Bybit Concludes PUMP Token Airdrop Amid Technical Challenges

Bybit has successfully concluded the airdrop of PUMP tokens, marking the end of a highly anticipated event that saw significant user participation. The airdrop was part of a broader initiative by Bybit to reward its users, particularly those who made their first deposit during the promotional period. Users who were allocated PUMP tokens during the sale received their allocations, while those who were not allocated received a full refund. This move by Bybit aimed to address the technical issues that occurred during the token sale, which included an API delay that led to oversubscription and failed orders just seconds into the sale. The exchange initially blamed the glitch on Pump.fun but later revised its statement, taking responsibility for the technical difficulties.

The PUMP token sale, which ran from July 12 to July 15, 2025, offered 150 billion PUMP tokens at a price of $0.004 each. Users could purchase PUMP tokens using USDT, USDC, or SOL. The sale was oversubscribed due to an unexpected API delay, resulting in a portion of users successfully receiving their allocations while others did not. This oversubscription highlighted the high demand for the PUMP tokens, as buyers scrambled to secure allocations post-launch. The frenzied market conditions added to the challenges faced by exchanges, including Bybit, in managing the high volume of orders.

Kraken, another exchange involved in the PUMP token sale, also faced backlash due to technical bottlenecks that prevented some participants from completing their orders. The exchange identified affected users and pledged to compensate them directly with PUMP tokens sourced from the secondary market. Kraken's decision to airdrop tokens to users whose orders failed due to system constraints was a proactive measure to address the issues and maintain user trust. The tokens were trading around $0.0067 on the secondary market, notably higher than the $0.004 presale price, indicating strong market interest in the PUMP tokens.

The PUMP token sale was part of a broader ICO by Pump.fun, which raised roughly $450 million through its Solana-based ICO. Partner exchanges included Bybit, Kraken, KuCoin, MEXC, Gate, and BitGet. The ICO focused on the Asia-Europe region and offered airdrop rewards up to $2000 for early users and creators. The instant unlock feature of the tokens added to the appeal, allowing users to access their allocations immediately after the sale concluded. The airdrop campaign was part of Pump.fun's strategy to engage early users and creators, with further details to be announced soon.

In summary, Bybit's completion of the PUMP token airdrop signifies the end of a challenging but successful token sale event. The exchange's proactive measures to address technical issues and compensate affected users demonstrate its commitment to user satisfaction and trust. The high demand for PUMP tokens and the oversubscription of the sale highlight the growing interest in memecoin markets and the challenges exchanges face in managing such events.