their accounts with the cryptocurrencies underlying them. By switching to USDT, Bybit is now able to denomine all Tether trades.
This not only makes account funding simpler, but also means users can hold both long and short positions at the same time. They can also use profits from one type of contract, such as a long position in Bitcoin, to top up margin on another type of contract, such as a short position in Ether.
Bybit isn’t the only exchange this month that runs a givingaway. StormGain also offers users the chance to participate in a prize pool of USDT 100,000 to demonstrate their trading skills on its platform. StormGain users will have to compete to win on the demo platform of the exchange, where 50,000 USDT in play money will automatically be credited to their accounts.
Users are tasked with competing against each other before the contest ends to turn the biggest profit. The maximum price for the most profitable traders is 5,824 USDT, and 500 people will also be selected as runners up who are eligible for USDT prizes. The contest ends on April 9, therefore there is only a short time left to participate.