Bybit, a crypto exchange, has launched a new web3 staking pool for users to utilize its Ethereum (ETH) staking options in preparation for the upcoming Shanghai upgrade.
Bybit’s new staking product allows for simplified interactions with decentralized finance (DeFi) protocols, reducing the process of adding liquidity to Curve Finance from eleven to three steps. Furthermore, Bybit claims that the new product could potentially improve the annual percentage rate (APR) of ETH staking by up to 6.5%.
Bybit’s CEO and co-founder, Ben Zhou, has stated that the company plans to release the new ETH staking option to coincide with Ethereum’s Shanghai upgrade. Notably, Bybit’s customers do not have to purchase ETH to access the web3 staking pool; they can use BTC, USD Coin (USDC), and Tether (USDT) instead.
Bybit’s new staking pool offers an exciting opportunity for Ethereum investors looking to stake their tokens ahead of Ethereum’s anticipated Shanghai upgrade. With the reduced steps and potentially higher APR, Bybit’s new web3 staking pool could prove to be a popular option for ETH holders seeking to maximize their returns while minimizing the hassle.