Bybit Web3 Announces Initial DEX Offering for Thetanuts (NUTS)

Bybit Web3, a leading crypto exchange, announces the upcoming IDO for Thetanuts (NUTS) on its Web3 platform. Thetanuts, a decentralized on-chain options protocol, has gained prominence as the #1 DeFi Options Protocol by TVL. With a total supply of 10 billion NUTS tokens, Bybit Web3 has allocated 66,660,000 tokens for its IDO, scheduled from May 13th to 20th, 2024. Users with a minimum balance of 400 USDC in their Bybit Wallet during the Snapshot Period are eligible to participate.

Bybit Web3 Announces Upcoming Initial DEX Offering for Thetanuts (NUTS)

Dubai, United Arab Emirates, May 13th, 2024 - Bybit Web3, the Web3 division of Bybit, the third largest global crypto exchange by trading volume, has announced an upcoming Initial DEX Offering (IDO) for Thetanuts (NUTS) on its Web3 platform. This IDO will provide exclusive early access to a leading DeFi options protocol that is shaping the altcoin options landscape.

Emily Bao, Bybit Web3 Evangelist, expressed her enthusiasm. "We are excited to offer our community the opportunity to invest in Thetanuts, a DeFi project that has demonstrated strong performance and potential for growth. Their impressive TVL is a testament to the support they have garnered and the value they offer in the DeFi options trading space."

Thetanuts: Leading Decentralized Options Protocol

Launched in August 2021, Thetanuts Finance is a decentralized on-chain options protocol that focuses on altcoin options. This platform allows users to exercise flexibility in their trading strategies, enabling them to speculate on the price direction of various altcoins. Within a short period, Thetanuts has emerged as a dominant player, becoming the top DeFi Options Protocol by TVL according to DefiLlama, with over $30 million in Total Value Locked (TVL).

The governance token of Thetanuts Finance, NUTS, plays a crucial role in the protocol's governance, incentives, and long-term strategic direction. The IDO on Bybit Web3 will provide an exclusive opportunity for investors to acquire NUTS tokens and participate in the governance and development of the protocol.

IDO Details

The IDO will commence on May 13, 2024 at 10 AM UTC with a subscription period that will conclude on May 17, 2024 at 10 AM UTC. This period will be followed by a snap period from May 17, 2024 at 10 AM UTC to May 20, 2024 at 10 AM UTC. The reveal and claim period will take place from May 20, 2024 at 10:15 AM UTC to May 21, 2024 at 10 AM UTC. The official listing date for NUTS tokens on the Bybit Web3 platform is set for May 20, 2024 at 10 AM UTC.

Token Details

• Token: NUTS
• Total Allocated to Bybit IDO: 66,660,000
• Total Supply: 10,000,000,000

Eligibility Requirements

To participate in the IDO, users must hold a Bybit Wallet with a minimum balance of 400 USDC (Ethereum Chain) throughout the Snapshot Period. Three (3) snapshots will be taken daily during this period. The maximum number of winners for the IDO is set at 1,500.

For detailed information on the IDO process and eligibility requirements, users are advised to visit the Bybit Web3 page at https://www.bybit.com/en/web3/ido.

About Bybit Web3

Bybit Web3 is dedicated to fostering openness, simplicity, and equality in the decentralized world by creating an ecosystem that welcomes builders, creators, and partners across the blockchain space. With over 1 million wallet users and a network of over 10 major ecosystem partners, Bybit Web3 offers a comprehensive suite of Web3 products that aim to simplify and enhance the accessibility, exchange, collection, and growth of Web3 assets. Backed by the security and expertise of Bybit, a top 3 global crypto exchange, Bybit Web3 serves as a gateway to the future of the decentralized web.

About Bybit

Bybit is one of the world's leading crypto exchanges, consistently ranking among the top three by trading volume and trusted by over 25 million users globally. Established in 2018, Bybit provides a professional platform that empowers crypto investors and traders with an ultra-fast matching engine, round-the-clock customer support, and multilingual community assistance. As the proud partner of Oracle Red Bull Racing, the reigning Formula One Constructors' and Drivers' champions, Bybit is committed to driving innovation and advancing the crypto space.

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Disclaimer:

This press release is distributed for informational purposes only and does not constitute investment advice. Crypto investments involve significant risk and should only be made by individuals with a high tolerance for risk and the ability to withstand potential losses.