- Bybit will offer its new Web3 staking pool ahead of Shanghai upgrade
- Ethereum staking APR up to 6.5%
- Bybit’s to accompany the upgrade with two commercial events
per bit, a renowned cryptocurrency exchange, has launched its new Web3 staking pool, offering optimized Ethereum staking options to users. This product allowed users to take advantage of ETH staking in time for the highly anticipated Shanghai Ethereum 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 read more about it here.
Bybit users can access staking products using BTC, USDT, and USDC balances without buying ETH. Bybit is offering two pre-upgrade trading events, the ETH Shanghai Upgrade Trading Bash and Bybit’s Supreme Scorer 2023.
Simplified Web3 staking pool
Bybit’s Web3 Staking Pool simplifies the ETH staking process and reduces the steps required to add liquidity to Curve Finance. Users can enjoy 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 through a dedicated landing page, we make it easier for users to interact with decentralized finance and get more rewards for their assets. Essentially, we offer one-sided staking, which increases the APR of ETH.
What’s wrong with the Shanghai upgrade?
The Shanghai Ethereum 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 to PoS validation mechanisms from PoW.
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, which makes 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 allow users to withdraw their ETH.
Two commercial events from Bybit to accompany the upgrade
Bybit is holding two trading events ahead of the Ethereum Shanghai upgrade, the ETH Shanghai Upgrade Trading Bash and Bybit’s Supreme Scorer 2023. The events will start on April 4 at 10:00 a.m. (UTC) and run through April 21 and 25. , respectively. .
The ETH Shanghai Upgrade Trading Bash allows Bybit users to trade all ETH related derivatives and share a total prize pool of 450,000 USDC. The Supreme Scorer 2023 gives users the ability to predict the price movement of eight different ETH-related trading pairs and share the 80,000 USDT bonus pool. Bybit’s business events aim to provide users with more opportunities to benefit from the upgrade and increase their wealth in the age of Web3.
Bybit’s launch of its new Web3 staking pool is great news for cryptocurrency traders and investors, providing them with enhanced Ethereum staking options ahead of Shanghai’s highly anticipated upgrade.
Edward is a finance expert who experienced the 2007 stock market crash first hand. In 2010 he discovered Bitcoin and has been a cryptocurrency advocate ever since.