The first launch project confirmed by Bybit Launchpad @byreal_io is Fragmetric (a Sol re-staking platform).

The launch rules of the Byreal Launchpad have been studied; if @virtuals_io's Genesis Launch achieved 'lowering the valuation of AI projects,' then Byreal attempts to 'launch on-chain projects with the IEO approach.'

Rule 1: Smart Price Ladder

Users will no longer participate in launches or auctions at a single price. Instead, they can bid at multiple price points.

Think of it like a spot order book to understand.

Rule 2: Higher Bidders Get More Quotas

The essence is still to incentivize users to bid at higher price points. It's not a problem to incentivize users who take on more risks.

Specific details on how the white rules and price ladder are set will be awaited.

The founder of Byreal describes Byreal as a 'permissioned DEX,' which means it has moved the centralized exchange launchpad + trading market + wealth management market to on-chain. The platform selects projects and assets for users. The first issue, Fragmetric, is also a high-quality VC coin. There will definitely be a wealth creation effect, but the characteristics of VC coins determine that the valuation discount won't be too much (otherwise how would VCs make money?), so participation is recommended.

However, in comparison, I prefer the incubation approach of the Virtuals ecosystem.