Bybit Launchpad @byreal_io's first launch project is confirmed to be Fragmetric (Sol re-staking platform).

After studying the launch rules of the Byreal Launchpad, if @virtuals_io's Genesis Launch achieved "bringing down the valuation of AI projects," then Byreal is attempting to "launch on-chain projects using the IEO approach."

Rule 1: Smart Price Ladder

Users no longer participate in launches or auctions at a single price; instead, they can bid at multiple price points.

Think of it as a spot order book to understand it better.

Rule 2: Higher Bidders Get More Quotas

The essence is still to incentivize users to bid at higher price points. It's reasonable to reward users who take on more risk.

Specific details on how the white rules and price ladder will be set up are still pending.

The founder of Byreal describes Byreal as a "permissioned DEX," essentially moving the centralized exchange launchpad + trading market + wealth management market onto the blockchain, with the platform curating projects and assets for users. The first phase's Fragmetric is also a high-quality VC coin. There will definitely be a wealth creation effect, but the characteristics of VC coins determine that the valuation discount won't be too much (otherwise, how would VCs make money?), so participation is recommended.

However, in comparison, I prefer the incubation approach of the Virtuals ecosystem.

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