Bybit cryptocurrency exchange has launched a web3 staking pool that users may use to take advantage of its Ethereum staking possibilities.
Bybit announced on March 31 that it had created a new staking product that makes it easier to interact with decentralized finance (DeFi) protocols.
Before, consumers had to go through eleven stages in order to contribute liquidity to Curve Finance. Bybit claims that the new device will condense the procedure to just three steps.
The cryptocurrency exchange further asserted that the new item might raise the annual percentage rate (APR) of ETH staking by as much as 6.5%. Moreover, Bybit claims that its users can enter the web3 staking pool using BTC, USD Coin (USDC), and Tether instead of having to purchase ETH (USDT).
Ben Zhou, co-founder and CEO of Bybit, claims that the company intends to introduce the new ETH staking option in time for Ethereum’s Shanghai update.
“The highly liquid and trading-integrated ETH staking pool will be rolling out around the time of Ethereum’s Shanghai upgrade [and] will open up many new opportunities for our users.”
By April 12, 2023, the Shanghai upgrade, a planned hard fork, is expected to take place. From December 2020 on, validators will be able to withdraw ETH staked on the Beacon Chain thanks to the implementation of EIP-4895.
The first proof-of-work (PoW) execution layer of the Ethereum mainnet was introduced concurrently with the proof-of-stake (PoS) consensus layer known as The Beacon Chain.
The Merge, which unified the two layers, made Ethereum fully proof-of-stake and reduced its energy consumption by at least 99.5%, and the Shanghai update are only a few months apart.
The upgrade is also anticipated to increase the utility and liquidity of staked ETH (stETH), which makes up approximately 14% of total ETH or 16 million tokens.
In addition to the ETH staking pool, Bybit announced it would hold two trading events in April with a Shanghai upgrading theme. Bybit’s derivatives traders will compete in the first event, dubbed “Shanghai Upgrade Trading Bash,” for a chance to win a portion of a 450,000 USDC prize pool.
All Bybit users will be able to participate in the second event, dubbed the “Supreme Scorer 2023,” where they will have the opportunity to win a on portion of the 80,000 USDC bonus pool.
