Bybit has announced an upcoming Initial Dex Offering (IDO) for the Teleegram-based web3 game LayerNet’s native token, NetCoin ($NET).
According to a press release, the IDO’s subscription period will run from July 18 to July 25, offering a total supply of 800 million tokens, with 15 million allocated to the Bybit IDO. Only 1,500 participants will receive the tokens distributed during the IDO event.
To qualify for the airdrop, participants must have a Bybit Cloud Wallet and sufficient funds for gas fee transactions.
LayerNet introduces a novel gaming platform developed directly on Telegram. $NET acts as the primary token within the LayerNet network, powering functionalities and transactions. Participants can use the $NET token to engage in the platform’s innovative play-to-earn (P2E) game, competing against AI contenders and receiving incentives.
According to Alex, Chief Operating Officer of LayerNet, LayerNets’ plans include developing a layer-2 (L2) network on the TON blockchain and creating a software development kit (SDK) for game development. The executive claimed the platform intends to deepen the integration of the TON blockchain’s features with Telegram’s extensive user base within the gaming realm.
LayerNet will reportedly be ByBit’s first IDO following the successful reset and deployment of its IDO 2.0 offering, which includes new game and incentive mechanics.
Meanwhile, this announcement comes just one week after Bybit listed the native token of the Telegram-based game Hamster Kombat for pre-market trading. On July 8, the exchange announced that trading for the $HMSTR coin started at 10:00 am UTC, and users could trade new coins before the official listing. Notably, the original launch date for spot trading of the $HMSTR coin remains undisclosed.
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