{"id":47420,"date":"2023-03-31T18:51:13","date_gmt":"2023-03-31T22:51:13","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=47420"},"modified":"2023-03-31T19:08:05","modified_gmt":"2023-03-31T23:08:05","slug":"bybit-launches-optimized-eth-staking-ahead-of-shanghai-upgrade","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bybit-launches-optimized-eth-staking-ahead-of-shanghai-upgrade\/","title":{"rendered":"Bybit launches optimized ETH staking ahead of shanghai upgrade"},"content":{"rendered":"\n

Bybit cryptocurrency exchange<\/a> has launched a web3 staking pool that users may use to take advantage of its Ethereum staking possibilities.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Bybit announced on March 31 that it had created a new staking product that makes it easier to interact with decentralized finance<\/a> (DeFi) protocols. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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).<\/p>\n\n\n\n

\n

\ud83d\ude09 Ready for the Ethereum Shanghai Upgrade?

Prepare yourself by discovering the most suitable staking approach here: https:\/\/t.co\/55c0XvF83A\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>#TheCryptoArk<\/use><\/svg><\/span><\/a> #NextLevelOpportunities<\/use><\/svg><\/span><\/a> #ETHShanghai<\/use><\/svg><\/span><\/a><\/p>— Bybit (@Bybit_Official) March 30, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

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.<\/p>\n\n\n\n

\n

\u201cThe highly liquid and trading-integrated ETH staking pool will be rolling out around the time of Ethereum\u2019s Shanghai upgrade [and] will open up many new opportunities for our users.\u201d<\/p>\n<\/blockquote>\n\n\n\n

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.<\/p>\n\n\n\n

The first proof-of-work<\/a> (PoW) execution layer of the Ethereum mainnet was introduced concurrently with the proof-of-stake (PoS) consensus layer known as The Beacon Chain.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":43,"featured_media":47422,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[662,128,13955],"class_list":["post-47420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-bybit","tag-ethereum","tag-shanghai-upgrade"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/03\/croc_1680296926635.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/47420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=47420"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/47420\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/47422"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=47420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=47420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=47420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}