Vidsters out. Vibers in!
We are happy to announce that VID’s relaunch and rebrand to Vybit is now complete. Our new social media apps have been released on the Google Play and Apple App stores this week, the $VI token has been relaunched on Solana’s DEX Raydium at the end of November, and we can’t wait to finally begin sharing more information, news and official announcements with our community starting today.
From the start of VID’s acquisition process, we have been working to ensure a seamless transition between teams and user experience, and hope you will be happy with how it all turned out, we certainly are. Vybit’s smart contracts have now been built on the Solana ecosystem, so you can expect transactions to now be lightning-fast and cost-effective.
With our improved architecture, new team members, a finely-tuned mission and objectives, and pinpoint strategies to achieve them, we intend to take Vybit past market cap that VID once hit while trading on KuCoin, and grow it into the pioneering blockchain enabled social media platform it has the power to become.
How Vybit Works
The inner workings of Vybit are straightforward and remain unchanged from the VID concept. They are based on a fair and efficient transfer of value between all categories of users, with only three steps needed to move from engaging and creating content to earning:
Users are given Vibes daily to interact with the community based on their Impact Score which is calculated through five engagement metrics, learn more about this on Vybit.app/resources. Every time you interact with creators’ content by pressing the Vibe (ie. Like) button, you send them Vibes. You also get Vibes when other users like your videos.
- Accumulated Vibes can then be redeemed for $VI (The Vybit token), the native cryptocurrency of our ecosystem. The exchange is made possible by the off-chain interaction between a smart contract and the app’s Vibes (in app-coin) database. The conversion of Vibes to $VI has a set ratio whereby 1000 Vibes are equal to 1 $VI. You can also use your Vibes to have your content featured at the top of the explore page on the app for increased visibility and hits to earn even more Vibes.
- You can convert your $VI tokens to any crypto or local currency of your choice at any time via our partner exchanges or DEXs. Despite the simplicity of the rewards and Vibes mechanism, a user’s earnings are determined by their reach, audience engagement, consistency with content creation, view count, and how active they are. Together, these define the user’s engagement and contribution to the ecosystem which is measured as their impact score.
$VI Token Relaunch on Solana
Vybit officially launched on the 18th of November, and its token, $VI, was listed on Solana’s Decentralized exchange (DEX) Raydium at a unit valuation of $0.20. An initial liquidity of 250,000 USDC was provided together with 1.25M $VI tokens. We are now working to open liquidity mining on Raydium shortly.
Details on the Solana Vybit $VI token
Raydium (Solana DEX) trading pair:
If you are looking to swap SOL or USDC for $VI tokens on Raydium, you will need to use and connect a wallet supporting the Solana network, such as Phantom or Solflare.
Token allocations and Swap for ERC20 token holders
- The maximum Supply of $VI remains 888,888,888
- The total circulating supply at relaunch is now 77,777,777 for which the allocations have been detailed in the spreadsheet and pie chart above.
Detailed instructions for ERC20 token holders to swap their tokens will be provided in our next article to be published on the week starting December 13 to complete the information which has currently been shared on our official telegram and discord groups.
Relaunch of the app to match the new Vybit brand.
To complete the relaunch and rebranding from VID to Vybit, updated versions of the app on Apple and Android have been released this week. You can download or update your app using the Google Play and App Store links below.
Download the Vybit app on iOS (Apple App store): https://apps.apple.com/app/vybit-formerly-vid/id1494385615?l=en
Download the Vybit app on Android (Google Play store): https://play.google.com/store/apps/details?id=io.vidcamera