Bybit, a cryptocurrency with the second largest BTC Futures exchange by open interest, launched its new Liquidity Mining on May 19, 2022.
| Bybit users will have access to three liquidity pools: Bitcoin (BTC), Ether (ETH), and BitDAO (BIT), all paired with Tether (USDT). The pools will allow users to deposit funds and earn up to 30% APY, with even higher rewards available when using up to 3x leverage. 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. Bybit’s Liquidity Mining pools are based on a revamped automated market maker (AMM) model. Users can add liquidity to earn yield derived from trading fees. They can also add leverage to increase their share of the pool and maximize their yield. The liquidity pools will also allow Bybit users to swap between assets without needing to leave the platform and with minimal slippage. 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. We also have strategies to lock in profits and limit losses based on market movements, real prices that protect users against market manipulation, and an insurance fund that helps to protect traders from negative equity and significant losses beyond a trader’s position margin. “We are very excited about the opportunities Bybit’s Liquidity Mining will open up for all Bybit users. As traders ourselves, we understand the importance of having a diversified trading and investment strategy optimized for earning passive income on your assets. To that end, our products offer some of the best yield-earning opportunities in the market today on one of the most reliable trading platforms out there. This marks another milestone in sharing growth opportunities with our community who believe in a future of DeFi and personal financial freedom,” said Ben Zhou, co-founder and CEO of Bybit. Apart from an opportunity to gain returns with a low barrier to entry, one added benefit of liquidity mining is community building through trust. It incentivizes asset holders to be more involved in the community and play more active roles. Bybit’s Liquidity Mining pools join other stellar products as part of their Bybit Earn range catering for investors of varied risk appetites. The range includes Dual Asset, which allows users to deposit their preferred asset and lock in an attractive yield; and Flexible Savings, which can serve investors as saving accounts for cryptocurrencies and feature safe, predictable yield payments. Distributed by African Media Agency (AMA) on behalf of Bybit. |
