Bybit, a Dubai-based
cryptocurrency exchange, is aiming for future opportunities expected from the
Shanghai Upgrade to the Ethereum decentralized blockchain. On Friday, the
exchange launched its new “optimized” Web3 Staking Pool to give its users
access to its “uncomplicated ETH staking options.”
🔥 Bybit Web3 Staking Pools are officially LIVE!
🧐 Stake wBTC, ETH, stETH, USDT and USDC with low slippage and low fees to maximize your returns
😍 Earn Up to 6.5% APR With Your Bybit Wallet
👉 https://t.co/kOysihcCeb pic.twitter.com/RPopOnXXpA
— Bybit Web3 (@Bybit_Web3) March 31, 2023
The Shanghai Upgrade, which is
the first major development coming after the Ethereum Merge executed in
September last year, is a hard fork on the Ethereum blockchain that will enable
ETH holders to un-stake their assets for the first time. The upgrade, initially
anticipated to happen this month, is now expected to happen next month.
ByBit in a statement explained
that its staking pool “drastically simplifies” the process of adding liquidity
to Curve Finance, an automated market marker
and decentralized exchange. ByBit noted that its pool reduces the steps from 11
to just three, thereby saving transaction fees for users.
“The added benefits could lead
to an ETH staking Annual Percentage Rate (APR) of up to 6.5%. And Bybit users
don’t even need to buy ETH as the product can be accessed using BTC, USDT and
USDC balances,” the United Arab Emirates-headquartered digital asset
firm explained.
Speaking on the development, Ben
Zhou, the Co-Founder and CEO of Bybit, noted that the cryptocurrency exchange
intends to roll out “highly liquid and trading-integrated ETH staking options”
during the expected period of the Shanghai Upgrade. This will open up the
exchange’s users to “many new opportunities.”
“By introducing our Web3 Staking
Pool via a dedicated landing page, we are making it easier for users to
interact with decentralized finance and gain more rewards for their assets.
Essentially, we are offering single-sided staking, which boosts the APR of
ETH,” Zhou explained.
ConsenSys Targets Shanghai
Upgrade
Meanwhile, ConsenSys, an
Ethereum and decentralized protocols software company, also recently launched
the first marketplace for institutional cryptocurrency staking. This is as the
company expects that the Shanghai Upgrade will boost institutional
participation in ETH staking.
ConsenSys launched the
marketplace under MetaMask Institutional, its multi-custodial institutional
web3 wallet, in partnership with Allnodes, a non-custodian staking and
blockchain node infrastructure provider; Blockdaemon, a blockchain
infrastructure firm; and Kiln, an enterprise-grade staking platform.
Bybit, a Dubai-based
cryptocurrency exchange, is aiming for future opportunities expected from the
Shanghai Upgrade to the Ethereum decentralized blockchain. On Friday, the
exchange launched its new “optimized” Web3 Staking Pool to give its users
access to its “uncomplicated ETH staking options.”
🔥 Bybit Web3 Staking Pools are officially LIVE!
🧐 Stake wBTC, ETH, stETH, USDT and USDC with low slippage and low fees to maximize your returns
😍 Earn Up to 6.5% APR With Your Bybit Wallet
👉 https://t.co/kOysihcCeb pic.twitter.com/RPopOnXXpA
— Bybit Web3 (@Bybit_Web3) March 31, 2023
The Shanghai Upgrade, which is
the first major development coming after the Ethereum Merge executed in
September last year, is a hard fork on the Ethereum blockchain that will enable
ETH holders to un-stake their assets for the first time. The upgrade, initially
anticipated to happen this month, is now expected to happen next month.
ByBit in a statement explained
that its staking pool “drastically simplifies” the process of adding liquidity
to Curve Finance, an automated market marker
and decentralized exchange. ByBit noted that its pool reduces the steps from 11
to just three, thereby saving transaction fees for users.
“The added benefits could lead
to an ETH staking Annual Percentage Rate (APR) of up to 6.5%. And Bybit users
don’t even need to buy ETH as the product can be accessed using BTC, USDT and
USDC balances,” the United Arab Emirates-headquartered digital asset
firm explained.
Speaking on the development, Ben
Zhou, the Co-Founder and CEO of Bybit, noted that the cryptocurrency exchange
intends to roll out “highly liquid and trading-integrated ETH staking options”
during the expected period of the Shanghai Upgrade. This will open up the
exchange’s users to “many new opportunities.”
“By introducing our Web3 Staking
Pool via a dedicated landing page, we are making it easier for users to
interact with decentralized finance and gain more rewards for their assets.
Essentially, we are offering single-sided staking, which boosts the APR of
ETH,” Zhou explained.
ConsenSys Targets Shanghai
Upgrade
Meanwhile, ConsenSys, an
Ethereum and decentralized protocols software company, also recently launched
the first marketplace for institutional cryptocurrency staking. This is as the
company expects that the Shanghai Upgrade will boost institutional
participation in ETH staking.
ConsenSys launched the
marketplace under MetaMask Institutional, its multi-custodial institutional
web3 wallet, in partnership with Allnodes, a non-custodian staking and
blockchain node infrastructure provider; Blockdaemon, a blockchain
infrastructure firm; and Kiln, an enterprise-grade staking platform.