Quality

love Bybit = love to be rekt We would not like to write only about provocative cases in crypto, but this is the only way to point out problems in the industry. Today we will talk about the top 3 CEX exchange @Bybit_Official and their pre-market. As you know, one of the main hits of this season is @Blast_L2. Therefore, many platforms added a pre-market of their token. For example, @aevoxyz, the pioneer of this market, opened the market back in November 2023. Since the premarket on Aevo is Perps, the platform indicated in advance that the calculation on the platform is based on the value of 1 billion Blast tokens. Thus, you can easily estimate the full capitalization and trade it. After some time, other daps and many CEXs opened the pre-market trading. Bybit stands out here as the large platform. They also decided to open the Blast market at the end of May. But there is a peculiarity: these are not Perps, but P2P of future tokens. However, there was an established Aevo pre-market with 1 billion supply, so users began to trade on Bybit based on these figures. You can look at the trading history and see that the price fully correlates with the chart on Aevo. At the same time, the volumes on Bybit were quite high. For example, these were the deals on Bybit: 2024-06-04 06:34:00 5,000 BLAST at 5.67 USDT = 28,350 USDT as well as many small ones in the range of 2-6$. All these 4 weeks, the price of Bybit coincided with the price of Aevo. Today it became known that most likely the supply of the Blast token will be equal to 100 billion tokens. This led to a sharp candle on the Bybit premarket and now the token price is equal to 0.04. Conservative result x0.01 for any size. Yes, rekt to -99%. Bybit support thoughtfully replies that we only provide a p2p exchange, take a 2% commission and are not responsible for anything else. You can write that users need to read the terms before taking action. And you will be right. However, this is a terrible precedent when such a large player opens a market where the supply is unknown. Can you imagine how you can trade a token without knowing its supply? How is this even possible? After all, the price can fluctuate hundreds or thousands of times. This is complete absurdity. But instead of opening a p2p premarket (not perp) after the announcement of tokenomics, exchanges are rushing for their commissions and do not care about their users. We are extremely disappointed with this policy of Bybit. They are trying to become a large player in the industry, but in fact they just want to collect commissions from you, and not create a fair market where the conditions are transparent. For example, when you go to the Blast premarket, you won't immediately find information about an supply until you accidentally click on a small, barely noticeable inscription with a dotted line, where a window with unknown supply will then drop down. Reminds us of our favorite footnotes in bank agreements, so that no one will see them. A great trick, because the main thing is that you trade. Therefore, it is quite easy to get confused, knowing about Aevo as an established premarket brand, on which this market has existed for six months. Don't treat your users like Bybit does: users are not a cash cow