BYBIT EXCHANGE CONTRIBUTES $134 MILLION TO BITDAO, INTEGRATED WITH ARBITRUM

The Bybit exchange is placing great faith in BitDAO and is committed to making periodic contributions to the project as the integration with the Arbitrum layer 2 protocol becomes complete.

 

On January 27, Bybit announced its $134 million contribution to BitDAO’s reserves of Ethereum (ETH), Tether (USDT), and USD Coin (USDC), as well as the completion of the solution integration. Extends Ethereum layer 2 Arbitrum.

 

Currently, BitDAO is one of the projects with the largest decentralized reserve in the world. Recently, BitDAO has poured 200 million USD to develop the zkSync ecosystem . Bybit's investment demonstrates their trust in BitDAO to lead and support DeFi projects.

 

“Bybit commits 2.5% of the exchange's future trading volume to be used to support BitDAO as we believe the project's mission is to support the builders of the DeFi economy and showcase the potential of the DeFi economy. capabilities of the DAO.”

 

In addition, Bybit's integration with Arbitrum will allow users to deposit and withdraw ETH, USDT, and USDC on the Arbitrum network. Other benefits include lower gas fees compared to those on Ether, fast throughput, and reduced mainnet latency.

 

Ben Zhou, co-founder and CEO of Bybit, said that the exchange can offer high-level products and services in the future thanks to Arbitrum's broad, developer-friendly ecosystem. Since the official launch of the mainnet after the $ 120 million funding round , Arbitrum has become the leading layer 2 solution preferred by the community with a series of combinations with many popular DeFi protocols such as Uniswap (UNI). , Chainlink (LINK), Balancer Protocol , 1inch Network (1INCH) and the Binance exchange .

 

According to L2beat, Aribtrum is representing more than 50% of total value locked (TVL) on layer 2 networks at press time, despite ongoing network operational issues with the protocol. Arbitrum's TVL is currently at $2.68 billion, down 19.13% over the past seven days.