Phase 1 - bYSL Presale Event
Are you looking to get your hands on some bYSL? Well, you’ll be glad to hear we are holding an exclusive presale event - the perfect opportunity for those looking to get their hands on bYSL before it's made available to the public.
But there's a catch. In order to access the presale, you will need to bid for a spot by taking part in the early access auction. This auction will only last for 24 hours, so it will be important to move quickly and ensure your bid(s) count.
The good news is that the auction will be fair - everyone will have a chance to bid for a spot, and whether you have access to the presale will depend on your bid(s) ranking. There will only be a maximum of 24 places available for the bYSL presale (one user granted access each hour of the presale event).
If you're the highest bidder of the early access auction, you'll be first in line to snap up bYSL when the presale begins. However, if your bid is lower down on the list, you will not be able to access the presale until later on. For instance, if you had the lowest bid ranking (24th) you’ll only have access to the presale once the 24th hour commences.
The presale will be your only chance to get bYSL at a low introductory price of $1.00. It's important to note that the price of bYSL during the presale is NOT fixed. Once the treasury-held BUSD balance exceeds 10,000 BUSD, the bYSL protocol price algorithm will be activated to determine the value of bYSL.
Simply put, as more purchases are made during the presale, the balance of treasury-held BUSD will increase, which in turn forces the price of bYSL to increase. So, if you plan to get in on the ground floor and acquire more bYSL, make sure you place a bid in the early access auction. But remember, you'll need to make your bid count - as there are only 24 limited spots in the presale!
- The early access auction is your chance to secure one of the 24 spots in the presale. By providing BUSD to secure a spot in the presale, you'll be able to get your hands on bYSL before anyone else.
- The BUSD you provide during the auction will not go towards the presale or influence the price of bYSL; it is simply to secure your spot in the presale.
- After the completion of the auction, BUSD acquired from the winning bids will be sent from the contract to the team and losing bidders will be able to reclaim their bid(s) from the contract. All bidders that are not in the top 24 will be considered losing bidders. When a losing bidder reclaims their bid - 100% of the BUSD they sent during the auction will be sent to their wallet.
- Each bid that is placed will need to be in increments of 1 BUSD and will need to be greater than the current highest bid.
- All BUSD that is sent as bids will be held on a custom-built contract created for the purpose of the early access auction.
- Participants will be able to increase their current bid during the auction by sending additional BUSD. Each bid placed will need to be greater than the current top bid, so when the user sends additional BUSD it would need to increase their current bid (cumulative BUSD sent by the user as bids) above the current top bid.
- For example, let's say your initial bid was 500 BUSD and the current top bid is 600 BUSD. If you wanted to up your bid you’ll need to place a bid that exceeds 600 BUSD. This means the minimum you’d need to send is 101 BUSD. This will bring your total bid to 601 BUSD and make you the new top bidder.
- When the auction ends the protocol will determine the rank of each participant by calculating the sum total BUSD they have sent to the contract. For example, if you initially sent a bid of 100 BUSD but sent an additional 100 BUSD towards the end of the auction to increase your bid, the protocol will determine your current bid as 200 BUSD.
- There can only be a maximum of 24 winning bidders.
- The top bidder will be granted access in the first hour of the presale, and each hour thereafter a bidder will be granted access based on their bid ranking.
- bYSL will only be available for purchase during the presale period for those that have placed a winning bid in the early access auction.
- The bYSL presale event will begin immediately after the 24-hour early access auction ends.
- bYSL will have an introductory starting price of $1.00 when the presale begins.
- The duration of the presale will be dependent on the total winning bids received during the early access auction. This will vary from a minimum of 0 to a maximum of 24, depending on the number of bids received during the early access auction.
- For example, if only 10 bids are placed during the auction, there will be 10 winning bids and the bYSL presale will run for 10 hours. However, if there were 30 bids received during the auction, there will be 24 winning bids and 6 losing bids, and the presale will run for 24 hours.