- Bybit to offer its new Web3 Staking Pool ahead of Shanghai Upgrade
- Ethereum staking APR of up to 6.5%
- Bybit’s to accompany the upgrade with two trading events
Bybit, a renowned cryptocurrency exchange, has launched its new Web3 Staking Pool, offering optimized Ethereum staking options to users. This product has enabled users to take advantage of ETH staking in time for Ethereum’s much-anticipated Shanghai upgrade. The staking pool simplifies the process of adding liquidity to Curve Finance and can lead to an ETH staking APR of up to 6.5%. You can find out more about it here.
Bybit users can access staking products by using BTC, USDT, and USDC balances without buying ETH. Bybit is offering two trading events ahead of the upgrade, the ETH Shanghai Upgrade Trading Bash and Bybit’s Supreme Scorer 2023.
Simplified Web3 Staking Pool
Bybit’s Web3 Staking Pool simplifies the process of ETH staking and reduces the steps required to add liquidity to Curve Finance. Users can benefit from an ETH staking APR of up to 6.5% without buying ETH.
According to Ben Zhou, co-founder and CEO of Bybit, “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.”
What’s the Deal with the Shanghai Upgrade?
Ethereum’s Shanghai upgrade is a series of upgrades for the Ethereum network, which will have significant effects on the blockchain. The upgrade followed the launch of the Beacon Chain in December 2020, which marked the beginning of Ethereum’s journey towards PoS from PoW validation mechanisms.
The Beacon Chain coordinated user staking, which is only possible on PoS systems on Ethereum. Staking allows crypto holders to put their digital assets to work and earn passive income without selling their assets. However, the minimum amount of ETH required for staking was 32 ETH, making it inaccessible for most individuals. Liquid staking, which allows individuals to contribute smaller amounts of ETH, has made staking more accessible. The Shanghai upgrade will enable users to unstake their ETH.
Bybit’s Two Trading Events to Accompany the Upgrade
Bybit is hosting two trading events ahead of the Ethereum Shanghai upgrade, the ETH Shanghai Upgrade Trading Bash and Bybit’s Supreme Scorer 2023. The events kick off on April 4th at 10:00 am (UTC) and will run until April 21 and 25, respectively.
The ETH Shanghai Upgrade Trading Bash allows Bybit users to trade any ETH-related derivatives and share in a total prize pool of 450,000 USDC. The Supreme Scorer 2023 gives users the opportunity to predict the price movement of eight different ETH-related trading pairs and share in the 80,000 USDT bonus pool. Bybit’s trading events aim to provide users with more opportunities to benefit from the upgrade and grow their wealth in the Web3 era.
Wrapping up
Bybit’s launch of its new Web3 Staking Pool is great news for cryptocurrency traders and investors, providing them with optimized Ethereum staking options ahead of the highly anticipated Shanghai upgrade.
