Bybit exchange is seeking new opportunities expected from Ethereum’s Shanghai upgrade

Ali Raza
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Ethereum’s new Shanghai upgrade is promising a number of new opportunities for the crypto community, as well as for businesses of the crypto industry. One example of this comes from a Dubai-based crypto exchange Bybit, which revealed that it launched optimized Web3 staking pools in order to give its users access to uncomplicated Ethereum staking options.

Moving forward, the company will be aiming for new opportunities that might come from the Shanghai Upgrade to Ethereum’s decentralized network.

A simplified way for community members to stake their assets

Ethereum’s Shanghai Upgrade is the biggest development for the network since the Merge, which took place in September 2022. It represents a hard fork of Ethereum’s chain, which will allow token holders to unstake their assets. The upgrade was originally expected to take place at some point in March, but it was then pushed to April 2023.

Bybit released a statement regarding its new development, noting that it has launched a new staking pool that will dramatically simplify the process of adding liquidity to Curve Finance — one of the biggest AMMs and DEXes.

According to Bybit, the pool will also reduce the number of necessary steps from 11 to only 3, significantly simplifying the process and reducing the entry barrier. Not to mention that it will also save users from having to pay transaction fees.

In its statement, the company noted that the added benefits could lead to and ETH staking APR (Annual Percentage Rate), which could go up to 6.5%. Meanwhile, Bybit users would not even have to purchase ETH since its new product can be accessed by using USDT, USDC, or BTC balances.

Addressing the development, the exchange’s CEO and co-founder, Ben Zhou, stated that Bybit’s intention is to roll out multiple highly liquid and trading-integrated staking options for Ethereum. These will come out during the expected period of the Ethereum network’s Shanghai Upgrade, and it will open a number of new opportunities for Bybit and its users alike.

Zhou further explained that the introduction of the Web3 Staking Pool via a dedicated landing page would make it simpler for users to interact with DeFi. Furthermore, they will also be able to gain more rewards for their assets. To put it simply, the exchange is offering single-sided staking, which will boost ETH’s APR.

A new marketplace for institutional stakers

Ethereum has recently seen other developments, such as the launch of the first marketplace for institutional staking. The new marketplace was developed by ConsenSys — Ethereum and decentralized protocol software firm — which expects to see an increase in institutional participation in ETH staking after the launch of the Shanghai Upgrade.

The new marketplace was launched under MetaMask Institutional, and it features a multi-custodial Web3 wallet specially tailored for institutional investors. It was launched in partnership with a non-custodian staking and blockchain node infrastructure provider, Allnodes, as well as a blockchain infrastructure firm Blockdaemon, and an enterprise-grade staking platform, Kiln.

About Ali Raza PRO INVESTOR

Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Invezz.com, Business2Community, BeinCrypto, and more.