Bybit's SOMI Token Splash Event Offers Users a Share of 5 Million Tokens
Bybit launched a SOMI token splash event on September 2nd, incentivizing user engagement with the Somnia blockchain by offering a share of 5,000,000 SOMI tokens.
Bybit Launches SOMI Token Splash Event
Bybit, the cryptocurrency exchange, initiated a SOMI Token Splash event on September 2nd, 2025, to promote the listing of SOMI, the native token of the Somnia blockchain, on its Spot trading platform. The event features a total prize pool of 5,000,000 SOMI tokens, valued at approximately $9 million USD based on the token's fair value of $1.79.
Event Details and Participation
The SOMI Token Splash event is divided into two parts, each offering different ways for users to earn rewards. The first event is exclusive to new users, providing them with 3,000,000 SOMI tokens. New users can earn 500 SOMI by completing registration, identity verification, and depositing at least 200 SOMI. Alternatively, they can deposit 100 USDT and trade 100 USDT worth of SOMI via their first trade using their Bybit account; however, only the first 6,000 new users to complete these steps will receive the reward.
The second event is a trading incentive, offering a 2,000,000 SOMI prize pool. Users who trade at least 500 USDT worth of SOMI on Spot during the event period can earn a share of the prize pool, with rewards capped at 2,000 SOMI per user. Both events run from September 2, 2025, to September 17, 2025.
Market Implications and Potential Impact
This event could increase demand for SOMI tokens and attract more users to the Somnia blockchain. The tokenomics of SOMI include allocations for community initiatives, ecosystem development, investors, advisors, launch partners, and the team. The community allocation, the largest, accounts for 27.925% of the total supply, with 10.945% unlocked at the Token Generation Event (TGE) and subsequent unlocks over 36 months. The strategic distribution of SOMI tokens aims to support various stakeholders and ensure balanced growth within the ecosystem. This initiative could increase the visibility of Somnia, a Layer 1 blockchain designed for high-performance applications, potentially impacting the broader Web3 ecosystem by showcasing the capabilities of new blockchain technologies. Somnia claims it can process over 1,000,000 transactions per second.
Somnia Blockchain Overview
Somnia describes itself as a high-performance, cost-efficient, EVM-compatible Layer 1 blockchain designed to power real-time applications such as games, social platforms, and metaverses. The mainnet launch of Somnia and its native token $SOMI on September 2, 2025, followed a six-month testnet phase where the network processed over 10 billion transactions, onboarded more than 118 million unique wallet addresses, and attracted over 70 ecosystem partners. The testnet achieved a peak of 1.9 billion transactions processed in a single day.
