Backstage With Ben Episode 28 ICYMI: 6th Anniversary Countdown & BTC All-Time High Celebration!
Bybit, one of the biggest cryptocurrency platforms, celebrates its 6th anniversary in the public cryptocurrency space. Bybit has come a long way, transforming the cryptocurrency world through visionary leadership, innovative products and impactful services for nearly 60 million users. This article recaps Backstage With Ben Episode 28 ICYMI: 6th Anniversary Countdown & BTC All-Time High Celebration with Bybit CEO Ben Zhou and Head of Spot and Web3 Emily Bao, joined by Eric, another ByBuddy.
Bybit 6th Year Anniversary
Bybit is turning six years old — and that means celebrations galore for the second-biggest cryptocurrency exchange by trading volume. The Bybit 6th Year Anniversary event, tagged #Super6Bybit, celebrates Bybit’s journey through the years and the Bybit users who give meaning to the exchange. Super6Bybit offers Bybit users the chance to unlock a portion of a 1.2 million USDT prize pool, space travel tickets, 1 gram of gold and other great rewards.
Bybit has achieved a lot this year, expanding its user base, reaching new ATH trading volumes and receiving operating licenses in several major jurisdictions, such as Argentina, Kazakhstan, Georgia, the Netherlands, Turkey, Dubai and Lithuania. It also hosted a gathering of crypto content creators, headlined the BGA Oscar Web3.0 Awards in Bangkok and trailblazed the web3 ecosystem with an increased market share among leading web3 blockchains.
Bybit Business Updates
Ben and Emily discussed key business updates for Bybit in 2024, highlighting its major progress, such as a 61% surge in monthly futures trading volume and reaching over $639 billion.
Bybit has also expanded the role of Shunyet Jan, Head of Derivatives, to Head of Institutional in order to drive institutional growth
Furthermore, Bybit announced a collaboration with NGO Admundi through its Blockchain for Good Alliance (BGA) initiative to help Spain’s recent flood survivors as part of its corporate social responsibility.
Bybit led and drove meaningful change at the BGA event and hosted the web3 Oscars, supporting the $100,000 hackathon to address poverty, global access to clean water and gender inequality.
Finally, Bybit hosted the inaugural Crypto Content Creator Campus (CCCC), attended by over 200 content creators for a three-day immersive experience.
Bybit Product Updates
Tools
Bybit’s TradeGPT has a new feature, CryptoLens AI. It’s an AI-powered tool for in-depth token analysis across six key dimensions: social engagement, team & funding, on-chain activity, token trends on Bybit, liquidity dispersion and token security. CryptoLens AI helps traders gain insights into markets and simplifies crypto analysis through data-driven reports.
Bybit Grid Bots Upgrade: Bybit has increased Grid limits for its bot, from 330 to 476 for the Spot Grid bot and from 400 to 909 for the Futures Grid bot. Spot and Futures VIP Grid Bots’ limits were also increased, from 588 to 1000 and from 1250 to 1667, respectively.
P2P and Card
Bybit updated the P2P ad section to make trades faster and more seamless. Traders can now set auto-prompts to get notified when selecting supported currencies for block trades. P2P ads are also now shown on both P2P and block trade pages, and orders above P2P limits are automatically redirected to block trade ads.
Bybit is also proud to announce the launch of the Bybit physical card in Argentina, just months after launching the virtual card. The physical card comes with various benefits, such as 30,000 Argentine pesos in the welcome offer, up to 8% APY, VIP rewards (like a 100% rebate on Spotify and Netflix), zero fees and free card issuance and delivery.
Spot Trading
Bybit launched its pre-listing pool, enabling multi-pool farming for new launch pools. Users can now gain early access to tokens before listing and stake tokens before or after listing. Snapshot frequency has been improved from daily to hourly. Bybit also launched ByVotes 2.0, which allows users to vote on which tokens they want Bybit to list. Users can hold stablecoins to earn votes, vote for projects and claim rewards and track activities in the user center for upcoming listings.
Bybit Earn
Bybit VIPs can now access Premium Wealth Management for maximum growth. All funds are managed by professional asset institutions for VIP 3+ users. The premium fixed income is for 160–180 days, featuring top-tier yields. Bybit users can also stake proof-of-stake (PoS) tokens, such as ETH and SOL, on-chain to earn more. Users can join the bbSOL On-Chain Earn Party, which is ongoing as of the time of this writing (Dec 9, 2024).
Derivatives
Bybit launched its pre-market for Perpetuals, shortened the call auction from 24 hours to 1 hour, and accelerated price discovery. Users should note that Bybit is transitioning the settlement currency for options contracts from USDC to USDT by January 2025. The new USDT-settled contracts will enhance liquidity for options trading.
Platform and Web3
The exchange trading platform has several crucial updates:
Simplified trading product categories: Spot, futures, options
Desktop/navigation revamp: Spot and Derivatives are now combined under the Trade menu
Traders can filter using settlement types (USDT, USDC, Inverse) and contracts (perpetual, expiration)
Personalized Product panel: Traders can rearrange, hide and show product tabs under the Trade page in the app. These changes are available from version 4.53, released in the second week of November 2024.
UTA System upgrade: Bybit is upgrading all accounts to the latest Unified Trading Account (UTA) from Oct 21 to Dec 16, 2024. Upgrade occurs automatically, but users who have requested exemption must upgrade manually by Dec 31, 2024.
Historical Inverse Trading data (PnL and Order/Trade History tabs) will no longer be available on the main trading platform interface from Dec 24, 2024.
There’s also an update on bbSOL, which is expanding to eight Solana DeFi partners to enhance DeFi yields and CEX utility. bbSOL is now available on the following Bybit CEX products: On-Chain Earn, Unified Trading Account (UTA), Crypto Loans, Spot, Spot Margin Trading, Convert, Flexible Savings and Institutional Loans.
GameFi SZN and Sui Wonderland Campaign
Bybit is giving $360,000 in airdrops to all participants @The Crypto Arkade for the GameFi SZN. In addition, Bybit is holding its Sui Wonderland campaign, which allows users to:
Discover and earn with projects like DeepBook, Scallop, Ondo and more.
Seamlessly swap tokens on the SUI network via Bybit DEX Pro and participate in Airdrop Arcade and Staking, all in one platform.
Earn a share of the 400,000 NAVX prize pool for staking SUI, USDC or vSUI.
Celebrate Bybit’s 6-year Anniversary Now!
Bybit is rolling out a $1.2 million prize pool to celebrate its 6-year anniversary at #Super6Bybit. The exchange has expanded its market reach, web3 dominance and trading volumes in 2024.
Bybit users can explore the Bybit 6th-year Anniversary event to unlock gifts and rewards.
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