Bybit, a cryptocurrency exchange, has launched a new feature: ‘Web3 Staking Pool’. The feature allows users to benefit from the exchange’s straightforward ETH staking opportunities in preparation for the highly anticipated Shanghai upgrade of the Ethereum network.
According to Bybit, the ETH/stETH Staking Pool is the first of numerous Web3 Staking Pools that will be introduced. The staking pool is based on Ethereum and allows users to stake their tokens and earn returns without incurring any opportunity cost.
Bybit noted that the pool is built with a low slippage and low fee algorithm and has been integrated with the Compound protocol and yearn.finance to increase returns for liquidity providers.
According to a report, the staking pool significantly streamlines the process of providing liquidity to the top decentralized finance protocol, Curve Finance. It reduces the number of steps required from 11 to only 3, resulting in savings on transaction fees.
Bybit users can access the product using their BTC, USDT, and USDC balances without purchasing ETH. With these improvements, Ethereum’s annual percentage rates (APRs) could reach 6.5%.
Bybit’s CEO, Ben Zhou, noted that the launch of the Web3 Staking Pool feature simplifies access to decentralized finance and enables users to earn higher rewards for their assets. He emphasized that by providing ease and clarity, users will have greater control over their fund management and wealth growth in the era of Web3.
According to Zhou, the upcoming ETH staking options closely integrated with trading and have high liquidity will create numerous fresh prospects for their users. In Zhou’s words:
“Essentially, we are offering single-sided staking, which boosts the APR of ETH.”
Meanwhile, Bybit announced its intention to introduce a new debit card product earlier this month. The new Bybit Card will allow customers to utilize their cryptocurrency balances for cash withdrawals and purchases.
The card will use the Mastercard network for fiat-based transactions, deducting cryptocurrency balances for the purchase of goods and services. The spending restrictions on the card will vary based on the amount of cryptocurrency a user has stored in their Bybit accounts.
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