Bybit, a Singapore-based cryptocurrency exchange, has announced the launch of a new staking pool for Ethereum, just in time for the upcoming Shanghai upgrade. The new staking product is designed to simplify interaction with DeFi protocols and improve the annual percentage rate (APR) of ETH staking by up to 6.5%.
Streamlining Liquidity Provision for DeFi Protocols
According to Bybit, users previously had to complete 11 steps to add liquidity to Curve Finance. However, the new staking product reduces the process to three steps, making it much easier for users to participate in Ethereum staking. Bybit’s CEO, Ben Zhou, says the company plans to roll out the new ETH staking option to coincide with Ethereum’s Shanghai upgrade.
Staking ETH Without Buying It
Bybit has also made it possible for users to access the web3 staking pool without having to buy ETH. They can use BTC, USD Coin (USDC), and Tether (USDT) instead. By offering this option, Bybit aims to make staking accessible to a wider audience.
Shanghai Upgrade to Improve Staked ETH Usability
The Shanghai upgrade, set to occur by April 12, 2023, is a planned hard fork that will allow validators to withdraw ETH staked on the Beacon Chain since December 2020. The upgrade is expected to improve the liquidity and usability of staked ETH (stETH), which accounts for about 14% of all ETH or 16 million tokens.
Bybit’s Shanghai Upgrade-Themed Trading Events
In addition to the launch of the ETH staking pool, Bybit has also announced two Shanghai upgrade-themed trading events. The first event, called the “Shanghai Upgrade Trading Bash,” is for Bybit’s derivatives traders, who will have the opportunity to win part of a 450,000 USDC prize pool. The second event, known as the “Supreme Scorer 2023,” is open to all Bybit users, who will have a chance to share in an 80,000 USDC bonus pool.
Bybit’s move to launch a web3 staking pool for Ethereum is a significant development in the cryptocurrency space, as it makes staking more accessible to a broader audience. The Shanghai upgrade is expected to improve the usability of staked ETH, making it an excellent time for Bybit to launch the product. With the two trading events also scheduled, it will be exciting to see how this development will impact Bybit’s user base and trading volume.
