Web3 on Bybit is Now Live - Generating On-Chain Excitement with $200,000 in Rewards
Bybit, the world's second-largest cryptocurrency exchange by trading volume, has launched a groundbreaking new product: Bybit Web3. This innovative platform aims to empower builders, creators, and enthusiasts alike, enabling them to unlock the full potential of Web3.
Bybit Web3 offers a reimagined on-chain experience, boasting innovative offerings and a seamless user journey. The platform is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem.
Simplified On-Chain Trading and DeFi Experiences
Bybit Web3 is designed to simplify and enhance on-chain trading and DeFi experiences. Its core features include a Unified Trading Account (UTA), barrier-free on-chain trading, wide asset support, immediate transaction processing, and no external wallet or gas token management.
Unified Trading Account (UTA)
With the UTA, users can trade on-chain assets directly using their existing Bybit UTA with stablecoins (USDT, USDC) or Solana tokens (SOL, bbSOL) without the need to create or manage separate Web3 wallets or gas tokens.
Barrier-Free On-Chain Trading
Bybit Web3 removes the usual complexities of DeFi transactions by integrating core decentralized finance functions into the centralized platform, enabling seamless switching between centralized exchange (CEX) and decentralized exchange (DEX) activities.
Wide Asset Support
Bybit Web3 supports a curated list of popular Solana-based on-chain tokens, including TUNA, PUMP, FRAG, JLP, RAY, MOODENG, LetsBONK, TSLAx, MSTRx, SPYx, CRCLx, NVDAx, allowing users to directly buy and sell these tokens.
Immediate Transaction Processing
Trades on Bybit Web3 are processed in real-time, with immediate crediting of assets after successful transactions.
No External Wallet or Gas Token Management
The platform operates without requiring users to hold or manage private keys, external wallets, or gas for transactions. Bybit Wallet, which is custodial, manages keys securely on users' behalf, making it accessible even for Web3 newcomers.
Future Expansion and Incentives
Plans for future expansion include adding features such as on-chain liquidity staking and participation in Initial DEX Offerings (IDOs), aiming to broaden DeFi service accessibility. To promote adoption, Bybit Web3 launched with a $200,000 prize pool in task-based rewards and trading competitions to encourage user engagement.
Rewards in the Bybit Web3 events are distributed on a first come, first served basis. The Task-Based Rewards event includes simple tasks for participants to earn Lucky Draw Tickets, unlocking a 120,000 USDT prize pool by completing tasks such as making the first Web3 trade in any amount.
In the Performance-Based Competition, users can compete for top spots in the leaderboards by volume, with a chance to win up to 80,000 USDT. Bybit Web3 users are eligible for a limited-time prize pool of 200,000 USDT, distributed across two events: Task-Based Rewards and Performance-Based Competition.
Bybit Web3 allows users to navigate between the centralized exchange and Web3, trading various assets on the Solana network. The benefits of Bybit Web3 centre around bridging centralized and decentralized finance by providing a seamless, user-friendly interface that lowers traditional barriers to entry in Web3 trading and DeFi usage, targeting a global user base of millions while maintaining secure custody of assets and simplifying complex processes.
- Bybit's innovative platform, Bybit Web3, features a Unified Trading Account (UTA) that enables users to trade on-chain assets directly using their existing Bybit UTA with stablecoins or Solana tokens, eliminating the need for separate Web3 wallets.
- To foster adoption, Bybit Web3 launched with a $200,000 prize pool in task-based rewards and trading competitions, incentivizing users to engage with its features such as on-chain liquidity staking and Initial DEX Offerings (IDOs).
- Bybit Web3 operates without requiring users to manage private keys, external wallets, or gas for transactions, offering a simplified on-chain experience and making it accessible for Web3 newcomers.
