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Ethena (ENA) Labs Integrates with Major Exchanges for Reward Program

Recently, Ethena Labs, a company that specialises in the development of synthetic dollars, made an announcement on its integration with major centralised exchange wallets such as Binance, Bybit, OKX, and Bitget. The purpose of this integration is to make it easier for users to participate in Ethena’s rewards programme and to increase the platform’s popularity among members of the decentralised finance (DeFi) community.

Ethena Labs is providing a reward increase of twenty percent to customers that lock their USDe stablecoins for a period of seven days or more using exchange Web3 wallets. This is done as an incentive for users. At the conclusion of each campaign, these incentives, which are referred to as “Ethena sats,” have the potential to be turned into the native ENA token of the system. Through the integration of well-known exchange wallets, Ethena Labs intends to simplify the process by which users may take part in the rewards programme and gain extra advantages.

In the present moment, the Ethena DeFi protocol has a total value locked (TVL) of $2.274 billion, which results in an annualised income of $178 million. Since the start of Ethena Staking Season 2, the incentives that are offered by the protocol’s ecosystem have garnered a large amount of interest and applications. Lookingonchain, a company that specialises in blockchain analytics, reports that the top 10 wallets have staked 37.5 million ENA, which is equivalent to 51 million United States dollars.

Shortly after its inception, Ethena’s USDe stablecoin has swiftly become the fifth-largest stablecoin in the market. This is a testament to the rapid growth of the USDe stablecoin. In the beginning, the system provided a high annual percentage yield (APY) of 67%; however, at the present time, it offers an APY of 24% on stablecoins. Concerns have been expressed, however, about the mechanism’s potential to continue operating in the long term. Guy Young, the inventor of Ethena, has addressed these issues by underlining the fact that the yields of the protocol are organic and sustainable. These yields are obtained from a variety of sources, including Ethereum incentives, execution fees, and trading profits.

Ethena’s popularity and use within the DeFi community are anticipated to increase even more as a result of its integration with big centralised exchange wallets. Ethena Labs’s goal is to raise the total value locked in the protocol by increasing the number of users who participate in the rewards programme by making the process of participating in the programme easier.

Image source: Shutterstock

Crypto Exchange Bybit and E-sports Organization Astralis Reach a Three-year Cooperation Agreement

The cryptocurrency exchange Bybit announced a three-year cooperation agreement with the e-sports organisation Astralis, aiming to expand the connection of cryptocurrency in the e-sports industry.

The official announcement stated that the Bybit’s logo would be shown on the front of Astralis’ counter-strike jersey and displayed in digital form on its streaming media platform twitch.tv and social media platforms. This collaboration aims to strengthen ties between the fastest-growing shared population communities.

Ben Zhou, the Co-Founder and CEO of Bybit, said that the cryptocurrency industry has a special connection with the e-sports industry-both are in a stage of rapid growth and are highly competitive. He commented on this cooperation:

“We are extremely proud of teaming up with an organization like Astralis, who for years have been a dominant factor in esports and who have significantly contributed to a more positive view of esports and gaming.”

Through the interaction between player jerseys and digital platforms, Bybit will also actively participate in joining player participation, carbon neutrality initiatives, financial education, and related publicity activities in the next few years.

Meanwhile, the co-founder and CRO of Astralis Jakob Lund Kristensen revealed that this cooperation is an important transaction regardless of the number of funds or the brand. Both sides aim to support the enthusiasm of the game, stating that:

“It is the largest partnership deal we have entered to date, and just as important, the purpose of the agreement and activation around it is almost the perfect match with ours.”

Part of the transaction agreement also includes Astralis’s delivery of e-sports talent to the upcoming World Series of Trading (WSOT) held by Bybit.

WSOT is an annual gamified cryptocurrency trading competition hosted by Bybit. Astralis will announce the captain of the WSOT 2021 force on its official social media today, on August 24.

This year, group and single players will compete for a prize pool of up to $7.5 million, about five times the previous year’s sum.

Bybit Launches $BIT Token Listing

On Friday, Singapore-based cryptocurrency exchange Bybit announced its first token, called “$BIT”, on its Bybit Launchpad platform.

Bybit’s listing of BIT will include the launching rewards and free giveaways for participants. Bybit said the Launchpad is open to its users who have completed know-your-client (KYC) L1, ensuring compliance fulfilling local regulatory requirements.

The crypto exchange said the Launchpad is designed to help connect innovative crypto projects and users who may be interested in gaining exposure to promising projects while protecting users and projects alike.

“We at Bybit are constantly inspired and amazed by the intrepid and imaginative experimentation in the crypto space and the talented and committed folks working for a better future of finance,” said Ben Zhou, co-founder and CEO of Bybit.

According to the statement, BIT is the native token of BitDAO, one of the world’s largest Decentralized Autonomous Organizations (DAOs) that aims to allocate massive financial and talent resources to support DeFi growth.

Bybit is an initial proponent of BitDAO and has pledged to contribute 2.5bps of futures trading volume to BitDAO’s treasury. The contribution, at 2021 rates, is projected to exceed $1 billion per year. The BitDAO treasury balance stands at more than $540 million as of Sept. 16.

The crypto exchange was founded in 2018, providing online spot and derivatives trading services, cloud and DeFi mining products, as well as API support to institutional and retail clients, according to their official website.

Bybit is actively expanding its business to different sectors. Last month, the crypto exchange platform has reached a three-year cooperation agreement with e-sports organisation Astralis by displaying its logo for exposure, in the hope that to expand the connection of cryptocurrency in the e-sports industry.

Twitter Launches Verification Mechanism for NFT Avatars; Bybit Demonstrates Ambition on NFT Marketplace

Twitter announced Thursday that it was rolling out an official verification mechanism for NFT avatars, allowing some users to set the NFTs they own as their profile picture.

The Twitter avatar of the verified NFT will be different from the normal avatar. The new NFT avatar will get a nice hexagonal border instead of a circle, thus denoting ownership on the blockchain.

Meanwhile, users can click on them to get more information about the artwork, including its creator and listed location.

With a right-click, Twitter verifies someone’s ownership of an NFT by linking the person storing the NFT’s digital wallet to their Twitter account.

The new feature is currently available to Twitter Blue subscribers using the iOS app for $2.99 a month in the US, Canada, Australia and New Zealand.

Last year was the year when the NFT market exploded, The explosion in popularity of non-fungible tokens (NFTs) topped its sales to some $25 billion in 2021, data from market tracker DappRadar showed.

Back last year, As reported by blockchain.News on July 6, 2021, Twitter reportedly developed non-fungible tokens (NFT) feature on its app, due to In recent months, a large number of other NFT characters such as the popular “Boring Ape” character have appeared on Twitter as people’s avatars.

Apart from Twitter inc, which is working hard to gain a foothold in the NFT arena, Singapore-based exchange Bybit announced Friday to launch an NFT Marketplace, a platform that aims to streamline digital ownership and support the development of blockchain gaming and the metaverse.

Source: Bybit

Per its press release, the Bybit NFT marketplace enables clients to conduct multi-chain transactions, which is “making it easy for everyone to participate in the exciting NFT, GameFi, and metaverse marketplaces.”

Bybit users will not be required to link their personal wallet addresses to the platform. Clients can buy, sell or trade NFTs on the Ethereum ERC-721 standard through their spot accounts.

Ben Zhou, co-founder and CEO of Bybit, said “we are excited to provide a premier NFT platform for Bybit users, so they can be part of the creation of a new marketplace and new world called the metaverse,” adding:

“While some may be sceptical of the investment value of NFTs, it remains a fact that NFTs not only make it possible for everyone to participate in and appreciate digital ownership but also enable artists and creators to exercise control over the ownership of their work,”

Bybit said the partnership also pairs with Monsters Galaxy, ONBD and REALY, Bybit will be responsible for the curation and to release unique NFTs of high value from up-and-coming artists, renowned celebrities as well as athletes.

Speaking of the participation of NFTs marketplace, Italian luxury car manufacturer Lamborghini launched its own NFT collection Thursday to cement its foothold in the emerging digital art world.

In September last year, Twitter Inc was reportedly testing the ability to tip users using Bitcoin cryptocurrency via Lightning Network app Strike. Twitter is developing the groundwork to enable bitcoin tipping for content creators.

Bybit Pairs with Cabital, Providing Trading Service for Crypto

Singapore-based cryptocurrency exchange Bybit has announced a partnership with Cabital, the world’s leading digital financial institution.

The partnership aims to integrate Cabital’s fiat on-ramp, allowing Bybit cryptocurrency trading platform users to directly use EUR and GBP, two fiat currencies, to buy cryptocurrencies with lower costs of gas fees.

Bybit also said no additional deposit fees for transferring cryptocurrencies between Bybit and Cabital wallets.

The partnership is the first to use its fiat ingress and egress infrastructure for cryptocurrency transactions. This widens the entry points for users who want to step into the cryptocurrency space and diversifies their investment portfolios.

Ben Zhou, co-founder and CEO of Bybit, said he was looking forward to the new cooperation with Cabital, adding that:

“We at Bybit are thrilled to embark on this new partnership with Cabital, and look forward to empowering folks from all walks of life in realizing their financial goals through crypto. Let’s revolutionize the industry together.”

Raymond Hsu, co-founder and CEO of Cabital, said that the partnership could help bybit users more secure and seamless through the off-chain settlement mechanism with Bybit, resulting in high gas fees and providing customers with more competitive prices.

Bybit Secures Multi-Year Partnership Deal with Red Bull

Following a 3-year deal, Singapore-based crypto assets trading platform Bybit has become the Principal Team Partner for Oracle Red Bull Racing, one of the most successful Formula 1 teams.

As announced by Red Bull, the deal is worth $50 million annually and will be paid in cash and the trading platform’s native token, the BitDAO (BIT) tokens.

Bybit will form a major part of the Red Bull innovation team and help champion several initiatives in two primary ways, exclusively as the Cryptocurrency Exchange Partner and as the Team’s Tech Incubator Partner. Bybit will assist in coordinating “a range of crypto-inspired initiatives from crypto-literacy to promoting the growth of green technologies.”

Both Bybit and Red Bull will also be engaged in the “promotion of sustainability, diversity, STEM careers and recognition and support for women in blockchain as well as to introduce coding to new audiences.”

“It’s fitting too that, as we enter a new generation of competition of F1 in 2022, with an advanced and potentially game-changing new philosophy of cars taking to the track, that Bybit also exists at the cutting edge of technology. They share the Team’s passion to exist at the forefront of technological innovation, to set the competitive pace, and to disrupt the status quo,” said Oracle Red Bull Racing Team Principal and CEO Christian Horner.

Bybit will help the team in developing and distributing its fan tokens. As the tech incubator, Bybit will also be tasked with managing the team’s Non-Fungible Token (NFT) collections.

It is not uncommon to find a digital assets trading platform inking a sponsorship deal with a Formula 1 team. Crypto.com was the first digital assets exchange service provider to ink a related deal with an F1 team when it secured a sponsorship deal with Aston Martin last year. The embrace of racing sports teams is growing as the go-to strategy to push crypto’s publicity into the global limelight.

Image source: Bybit

Bybit Launches Leveraged Token Products

Cryptocurrency exchange Bybit announced last Friday the launch of leveraged token products.

The token products were released on the trading platform’s spot exchange starting with two leveraged bitcoin tokens, BTC3L and BTC3S.

Bybit recommended these leveraged tokens as short-term investment vehicles, which will allow traders to reap the benefits of leverage with no margin, collateral or liquidation risks.

“They have no margin requirement, offering traders a diversified product that exposes them to greater gains,” the company said.

The firm noted that the new tokens – BTC3L, BTC3S and BTC3 – serve as long and short trades on BTC with 3x leverage.

“We are thrilled to offer our clients another great trading opportunity in launching leveraged tokens,” said Ben Zhou, co-founder and CEO of Bybit. “We are always looking for ways to help our users capitalize on market opportunities, and leveraged tokens are an excellent addition.”

In other recent developments, Bybit successfully secured a deal with Formula 1 team Red Bull Racing.

According to a report from Blockchain.News, following a 3-year deal, Singapore-based crypto assets trading platform Bybit became the Principal Team Partner for Oracle Red Bull Racing, one of the most successful Formula 1 team.

As announced by Red Bull, the deal is worth $50 million annually and will be paid in cash and the trading platform’s native token, the BitDAO (BIT) tokens, the report added.

Bybit will form a major part of the Red Bull innovation team and help champion several initiatives in two primary ways, exclusively as the Cryptocurrency Exchange Partner and the Team’s Tech Incubator Partner.

Bybit was also successful in partnering with Cabital – a digital financial institution.

Blockchain.News reported that the partnership aims to integrate Cabital’s fiat on-ramp feature, allowing Bybit cryptocurrency trading platform users to directly use fiat currencies EUR and GBP to buy cryptocurrencies with lower costs of gas fees.

Bybit Now Supports Crypto Purchases with Credit or Debit Cards

Bybit users can directly buy crypto with their credit or debit cards using fiat currencies, the cryptocurrency exchange company announced.

The launch of Bybit’s credit and debit card payments system “will make buying crypto as simple as making any purchase, such as books and clothes, online,” the company said.

“Bybit users can now easily buy crypto assets such as Bitcoin, collect NFTs on our marketplace, or deploy their capital in other ways to reach their personal financial goals,” said Ben Zhou co-founder and CEO of Bybit.

Currently, users can pay via the Visa or Mastercard system and according to Bybit, Visa and Mastercard due to their ubiquity and security.

In an interview with Blockchain.News, Bybit said, “as security is our number one priority, we wanted to use Visa and Mastercard due to their ubiquity and excellent security, and that is why we chose a service provider who could deliver that. On a similar note, we are constantly tweaking our platform mechanisms to optimize for security and customer experience to provide the next level of trading for our users.

Bybit supports various fiat currencies, including the euro, U.S. dollar, and pound sterling. The service is available to any eligible user with a Bybit account.

Bybit has also waived fees on credit and debit card purchases for customers from the European Economic Area and the UK until May 17, to celebrate this new integration.

The company said that following May 17, “customers who purchase crypto on Bybit through the integration will enjoy some of the lowest fees for this kind of service in the industry, starting at 1.1% for purchases made from the European Union.”

“This integration brings next-level convenience, so users can access world-class liquidity and reliability offered by Bybit,” said Zhou.

In terms of its unique offerings that differentiate them from other exchanges, Bybit told Blockchain.News that it is “known for our reliable platform that traders can count on in moments that count. Coupled with our diverse offerings from NFT to options trading, Bybit is the one-stop crypto destination with the newly added seamless credit and debit card onramp service for traders and crypto fans of all skill and knowledge levels.”

Bybit plans to launch more products this year and the company told Blockchain.news that people can expect “amazing events and product launches this year, and one upcoming highlight is our annual World Series of Trading — which is like the World Cup for crypto traders. Also, keep an eye on our Launchpad 2.0 for upcoming projects to be announced in the next few weeks.”

Established in 2018, Bybit has been offering a professional platform to help traders find an ultra-fast matching engine, excellent customer service and multilingual community support.

In a recent announcement, Bybit also said that it has launched leveraged token products.

Blockchain.News reported that the token products were released on the trading platform’s spot exchange starting with two leveraged bitcoin tokens, BTC3L and BTC3S.

Bybit recommended these leveraged tokens as short-term investment vehicles, which will allow traders to reap the benefits of leverage with no margin, collateral or liquidation risks, the report added.

In one of its major deals, Bybit was successful in securing a multi-year partnership deal with Red Bull Racing.

Blockchain.News reported that following a 3-year deal, Singapore-based crypto assets trading platform Bybit has become the Principal Team Partner for Oracle Red Bull Racing, one of the most successful Formula 1 team.

As announced by Red Bull, the deal is worth $50 million annually.

Bybit Enters Brazil After Govt Approval for Crypto

Dubai-based cryptocurrency trading platform, Bybit has announced its full-scale expansion into Latin America through Brazil.

The exchange said its entry into the country will be centred on delivering world-class crypto products that are generally aligned with the values and expectations of the Brazilian crypto investing populace.

“Brazilians highly value their experience with the services they use. When it comes to investments, we know that we will only be successful by offering world-class liquidity and reliability that users expect of Bybit”, said a representative of the newly established Bybit Brazil team.

Bybit has established itself as one of Europe and Asia’s most stable crypto trading platforms. With an estimated six million Daily Active Users (DAUs) and a $10 billion trading volume, the exchange said it has built the right liquidity necessary to power the Brazilian crypto market. The exchange said its offerings will be offered in Portuguese to provide a more simplified experience for all of its users.

Boosting Crypto Trade Through Regulations

The Brazilian Senate passed a bill that seeks to regulate digital currencies in the South American nation. This singular move has given a high level of clarity that has started attracting a number of crypto unicorns into the country.

Besides Bybit, the comprehensive regulatory approach that Brazil has embraced is also a boost in the ambitions being nursed by American crypto exchange behemoth Coinbase Global Inc which is reportedly on track to buy 2TM Group, the startup operating MercadoBitcoins, the country’s largest trading platform.

Realising the stiff competition ahead, the Bybit representative noted that the trading platform is prepared to do all it can to drive as much customer loyalty as possible. One of the ways it is doing this is through targeted campaigns to bolster its promised exceptional service offerings.

Bybit Becomes the Latest Exchange to Retrench its Staff

Bybit trading platform has joined the list of cryptocurrency exchanges that have revealed plans to lay off their staff in a bid to reposition their businesses amid the ongoing crypto market slump.

The latest layoff of the Bybit was unveiled through an internal letter shared with employees by the platform’s Chief Executive Officer, Ben Zhou. A copy of the letter from Zhou was posted on Twitter by Chinese independent crypto Journalist, Colin Wu, and has been affirmed by other mainstream media platforms.

In the letter, Zhou emphasized the need to downsize considering some of the staff are not needed in the wake of the menacing economic realities. Zhou said the company’s workforce grew from a few hundred in early 2020 to more than 300% at this time.

“Our organization size had grown exponentially but the overall business growth did not grow in the same way,” Zhou said in the email. “During the latest staff review, internal efficiency is still the biggest problem that Bybit has now. This means our operational efficiency has gotten worse despite our growing size. It’s evident that we haven’t utilized our fast-growing resources properly.”

While the letter did not mention the percentage of staff that will be laid off, Colin Wu postulated the figure will be around 20 – 30% of the current workforce of about 2,000. As a general trend when compared with other exchanges like Coinbase and Gemini which have also retrenched 18% and 10% of their workers respectively.

The company attributed to the recent bear market on the stock market and the turmoil in the crypto market, “Bybit is no exception apart from the fact that we have taken extreme steps to maintain our workforce for as long as possible during this crisis.”

Bybit spokesperson said, “to support the smooth transition of the process, affected colleagues will be accorded a severance package and access to Bybit’s employee career support in their job transition.”

The current crypto winter has had a far more negative impact on top crypto service offering platforms around the world. Thus far, only Binance exchange and Kraken have confirmed plans to hire additional hands amidst this downturn, a remarkable detour from their peers.