Vybit is launching on Zignaly’s ZIGPAD + Vybit V2 and whitelisting
We would first like to give you an update on the transition of the $VI token from ERC20 to Solana via our community token swap powered by Liquid Exchange. The swap has successfully started and we are happy to see the amount of holders who have been sending their tokens to Liquid. As planned and announced in our last article dated January 24, withdrawals of the Solana native $VI token from Liquid exchange will start on the 28th of February.
Introducing our new partner: Zignaly
Now that the swap has taken place, we are happy to announce our partnership with social trading platform Zignaly. The purpose of the Zignaly platform is to connect everyday-users and investors with proven crypto traders in a facilitated system that allows consumers to reap the expertise, leverage, and scale of top traders and funds handling their assets — in return for a share of profits. Zignaly has seen their user base grow from 20,000 users to over 350,000 in the last 8 months, with over 300 professional traders managing these assets for a total volume of 4,000,000,000 USD in the past year.
Vybit launching on ZIGPAD
We are also excited to share that Vybit will be the very first token to launch on ZIGPAD, Zignaly’s new and much anticipated multichain launchpad, which has been launched in collaboration with some of our industry’s leading backers and VCs. This will allow for increased exposure to the Vybit platform given the size of Zignaly’s user base, and with the recent rise of SoFi in our industry as a whole, it is the starting point for further collaboration between Vybit’s social media app and Zignaly’s social trading platform.
Vybit V2 and whitelisting
As many of you know we have been performing much needed upgrades to the Vybit app so it is important for us to share some of those updates ahead of the release of our V2. With that said, access to the Vybit app will become whitelist-only until the release of Vybit V2. This will begin with the opening of a dedicated portal on our website where new users will be able to share their email address to receive an invitation and sign up to Vybit. This will be in the form of a unique invite code which you will be given to use when registering for Vybit. The link to access the whitelisting form will be shared via our official channels shortly, so keep an eye out for that.
Existing users of Vybit: in that same form, you will be requested to also provide your Vybit usernames as well as your Telegram and Discord @usernames in the form and you will be invited to join dedicated channels with our support team so that they can verify your profile and help you access the Vybit app to recover your account and all of your uploads, as well as to receive Vibes for your engagement on the app prior to this whitelisting event. If your account’s uploads or activity were found to violate and/or abuse the impact score system, you will not be granted a whitelist access.
For existing users who pass the whitelisting process, you will also be given a profile badge in Vybit V2 verifying you as a Vybit early supporter and receive a special NFT that will give you a lifetime Impact Score and Vibes-earning super booster to be used in Vybit V2. In the same way as our #Tag NFTs, this will be done by verifying you own the early supporter Super Booster NFT on our website portal, more details regarding this will follow closer to the launch of Vybit V2 and in the dedicated support channels mentioned above.
The reason for us moving to a whitelist model until the release of V2 is to foster an organic community growth on the app and ensure the most fair distribution of in-app Vibes. While diving into the history and details of accounts who have been using the platform, we have found extreme cases of abuse of the Vybit impact score rewards system, with many instances of users having created multiple accounts to artificially inflate their engagement metrics in hope of accumulating more/farming Vibes. This is due to the lack of a verification mechanism in the VID legacy systems and the solution to whitelist users until Vybit V2 is the best course of action. To better illustrate this, the team was even able to source an example for you, courtesy of a braggy farmer who even posted about their activity on a Vybit video:
We came to realise that less than 20% of total Vibes distributed to app users in the past 6 months were distributed to organic accounts, and that the other majority of rewards were being gobbled up by some of these accounts who were abusing our impact score system. This should no longer happen as we work to maximise benefit and value for you — the genuine and organic users who are reading this article and understand the power of our model to revolutionise the creator economy and build the social media of the crypto community.
With the introduction of the Vybit whitelist, we will create a very organic environment with our long-term dedicated users and supporters who have been using the app consistently and organically — the Vybit OGs — you know who you are and we thank you for bringing such entertaining, consistent and original content to the app everyday no matter what. This whitelist model will be running until our release of Vybit V2 which will integrate a verification feature whereby users/accounts wishing to withdraw their Vibes to $VI on our website portal will need to pass a verification process (via an Identity verification software compliant with European data protection regulations) to ensure Vibes are cashed-out to $VI in the most fair way possible. As we also firmly believe in decentralisation and appreciate many of you do not always enjoy verification processes, we will always make sure that the app remains open to access and use by anyone regardless of verification, which will only occur if and when users proceed to withdraw their earnings out of the Vybit app and into their Solana wallets.
Now that we’re talking about Vybit V2, why don’t we give you a much deserved preview of what’s coming?
Here we go:
Read more about Vybit’s launch on ZIGPAD here: https://medium.com/zignaly/zigpad-launches-the-first-project-vybit-vi-72678673be74