In this tutorial, we’ll explore how you can complete a series of tasks in Mu Digital for the Bybit x Monad ecosystem airdrop.

In this tutorial, we’ll explore how you can complete a series of tasks on Mu Digital for the 

in the upper-right corner of the page to connect your preferred wallet (such as the Bybit Wallet). 

: You can proceed to mint muBOND with MON or USDC.

: Obtain at least one egg from the Mu Digital Easter Egg Hunt event. 

Beginner

mu digital tutorial.png

How to complete Mu Digital tasks for the Bybit x Monad ecosystem airdrop

In this tutorial, we’ll explore how you can complete a series of tasks in Cycle Network for the Bybit x Monad ecosystem airdrop.

In this tutorial, we’ll explore how you can complete a series of tasks on Cycle Network for the 

You’ll be interacting with Goose, a gamified DeFAI platform designed to make crypto investing more accessible and engaging. Built on Cycle Network’s powerful infrastructure, Golden Goose offers a seamless user experience, while Cycle Network handles the complex cross-chain processes behind the scenes.

 button at the upper-right corner of the page. 

: You can log in with your TikTok account or your wallet (such as your Bybit Wallet). 

If you choose to continue with TikTok, simply authorize TikTok to complete your registration.

If you choose to register with your wallet, simply connect your preferred web3 wallet to proceed.

: After you’ve completed your required tasks, navigate to the 

button in the upper-right corner of the page to connect your Bybit Wallet. Please 

 that this should be the same wallet you’ve used for this event.

: Once your wallet is connected, click on 

cycle network tutorial.png

How to complete Cycle Network tasks for the Bybit x Monad ecosystem Airdrop

In this tutorial, we’ll explore how you can complete a series of tasks in ChainPro for the Bybit x Monad ecosystem airdrop.

In this tutorial, we’ll explore how you can complete a series of tasks on ChainPro for the 

Task: Complete quests on ChainPro with your Bybit Wallet

 button at the top right corner of the page. 

: Sign in with your Bybit Wallet. If you don’t have a referral code, you can skip this step, but you can always add it later for boosted points.

: Once you’ve signed in, you’ll need to fund your ChainPro trading wallet. If you already have funds in your Bybit Wallet, you can click on the 

tab to fund your account from that wallet. Otherwise, click on 

tab to view available tasks to earn points. Once you’ve completed the tasks, you’ll be able to claim points.

: Bybit Wallet users get an exclusive 2x multiplier on their points!

chainpro tutorial.png

How to complete ChainPro tasks for the Bybit x Monad ecosystem airdrop

Quantoz Payments launches MiCA-compliant stablecoins—USDQ, EURQ and EURD—offering regulated digital payments and DeFi solutions within the EEA.

 have received widespread recognition and use in the crypto world, thanks to their ability to provide stability and certainty in an otherwise volatile trading environment. Assets like 

 have become the go-to tools for fiat-to-crypto and crypto-to-fiat transactions. However, for about a decade, stablecoin cryptocurrencies operated without defined regulation and oversight in the European market — which, incidentally, has always been characterized by high levels of regulatory control.

The first crypto-focused regulatory steps in the European Union (EU) were taken in 2023 when the European Parliament adopted the Markets in Crypto-Assets (MiCA) regulation. MiCA aims to provide guidance on the adoption of blockchain-based assets in the EU, and also deals with the specific topic of stablecoins. The regulation came into effect in December 2024.

Under MiCA, stablecoins and similar assets are largely defined under two categories — electronic money tokens (EMTs) and asset-referenced tokens (ARTs). One of the first companies to leverage MiCA to offer regulated stablecoin assets in the European market is the Netherlands-based Quantoz Payments, a provider of regulated, fiat-backed EMT assets — USDQ, EURQ and EURD. Backed by the euro or the US dollar, these stablecoins can facilitate payments, merchant adoption and 

 (DeFi) use cases in a compliant fashion within the EU and the European Economic Area (EEA) countries, which are the jurisdictions covered by MiCA.

 is a Netherlands-based fintech company that issues and supports the use of fiat-backed stablecoins, known as EMTs, under the MiCA regulation. 

MiCA — which was adopted by the European Parliament in May 2023 and came into effect in December 2024 — defines the regulation of blockchain-based assets and technology in the European Economic Area (EEA). Quantoz Payments is a subsidiary of Quantoz N.V., a software development company based in Utrecht, the Netherlands. Established in 2015, Quantoz N.V. identified the potential for regulated stablecoins in the European market well before the introduction of MiCA, and launched Quantoz Payments in 2021.

Quantoz Payments received an Electronic Money Institution (EMI) license from 

 (DNB), the Dutch central bank, which allows the company to offer services in the area of digital assets payment and management. The company specializes in offering stablecoins backed by established fiat currencies — the euro and the US dollar. 

Quantoz Payments maintains fiat reserves for its stablecoins via an independently managed entity, Stichting Quantoz. The independent nature of Stichting Quantoz ensures that the fiat reserves of the company’s stablecoins are adequately protected, and satisfy the necessary regulatory requirements.

Stablecoins offered by Quantoz Payments fall under MiCA’s definition of EMTs. In the section below, we’ll cover the precise differences between the two stablecoin types defined by MiCA, and why the assets offered by the company are classified as EMTs.

Quantoz Payments is one of the first and major providers of regulated EMTs within the EEA, which includes the EU’s 27 member states plus Iceland, Liechtenstein and Norway.

The Quantoz Payments project is funded by a group of investors that includes the London-based VC firm Fabric Ventures LLP, one of the leading 

 (CEX) platforms; Kraken; and Tether, the company behind USDT, the world’s most widely used stablecoin. As of early 2025, Quantoz Payments offers two euro-backed EMTs (EURQ and EURD) and one US dollar–backed EMT (USDQ).

Stablecoins, electronic money tokens (EMTs) and asset-referenced tokens (ARTs)

Stablecoins — crypto assets pegged to a major, established digital or fiat asset — have been part of the crypto trading scene for more than a decade. Many stablecoins are pegged to the US dollar, either by maintaining sufficient reserves of the greenback or by using some algorithmic mechanism that should, at least in theory, ensure their tight peg to the USD. For instance, the world’s top two stablecoins by trading volume, USDT and USDC, are both pegged to the dollar by holding fully backed reserves of it. Other stablecoins might maintain a peg to the euro, British pound sterling or some other popular fiat currency. You may also find stablecoins pegged to popular precious metals, such as gold or silver.

However, when the MiCA regulation was adopted in 2023, the specific term "stablecoin" wasn't featured in it to refer to a regulated asset. Instead, MiCA defines two types of assets usually referred to as stablecoins: EMTs and ARTs.

Under MiCA, an electronic money token (EMT) is a crypto asset that’s pegged to a single fiat currency. In contrast, an asset-referenced token (ART) is an asset that maintains a peg to multiple currencies. As such, the term stablecoin has no legal meaning under the EU’s primary crypto regulation; it’s now all about EMTs and ARTs.

MiCA also specifies a third category of crypto assets besides EMTs and ARTs: "other crypto assets." This category is essentially a catch-all for cryptocurrencies that don't track the price of a single asset or multiple assets — i.e., any non-stablecoin crypto.

All three cryptocurrencies offered by Quantoz Payments — EURQ, USDQ and EURD — fall under the definition of EMT. Notably, the stablecoins offered by Quantoz Payments qualify for EMT status since the company is registered in the EU as an authorized EMI. This means that the coins are recognized within the EEA as compliant assets. The recognition creates opportunities for using USDQ, EURQ and EURD in payment solutions, DeFi applications and other use cases within the EEA. As such, these assets can be used by traditional finance and retail entities in the region for their crypto-based operations.

In contrast, stablecoin assets provided by issuers who haven’t obtained an EU-based EMI license don’t typically enjoy the same status. In other words, while these assets might technically fall under the definition of an EMT or ART, they aren’t recognized in the EEA as fully compliant. This is the case, for example, with Tether’s USDT. Technically speaking, USDT satisfies the characteristics of an EMT. However, since Tether hasn’t obtained an EMI license anywhere in the EEA area, its USDT stablecoin isn’t recognized as an EMT under MiCA.

USDQ is a Quantoz-issued EMT backed by US dollar reserves. It maintains a tight 1:1 peg to the dollar. Quantoz holds 102% US dollar reserves for USDQ in order to comply with regulatory requirements and ensure rate stability. An 

 (ETH) in November 2024, just a month before the MiCA regulation fully became effective throughout the EEA.

USDQ has numerous use cases, including the following:

USDQ is listed on a limited number of exchanges. It’s 

, via the USDQ/USDT and BTC/USDQ swap pairs, for Bybit users in the Netherlands. For these users, USDQ is a great alternative to USDT since it allows them to conduct stablecoin-based crypto operations that are fully compliant with European laws.

EURQ is a euro-backed EMT offered by Quantoz Payments. It was launched on the Ethereum 

 alongside USDQ. The token’s use cases and operational mechanism are nearly identical to those of USDQ. The only exception is that EURQ is pegged to and backed by the euro fiat currency, instead of the US dollar.

EURD is another euro-backed EMT issued by Quantoz Payments. It was actually the first stablecoin asset launched by the company, back in October 2023. While EURQ and USDQ are Ethereum-based tokens, EURD is issued on the 

To obtain EURD, users need to send a fiat deposit to the Quantoz Foundation’s bank account. The foundation then notifies Quantoz Payments, and the company issues the requisite amount of EURD and sends it to the user's 

. Companies can create these wallets via the 

, available on the Google Play Store and Apple Store.

The EU's MiCA compliance and regulatory oversight rules have drastically changed European digital asset markets, including the niche of stablecoins. Sensing the opportunity, Quantoz Payments quickly identified the potential of compliant EMTs in Europe. In the space of slightly more than a year, between late 2023 and late 2024, the company launched all three of its EMT assets — USDQ, EURQ and EURD. Organizations in the region can now use these tokens to conduct their crypto-based transactions in a compliant way while also ensuring the financial stability of their funds and transfers.

Intermediate

usdq.png

Quantoz Payments: Introducing MiCA-compliant stablecoins USDQ, EURQ and EURD

Bybit Learn

Blockchain

Don't be caught off guard with inflationary tokenomics and low circulating supplies by learning about the importance of a crypto's fully diluted market cap.

When you're trying to predict a cryptocurrency's future success, knowing about the FDV can be helpful. Though fully diluted market caps aren't a common metric, they provide some useful insight. This guide will help you learn how to calculate and analyze fully diluted market caps so you can pick promising cryptos.

A token’s FDV refers to the token's market cap once all the tokens have been released. This metric lets you compute a project's future market cap.

The fully diluted market cap — also known as fully diluted valuation, or FDV — is a simple concept. It builds on the idea of a market cap, which means the total value of all crypto in a network at any given point. The FDV, however, looks at the future instead of the coins currently available. Compared to the traditional market cap metric, a crypto’s FDV tells you what the coin's market cap would be if all possible coins were issued.

Keep in mind that the fully diluted market cap doesn’t predict later prices. Rather, it sees how much the market cap would be if all tokens were available and worth the current market price. This is helpful because it makes it easy to see if a crypto is overvalued or undervalued. If the market cap changes drastically when supply is increased, it can be a sign that the coin's current value is incorrect.

What Is the Method for Calculating a Fully Diluted Market Cap?

Calculating FDV is elementary. Start by collecting two pieces of data: The maximum amount of tokens a crypto will release, and the current market value for a token. Multiply these two numbers together, and you’ll have the fully diluted market cap.

. Right now, there are roughly 18.9 million bitcoins in existence, but theoretically, up to 

 is $21,088 as of July 2022. Therefore, the fully diluted valuation would be roughly 442.8 billion. Ultimately, this FDV tells you what Bitcoin's market cap would look like if all 21 million Bitcoins were in circulation right now.

Remember that a fully diluted market cap is different from a market cap. The term “market cap” is used a lot, but it's not helpful for considering the future of a coin. It’s calculated by multiplying the current amount of coins by the price per coin, which helps to show the size and popularity of a cryptocurrency.

However, the biggest difference between market cap and fully diluted market cap is that a market cap doesn't indicate how the crypto's growth will affect its popularity. A fully diluted market cap gives you an estimate of how popular a crypto would be once all of its coins are released. Taking the time to calculate a crypto's fully diluted valuation allows you to consider what the coin's value might be like in the future.

Furthermore, using FDV crypto metrics alongside standard market cap gives a lot of insight into a coin's current valuation. Ideally, the difference between the market cap and the fully diluted market cap should be fairly low. A drastic difference indicates there’ll be a lot of inflationary pressure as new coins are released. This can be a warning sign that a coin's current value is overinflated.

The Dangers of High Fully Diluted Market Cap

To better understand why FDV crypto ratings are important, take a close look at the problems associated with an abnormally high, fully diluted market cap. Fully diluted valuations are mainly important when the rate is much higher than the current market cap. There's no set limit for when a fully diluted market cap becomes dangerous. However, the general rule of thumb is that an FDV of more than 10 times a token's current market cap is a warning sign. Excessively high, fully diluted market caps are associated with two problems.

A high ratio of market cap to fully diluted market cap is a problem because it shows the coin will be subject to inflation. Since crypto prices are determined by supply and demand, a coin that’s currently priced high but will soon have more tokens on the market is a risk. A high fully diluted market cap means current sellers have to pay a lot for a limited number of coins, but soon the market will be flooded with a large supply. This increase in supply tends to drive down the value of a coin unless it’s in high demand.. As past projects like TryHards (TRY) have shown, most cryptos with inflationary pricing schemes and tokenomics end up losing value very quickly.

Even if you don’t plan on keeping the crypto for years, a high fully diluted market cap can still cause issues. As the FDV crypto metric becomes more popular, more investors will use it to make their decisions. If a crypto has a high fully diluted valuation, many of these investors might assume it’s overvalued. This often encourages owners to sell their tokens. The high

, caused by a high FDV crypto rating, can affect current prices.

As you can see, the main issue highlighted by a fully diluted market cap is that a high FDV crypto rating often means the crypto has a low circulating supply. Does a low circulating supply with a high potential supply in the future automatically spell doom for a crypto? Not necessarily. Let's take a look at some examples from popular cryptos with high fully diluted valuations.

With a circulating supply of roughly 283 million and a total supply of over 377 million, 

 still has a lot of potential tokens to add to the market. With its June 2022 price of $20.95 per token, this means Avalanche has a

. This is roughly three times Avalanche's current market cap of $5.9 billion. Though the FDV crypto rating is on the high side, it hasn’t reached dangerous levels. Avalanche is an open-source, scalable crypto with many uses, so it's unlikely that extra supply will outpace demand. It's also worth considering that AVAX has had a slight dip in the past few months. As long as the price remains in the current dip, most investors still will consider AVAX to be a reliable investment option.

 is another example of a coin with a low circulating supply. Its 

, but less than half of that is in circulation. This has led to a very high fully diluted valuation. CAKE's market cap is $469 million, while its FDV crypto value is a little over $1 billion — a fairly drastic difference. The coin's sharp downturn makes it even more concerning. It's a fairly new coin that got a little buzz, but hasn't really delivered. With so many coins left to cause further inflation, most experts believe that CAKE no longer holds much promise.

 still has a lot of tokens left. So it's no surprise that its FDV crypto rating is far higher than its market cap. The current market cap as of June 2022 is $571 million, while its fully diluted valuation is a little over $2 billion. If you look at these numbers, Curve DAO seems like a poor choice, but it's worth noting that this token isn't just for trading. It's an Ethereum-based token that the stablecoin trading market, Curve, uses to swap between similar 

. Therefore, the coin has some uses that can make it helpful, despite the high fully diluted valuation. However, it's not a good coin for dumping all your investment money into.

Is Fully Diluted Market Cap a Good Valuation Metric?

The fully diluted market cap is certainly a valuable way of considering a coin's future. Unlike exchange flow metrics, it takes into account future coin supply. This helps you avoid making poor decisions because you didn't realize inflation was about to occur. Comparing the fully diluted valuation and the current market cap make it easy to notice when a coin's current price is a little too high. In most cases, coins with a high FDV aren't coins you want to put all your money into. Instead, you may want to consider selling before inflation reduces the worth of your current coins.

That being said, you can’t just look at the market cap versus the fully diluted market cap and make your decision. A high FDV crypto ranking isn't necessarily a death sentence for a crypto. As long as coin demand remains high, increased supply won't always tank the price. As we saw from our examination of high FDV cryptos, a few rare coins can keep going strong despite a high FDV. Furthermore, most fully diluted valuations aren't an accurate predictor of price. You should never make a decision by assuming the fully diluted valuation will be the true market cap in a few years.

This is why it’s essential to consider a coin's complete tokenomics. You need to take the time to analyze pricing data and learn how a coin really works. For example, looking at the core development team’s activity cases and use cases can help you notice if a coin is going to have helpful future applications that will increase demand. In the long run, FDV is a helpful tool, but it isn't a substitute for thorough research.

Ultimately, the FDV crypto metric is a useful way of seeing whether a coin might be overvalued. A high fully diluted valuation usually indicates that a coin might be harmed by inflation later on. However, it's important to keep in mind that the fully diluted market cap is only one part of the big picture. You also need to consider things like pricing history, industry interest and future project developments.

Fully Diluted Market Cap (FDV): Understanding a Token’s Value

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards