Cryptocurrency Exchange Bybit Announces Launch of Web3 Pledge Pool Supporting ETH Option Before Ethereum Shanghai Upgrade

04/01/2023 09:17 • Blockchain Briefs • 89 views

It is reported that the Cryptocurrency Exchange Bybit announced the launch of a Web3 pledge pool that supports the ETH pledge option before the upgrade of Ethereum Shanghai. It is understood that its service does not require users to hold ETH, but can access the product using BTC, USDT, and USDC balances. （newsghana）

Bybit Launches Web3 Pledge Pool with ETH Pledge Option before Ethereum Shanghai Upgrade

Cryptocurrency exchanges have been embracing different innovative ways to provide their users with diversified digital investment options. Recently, Bybit, one of the leading cryptocurrency exchanges, announced the launch of its Web3 pledge pool that supports the ETH pledge option before the upgrade of Ethereum Shanghai.

Understanding the Web3 Pledge Pool

The Web3 pledge pool is a unique product that allows Bybit users to pledge their Ethereum coins to obtain WBTC, USDT, and USDC tokens as a reward. With the new ETH pledge pool, Bybit incentivizes investors to contribute their Ethereum coins and reward them with the said cryptocurrencies in a proportion of 1:1.

No ETH Required: Access Web3 Pledge Pool Using Other Cryptocurrencies

Through this initiative, Bybit is experimenting with a unique way of encouraging investors to leverage their Ethereum holdings to access other cryptocurrencies. The service does not require users to hold ETH but to use their BTC, USDT, or USDC balances to access the product. Bybit has made sure that the new initiative does not only accommodate Ethereum enthusiasts, but users from all corners of the cryptocurrency market.

How Bybit’s Web3 Pledge Pool Benefits Users

Bybit’s Web3 pledge pool offers multiple benefits to its users. To begin with, Bybit does not charge any transaction fees whatsoever for the service. This means that users can withdraw and deposit without incurring any costs. Secondly, Bybit assures its customers that their ETH holdings are safe and readily accessible whenever they choose to withdraw them. Finally, Bybit offers an impressive annual percentage yield (APY) on the Ethereum coins pledged by users, making it an attractive investment option.

Ethereum Shanghai Upgrade Triggering Bybit’s Ethereum Pledge Offering

The upcoming Ethereum Shanghai Upgrade has been one of the most significant events in the cryptocurrency market, much anticipated by investors worldwide. The upgrade is designed to transform the Ethereum network into a sustainable and more efficient blockchain platform. The upgrade is expected to benefit existing Ethereum holders and attract new investors to the network.
Bybit’s Web3 pledge pool offers investors a unique opportunity to contribute their Ethereum coins to the expected success of the Ethereum Shanghai Upgrade while also accessing diverse cryptocurrency options.

Conclusion

Bybit’s launch of its Web3 pledge pool supporting the ETH option before the Ethereum Shanghai upgrade offers an incredible opportunity for investors to leverage their Ethereum holdings and access other cryptocurrencies through BTC, USDT, and USDC balances. Bybit strives to make the service as user-friendly as possible, removing the need to hold ETH and eliminating transaction fees.

FAQs

1) Is Bybit a safe exchange to invest in?

Bybit is one of the most reputable and safe exchanges to invest in. They have earned a positive reputation for their unique product offerings and reliable platform.

2) Can I access the Web3 pledge pool without holding Ethereum?

Yes, you can access the Web3 pledge pool by using BTC, USDT, or USDC balances.

3) What is the annual percentage yield (APY) offered by Bybit’s Web3 pledge pool?

Bybit offers an impressive APY on the Ethereum coins pledged by users. Though the percentage varies, it is highly competitive compared to other investment options in the market.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/04/01/cryptocurrency-exchange-bybit-announces-launch-of-web3-pledge-pool-supporting-eth-option-before-ethereum-shanghai-upgrade/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.