Bybit puts its money and faith in BitDAO and pledges recurring contributions now that its integration with the L2 Arbitrum network is complete.
The news about crypto derivatives exchange Bybit was two-fold Thursday, as the company announced via Twitter its $134 million contribution to the BitDAO Treasury in the form of Ether (ETH), Tether (USDT) and USD Coin (USDC), as well as the completion of the integration of Ethereum layer-2 solution Arbitrum.
Currently, BitDAO has one of the largest decentralized treasuries and it recently funded a $200M zkDAO to further build on zkSync and scale Ethereum. Bybit's investment attests to its confidence in BitDAO to lead and support DeFi projects. Bybit joins other backers such as Peter Thiel, Founders Fund, Pantera, Dragonfly and Spartan.
Bybit is proud to support https://t.co/GPkvYHJvAq. We have made a ~$134M contribution (in $ETH, $USDT and $USDC) to the @BitDAO_Official treasury, equivalent to 2.5bps of futures trading vol. between Nov. 1 and Dec. 31.
— BYBIT (@Bybit_Official) January 27, 2022
We pledge recurring contributions.
Related: Arbitrum network suffers minor outage due to hardware failure
Bybit's integration with Arbitrum will enable users to deposit and withdraw ETH, USDT and USDC on the Arbitrum network. Other benefits may include lower gas fees than those on Ethereum's mainnet, rapid throughput and decreased latency due to Arbitrum's optimistic rollups.
Ben Zhou, Bybit co-founder and CEO, said that his firm is able to deliver "next-level products and services" thanks to Arbitrum's "decentralized, developer-friendly and broad ecosystem support."
The Ethereum layer-2 scaling solution was developed to decongest the Ethereum mainnet. Arbitrum's current total value locked, or TVL, is $1.54 billion, according to DeFi Llama.
Related: Crypto derivatives can foresee price action but need institutional buzz to truly shine
Bybit also recently launched its own NFT marketplace that will give customers the choice to use their Bybit accounts to trade NFTs instead of having to link their personal wallet addresses.
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