Gas Fees: Why Do You Need to Pay Them for Bybit Web3 IDO?

With most financial transactions, one or both parties involved are responsible for various types of transaction fees. Likewise, when you complete a cryptocurrency transaction, you may be responsible for paying a similar type of transaction fee to the blockchain platform that’s used. In the case of the Ethereum blockchain, gas is charged.

What Are Gas Fees?

Gas fees are charged for all transactions completed on the Ethereum blockchain. They specifically cover the cost incurred by the blockchain for executing the requested transaction.

On the Ethereum blockchain, miners who perform necessary maintenance and security functions must be suitably compensated for their efforts. Ethereum originally charged gas fees to cover this important expense. In September 2022, the proof of stake (PoS) algorithm debuted. As a result, those who stake their ETH are now able to earn gas fees as a reward. The reward is determined by the quantity of ETH that a user has staked. Gas fees are also allocated to pay validators conducting transactions on the blockchain.

How Are Gas Fees Calculated?

The gas fee on a transaction is determined by the supply and demand for validation requests. Because of these variable factors, the fee fluctuates for each transaction. The gas fee on Ethereum is priced in gwei, which is a small, fractional amount of ETH (one-billionth, or “nano). 

You can calculate the gas fee by multiplying the gas limit times the gas price per unit. For example, let’s assume that the gas limit is established at 20,000, with the gas price set at 200 gwei per unit. To calculate the gas fee, you would multiply 20,000 by 200. In this case, the gas fee is 4,000,000 gwei, which is equivalent to 0.004 ETH.

Why Do You Need to Pay Gas Fees on Bybit Web3 IDO?

Those who stake their ETH and serve as validators on the Ethereum blockchain must be properly motivated to do so. Moreover, validators are essential to the blockchain’s functionality. Their motivation comes from the reward they receive via the gas fee. 

Bybit Web3 IDO specifically functions on the Ethereum blockchain. This means that all transactions completed using a Bybit Wallet are done so via Ethereum. As a result, a gas fee is required on the Bybit Web3 IDO. However, the gas fee will be paid for in tokens such as ETH, BNB and MATIC depending on the IDO project’s chain. 

Note also that more blockchains may be supported by Bybit Web3 IDO in the near future. Some of the other blockchains that you can access via your Bybit Wallet could soon include Polygon, Arbitrum and others.

A gas fee is usually paid for by the buyer. Because of this, a user must have sufficient assets in their Bybit Wallet to cover both the gas fee and the assets being sent. Using the ETH Gas Station, you can conveniently calculate the gas fee for a specific transaction upfront. Note, however, that the gas fee is constantly changing as it depends upon a multitude of factors. 

Gas Fees Comparison

Because of the gas fee associated with Bybit Web3 IDO, some users may be interested in exploring other IDO options before signing up for a Bybit account and setting up a Bybit Wallet. 

While the gas fees vary between the different IDO platforms, be aware that Bybit Web3 IDO is unique in one important area: The only requirements that must be met to register for a Bybit Web3 IDO project are to open a Bybit user account and fund a Bybit Wallet with the required funds depending on the IDO project. You can refer to the individual IDO project pages for more information on the subscription requirements. The gas fee is not required until the IDO has been claimed. This means that if you’re unsuccessful in winning the lucky draw, you won’t have to pay any gas fee.

For the first IDO project on the Bybit Web3 IDO Portal, Web3Camp requires users to have at least 300 USDT and 0.1 BNB in their Bybit Wallet to participate. For more details on how you can participate, check out the official IDO page for Web3Camp.

FireStarter

FireStarter operates on the Polygon network. Its network is designed to connect different types of Ethereum-compatible platforms. All transactions completed on the Polygon network are subject to a gas fee. 

FireStarter was among the first IDO launchpads, and was engineered with scalability in mind. As a result, it’s been able to adapt well to growth. In part, this growth has been on the backs of various influencers, celebrities and others, who have actively promoted numerous crypto projects in recent years.

BSCPad

BSCPad is a next-generation platform for the BNB Chain. Its IDO platform charges a gas fee on coins and NFTs when they’re deposited into a wallet, when an NFT is minted and when transactions are executed. BSCPad is popular among its users for its two-round allocation system, which ensures that all tiers receive a suitable allocation.

Seedify

Seedify is primarily used by cryptocurrency start-ups to raise capital. Before a project is offered to investors on Seedify, however, the platform’s community must take a vote. Projects that the community approves for IDOs on Seedify are placed in front of investors for consideration relatively early, well before their launch. 

Before investors can register for an IDO project, they first have to go through a KYC process with Blockpass, a third-party app that Seedify uses. Once this is done, users can connect their wallets and stake SFUND tokens.

TrustPad

TrustPad is a multi-chain platform that supports BNB Chain, Cardano, Polygon, Avalanche, Solana and Ethereum. It charges a 1% redistribution fee for all transactions and transfers, a portion of which is then allocated to TPAD holders based on their holdings on the platform. Gas fees for transactions are based on the exchange being used, and are subject to fluctuation based on various market conditions.

The Bottom Line

To participate in IDO projects with Bybit Web3, users aren’t required to stake or lock any assets. Couple this with minimal requirements to register— and Bybit Web3 IDO is a top option for your preferred IDO platform. Sign up for a Bybit account and set up your Bybit Wallet today!

Terms & Conditions

1. Participants must have a Bybit Wallet with a minimum of 300 USDT (BNB Chain) and 0.1 BNB (BNB Chain) to be eligible for the Bybit Web3 IDO.

2. KYC Verification of your Bybit Account is not required for participation.

3. To redeem allocated IDO tokens, participants will need to pay blockchain gas fees which may vary due to network conditions, and redemption will fail if there are insufficient funds.

4. Bybit reserves the right to the final interpretation of this event. If you have any questions, please contact our customer service.

5. Please update Bybit APP to version 4.9.0 or above.

6. Subaccount registration is not supported for IDO, users are advised to switch to main account and join.

7. Bybit reserves the right to disqualify any participants who engage in dishonest or abusive activities during the event, including bulk-account registrations to farm additional bonuses and any other activities in connection with unlawful, fraudulent, or harmful purposes.