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Bybit Introduces BTC, ETH, BIT Liquidity Minning Pools

www.financemagnates.com 19 May 2022 20:52, UTC
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Bybit, the cryptocurrency exchange that recently moved its headquarters from Singapore to Dubai, the United Arab Emirates (UAE), launched new liquidity mining pools on Thursday.

According to a press statement by the company, its users can now access Bitcoin (BTC), Ether (ETH), and BitDAO (BIT) liquidity pools all paired with the stablecoin, Tether (USDT).

Bybit said its users could deposit funds and earn up to 30% annual percentage yield (APY) through the new pools.

The exchange explained, “Liquidity providers in all 160 countries where Bybit operates will be able to add one or both sides of the liquidity pair.

“The pool will automatically rebalance the assets and minimize the risk of impermanent loss. Liquidity providers will earn rewards in USDT that can be credited to their accounts or reinvested in the pool to increase rewards.”

Ben Zhou, co-founder and CEO of Bybit, noted the new pools mark another milestone in the company’s step towards sharing growth opportunities with its community who believe in the future of DeFi and personal financial freedom.

Features of the New Pools

According to Bybit, the pool will enable its users to swap between assets without needing to exit the platform and with minimal slippage.

Users could also deploy leverage to increase their share of the pools and maximize their yields, the company said.

“Our leverage feature allows users to access greater yields using their funds as collateral. Users can manage risks and safeguard themselves against excessive losses with multi-layered liquidation protocols to ensure safety and fairness across all Bybit trades, every step of the way,” Bybit further said in the statement.

Additionally, the exchange said it has strategies to help users lock in profits and limit losses based on market movements as well as real prices that protect users against market manipulation.

There is also has an insurance fund that protects traders from negative equity and significant losses beyond their position margin, Bybit noted. 

Expanding Bybit

Bybit had previously said that it was going to expand its product line by offering cryptocurrency options trading alongside its existing line of perpetual and expiration futures contracts.

The company also recently received in-principle approval to conduct ‘virtual assets business’ in Dubai, the UAE.

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