Sui has been added to Bybit’s newly established On-Chain Earn program, according to the cryptocurrency exchange.
Sui is presently the 20th largest cryptocurrency by market capitalization, and the exchange announced the increase of its On-Chain Earn offering on December 10.
Bybit’s On-Chain Earn platform supports well-known proof-of-stake cryptocurrencies like Ethereum and Solana and allows users to stake coins directly on the blockchain.
SUI staking has been added, allowing holders to participate in layer-1 blockchain security while receiving staking benefits. Joan Han, sales and marketing director of Bybit:
We are excited to enhance our On-Chain Earn platform with the addition of SUI staking. This staking initiative reflects our commitment to empowering users with innovative and accessible ways to grow their crypto assets.”
Bybit is starting a promotional event to commemorate this milestone, which will run until January 3, 2025, and offer a bonus pool of 12,000 SUI.
The bonus pool will be dispersed proportionately according to users’ staking quantities. To be eligible, users must have staked SUI on the On-Chain Earn platform for at least 24 hours.
Users’ funding accounts will receive additional tokens and staking incentives daily at 6:00 am UTC. After Bybit enabled support for SUI and made it a native pool token on the Bybit Launchpool, its price surged by double digits in October.
The integration of the Phantom wallet and support for USDC (USDC) were two of the triggers that caused the cryptocurrency to soar to a new all-time high of $4.46 on December 6. With a price of about $3.75, Bybit’s most recent announcement coincides with SUI reducing recent gains.
