Bybit, a Dubai-based cryptocurrency exchange, is aiming for future opportunities expected from the Shanghai Upgrade to the Ethereum decentralized blockchain. On Friday, the exchange launched its new 'optimized' Web3 Staking Pool to give its users access to its “uncomplicated ETH staking options.”
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The Shanghai Upgrade, which is the first major development following the Ethereum Merge that was executed in September last year, is a hard fork on the Ethereum blockchain that will enable ETH holders to un-stake their assets for the first time. Initially, the upgrade was anticipated to happen this month but is now expected to happen next month.
ByBit Simplifies Liquidity Addition
In a statement, ByBit explained that its staking pool 'drastically simplifies' the process of adding liquidity to Curve Finance, an automated market marker and decentralized exchange. ByBit noted that its pool reduces the steps from 11 to just three, thereby saving transaction fees for users.
“The added benefits could lead to an ETH staking Annual Percentage Rate (APR) of up to 6.5%. And Bybit users don’t even need to buy ETH as the product can be accessed using BTC, USDT and USDC balances,” the United Arab Emirates-headquartered digital asset firm explained.
Speaking on the development, Ben Zhou, the Co-Founder and CEO of Bybit, noted that the cryptocurrency exchange intends to roll out “highly liquid and trading-integrated ETH staking options” during the expected period of the Shanghai Upgrade. This will open up the exchange’s users to “many new opportunities.”
“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,” Zhou added.
ConsenSys Targets Shanghai Upgrade
Meanwhile, ConsenSys, an Ethereum and decentralized protocols software company, recently launched the first marketplace for institutional cryptocurrency staking. This is because the company expects that the Shanghai Upgrade will boost institutional participation in ETH staking.
ConsenSys launched the marketplace under MetaMask Institutional, its multi-custodial institutional web3 wallet, in partnership with Allnodes, a non-custodian staking and blockchain node infrastructure provider; Blockdaemon, a blockchain infrastructure firm; and Kiln, an enterprise-grade staking platform.
This article was written by Solomon Oladipupo at www.financemagnates.com.
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