Nikolas Sargeant
Cryptocurrency exchange Bybit has announced that it is hosting the Initial DEX Offering (IDO) for the decentralized payment protocol Slash (SVL).
In a press release shared with Cryptowisser, Bybit revealed that once the IDO is concluded, the SVL token will be listed on the Bybit spot exchange and made available for trading on April 29, 2024, at 10 am UTC.
Users will need to have a Bybit Wallet with at least 300 USDC on the MANTLE Chain and register between 10 am UTC on April 22, and 10 am UTC on April 26 to stand a chance to participate in the IDO.
Bybit will carry out three daily snapshots to determine the eligibility of users. The crypto exchange added that the IDO offers 26,315,800 SVL tokens at a launch price of 0.0019 USDC per token, with 500 winning tickets in the token allocation lottery. The winning tickets allow holders to redeem SVL tokens worth 100 USDC from their Bybit Wallet.
While commenting on the IDO, Slash founder Shinsuke Sato, said,
“Our highly anticipated IDO is a pivotal moment for Slash, representing a key milestone in our journey to completely reshape the landscape of decentralized payments. Our protocol not only simplifies transactions for users and e-commerce merchants but also ensures that every participant in the ecosystem is rewarded through a comprehensive fee redistribution model.”
Slash is also launching a Genesis NFT Campaign as it seeks to boost community engagement. Participants who deposit on Bybit using Slash by 23:59 UTC+9 on April 26 will receive a Genesis NFT. The NFTs qualify them for an upcoming SVL airdrop, with its snapshot on April 26 at 00:00 UTC+9.
Slash seeks to foster a sustainable and participatory ecosystem by redistributing 100% of its protocol fees back to token stakers, Bybit added.
SVL (Slash Vision Labs) is pioneering the transformation of the cryptocurrency payments landscape with its innovative ecosystem, built on the Mantle Network. SVL redistributes 100% of protocol fees back into the ecosystem, rewarding token stakers and fostering active participation.
Slash offers two flagship products: Slash Payment and Slash Card. Since launching in October 2022, Slash Payment has empowered over 4,000 merchants to seamlessly accept various tokens on any network as forms of payment, processing over $180 million worth of transactions.
Meanwhile, Slash Card is the first-ever and only crypto-backed credit card that complies fully with Japan’s stringent crypto and payments regulations. Bridging fiat and crypto economies, Slash Card aims to onboard Japanese consumers, merchants, developers, and institutions into the world of cryptocurrency seamlessly, offering unparalleled convenience.
