Leading crypto trading platform Bybit is hosting the Initial DEX Offering (IDO) for Slash (SVL), a decentralized payment protocol designed to transform how merchants and consumers use digital tokens for transactions. Immediately following the conclusion of the IDO, the SVL token will be listed on the Bybit spot exchange and made available for trading on April 29, 2024, at 10 am UTC.

To participate in the IDO, users must ensure they 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. The platform will conduct up to three daily snapshots to determine the eligibility of users. 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. Each winning ticket allows the holder to redeem SVL tokens worth 100 USDC from their Bybit Wallet.

Slash founder Shinsuke Sato expressed excitement for the IDO, stating, "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."

In addition to the Initial DEX Offering, Slash is enhancing its community engagement with a Genesis NFT Campaign. Participants who deposit on Bybit using Slash by 23:59 UTC+9 on April 26 will receive a Genesis NFT, which qualifies them for an upcoming SVL airdrop. The snapshot for this campaign will occur on April 26 at 00:00 UTC+9.

Slash sets itself apart by enabling seamless integration with third-party finance dApps and automating the token conversion process via smart contracts. This functionality allows merchants to accept a wide array of crypto payments directly, while users can enjoy the convenience of making purchases with almost any digital token.

By hosting the IDO and subsequent spot listing for Slash, Bybit aims to provide its users with access to innovative decentralized payment solutions, further expanding the range of opportunities within the rapidly evolving Web3 ecosystem.