Bitget Is About to Launch Bitcoin Improvement Proposals 1 (BIP1) on Launchpad with a BGB and Sunshine Pool

May 10, 2023 1:46 PM EDT | Source: ZEX PR WIRE

Victoria, Seychelles--(Newsfile Corp. - May 10, 2023) - Bitget announced Bitcoin Improvement Proposals 1 (BIP1) on Launchpad with a BGB and sunshine pool. BIP1 is a BRC20 token based on the Ordinals protocol. Representing itself as "Bitcoin's first improvement proposal," BIP1 symbolizes the continuous improvement of the Bitcoin network and is a testimony to the contributions of BRC20 to the Bitcoin ecosystem.

Bitget is about to launch Bitcoin Improvement Proposals 1 (BIP1) on Launchpad with a BGB and sunshine pool.

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BIP1 Launchpad details

Token: Bitcoin Improvement Proposals 1 (BIP1).
Total supply: 21,000,000 BIP1.
Launchpad volume: 2,100,000 BIP1 (10% of total supply).
BGB pool: 1,890,000 BIP1 (90% of Launchpad volume).
Sunshine pool: 210,000 BIP1 (10% of Launchpad volume).
Exchange rate: 1 BIP1 = 0.1 USDT (BGB price will be announced 3 hours before the snapshot period ends).

BGB pool

BGB pool volume: 1,890,000 BIP1.

Tickets: 18,000; 1 ticket = 105 BIP1.

How to participate:

Sign up for a Bitget account and complete KYC verification.
Log in on the Launchpad page and use the button to register.
Hold BGB in an asset account so that the average BGB holding volume can be calculated based on the snapshots taken from May 11, 3 PM – May 14, 3 PM (UTC+8).
An average BGB holding volume of at least 2000 BGB is required.

(1) No tickets will be distributed to accounts with an average BGB holding volume of less than 2000 BGB.

(2) For accounts with an average BGB holding volume of less than 2000 BGB, the balance will be shown under My BGB Holdings instead of Total BGB Holdings.

Users can see their account's estimated number of tickets during the snapshot period.

(1) Estimated/final ticket allocation = users' average BGB holdings ÷ total average holdings of all participating users × total Launchpad tickets in the BGB pool. The number of allocated tickets is always rounded down. If a user would be allocated 1.9 tickets, they are allocated 1 ticket. If a user would be allocated 0.5 tickets, they are allocated 0 tickets.

(2) Number of tickets that can be swapped per person: 1 ticket (105 BIP1) - 360 tickets (37,800 BIP1).

(3) The estimated tickets changes with the percentage of users' BGB holding volume during the snapshot period.

After the exchange period starts, users need to swap BGB to BIP1 on the Launchpad page manually. Bitget will announce the price of BGB three hours before the snapshot period ends.
Note that the snapshots of BGB holdings will be taken after successful registration. Make sure to register as early as possible. Users' average BGB holdings = Users' BGB holdings at the time of snapshot ÷ total number of snapshots. The total number of snapshots during the snapshot period is fixed. If registering later than the start time of the snapshot period, users may miss out on some snapshots.

Sunshine Pool

Sunshine pool volume: 210,000 BIP1.

How to participate:

Users who participated in the BGB pool but received less than 1 ticket can grab a share of the 210,000 BIP1 Sunshine pool after the results of the BGB holding pool are announced on May 14, 3 PM (UTC+8).
Each user can get up to 105 BIP1.
BIP1 rewards from the Sunshine pool will be automatically swapped with BGB. Details will be disclosed after the results of the BGB holding pool are announced on May 14, 3 PM (UTC+8). Users should make sure they have enough BGB to make the swap.

Bitcoin Improvement Proposals 1 (BIP1) Launchpad schedule

Promotion Phase	Date
Snapshot period	May 11, 3 PM – May 14, 3 PM (UTC+8)
Ticket calculation	May 14, 3 PM – May 14, 6 PM (UTC+8)
Ticket allocation announcement	May 14, 6 PM (UTC+8)
Token Swap	May 14, 6 PM – May 15, 2 PM (UTC+8)
BIP1 distribution	May 15, 4 PM (UTC+8)
BIP1/USDT spot trading launches	May 15, 6 PM (UTC+8)

About Bitget

Bitget, established in 2018, is the world's leading cryptocurrency exchange with futures trading and copy trading services as its key features. Serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. It also inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi, the leading Italian football team Juventus, and official eSports events organizer PGL. According to Coingecko, Bitget is currently a top 5 futures trading platform and a top 10 spot trading platform.

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