Blockchain Press Releases

Bitget Proof-of-Reserves (PoR) in June portrays a 46% increase in user assets for Ethereum (ETH)

Published

6 months ago

June 25, 2024

bitget-proof-of-reserves-(por)-in-june-portrays-a-46%-increase-in-user-assets-for-ethereum-(eth)

VICTORIA, Seychelles, June 25, 2024 /PRNewswire/ — Bitget, the world’s leading cryptocurrency exchange and Web3 company, has shared its monthly update for the transparent tracking of its proof-of-reserves (PoR) highlighting the reserve ratios of Bitcoin (BTC), Ethereum (ETH), USDT and USDC. As compared to May, the amount of users’ BTC, USDT, ETH surged by 9%, 10% and 46% in June. The recent POR report emphasizes Bitget’s security with over 163% of reserve ratio accounting for all assets. The BTC, ETH and USDT ratios stand at 294%, 169%, and 103% respectively, while USDC is covered by over 662%.

At the time of publishing, the Bitget PoR holds over 5,714 BTC, 68,674 ETH, 935M USDT and 60M USDC. The total reserves stand at $2.9B, which symbolizes Bitget’s efforts in maintaining a safe and secure exchange.

The updated PoR showcases Bitget’s dedication to maintaining more than industry standard 100% reserves, which effectively guarantees that users’ assets are safe. The platform is capable of covering user withdrawals, even if all user assets are withdrawn.

Bitget’s PoR in June verifies its user holdings through cryptographic proofs, public wallet ownership, and recurring audits. The custodian provides transparency and proof of the existence of liquid on-chain reserves that exceed or equal the sum of all user holdings. To achieve this, Bitget stores the hash of each user account’s assets in a leaf node on the Merkle tree. Each user can verify that their assets exist in the Merkle tree by checking the total amount of user assets stored in the Merkle tree leaf nodes.

“As Bitget ascends into becoming one of the largest WEB3 companies, it’s important to highlight that this growth has been achieved by constantly building an ecosystem of products that users genuinely trust and feel safe and easy to use. Being the very first adopters of transparent PoR, we believe users’ security is our priority,” said Gracy Chen, CEO at Bitget

In addition to maintaining a higher than industry standard PoR, Bitget insures its users further with a $300M Protection Fund, now valued over $400 million according to its latest protection fund report. This gives the platform an extra layer of resilience against cybersecurity threats. Users who have their accounts compromised in unfortunate incidents not attributed to their own actions or trading behavior can make a claim through the Bitget Protection Fund.

Bitget continues to lead in the crypto derivatives market, with its Open Interest (OI) indicator surging past $6 billion last month, securing a substantial 25% share of the total market. In the past 30 days, Bitget recorded the highest monthly inflow among all centralized exchanges, with $1.3 billion in new capital, strengthening its position as industry leader.

For real-time PoR tracking, please visit – https://www.bitget.com/proof-of-reserves

About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).

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View original content:https://www.prnewswire.co.uk/news-releases/bitget-proof-of-reserves-por-in-june-portrays-a-46-increase-in-user-assets-for-ethereum-eth-302181815.html

Blockchain Press Releases

Bybit Expands On-Chain Earn Offering with SUI Staking

Published

2 hours ago

December 10, 2024

CISION (PR Newswire)

bybit-expands-on-chain-earn-offering-with-sui-staking

DUBAI, UAE, Dec. 10, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, announces the addition of SUI to its On-Chain Earn platform, providing users the ability to participate in blockchain security while earning staking rewards. To mark this launch, a 12,000 SUI bonus pool will be available to eligible participants staking SUI during the event period.

Event Details

Duration: From now until Jan. 3, 2025, 11:59 PM (UTC)
Bonus Pool: 12,000 SUI, distributed proportionally based on participants’ staking amounts.

Key Features of SUI Staking on Bybit

Higher APY Potential: On-chain staking offers competitive annual percentage yields.
Simplified Process: Bybit handles minor fees and distributes daily staking rewards directly to users.
Support for Blockchain Decentralization: Staking supports the decentralization and security of blockchain networks.
Flexibility: Participants can stake and redeem with ease, offering both convenience and accessibility.

Staking Mechanics and Reward Distribution

Users staking SUI on Bybit’s On-Chain Earn during the event must maintain a staking period of at least 24 hours to qualify for earnings and the bonus pool. Rewards will be credited to users’ Funding Accounts daily at 6:00 AM UTC, with no limits on the potential daily SUI earnings.

“We are excited to enhance our On-Chain Earn platform with the addition of SUI staking,” said Joan Han, Sales and Marketing Director of Bybit. “This staking initiative reflects our commitment to empowering users with innovative and accessible ways to grow their crypto assets.”

Bybit On-Chain Earn is an easy-to-use staking service that lets users earn rewards by staking crypto directly on the blockchain. Staking can be complicated, often requiring technical expertise and specialized hardware. Bybit On-Chain Earn simplifies this process by managing all the complexities — gas fees, node operations, and reward distribution — so users can stake popular PoS cryptocurrencies like ETH and SOL with just a few clicks.

Find out more: SUI-percharge with On-Chain Earn: Stake SUI to Earn up to 12,000 SUI

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media

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View original content:https://www.prnewswire.co.uk/news-releases/bybit-expands-on-chain-earn-offering-with-sui-staking-302327648.html

Blockchain Press Releases

Bybit Launches On-Chain Earn: Up to 3% APR with $cmETH and Guaranteed ETH Rewards

Published

2 hours ago

December 10, 2024

CISION (PR Newswire)

bybit-launches-on-chain-earn:-up-to-3%-apr-with-$cmeth-and-guaranteed-eth-rewards

DUBAI, UAE, Dec. 10, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce the launch of its cmETH On-Chain Earn Party, offering users the opportunity to earn up to 3% APR by pledging $cmETH during the event period from Dec. 2, 2024, 10:00 UTC, to Feb. 28, 2025, 23:59 UTC.

This innovative program is designed to simplify Ethereum staking, providing guaranteed bonus ETH yields, seamless daily payouts, and effortless one-click convenience. Bybit On-Chain Earn continues its commitment to delivering user-focused solutions that maximize rewards and reduce complexity for its community.

Why Choose $cmETH with Bybit?

Guaranteed Bonus Yield in ETH:
Bybit eliminates the challenge of managing multiple staking rewards by offering a guaranteed ETH bonus yield for $cmETH holders, simplifying the staking process.
Daily Payouts:
Enjoy daily ETH distributions directly credited to your Funding Account for effortless earnings access.
One-Click Convenience:
Bybit makes staking easy with a seamless process to mint $cmETH from ETH or restake $mETH to $cmETH with just one click.

“At Bybit, we are committed to empowering our community with innovative and user-friendly crypto solutions,” said Joan Han, Sales and Marketing Director of Bybit. “With On-Chain Earn, we’re providing an effortless and rewarding way for users to make the most of their holdings, reaffirming our dedication to simplifying the crypto experience while maximizing benefits.”

Bybit’s On-Chain Earn reflects its dedication to empowering users with simple, efficient, and rewarding cryptocurrency solutions. To learn more about eligibility, snapshot criteria, and additional details, visit the Bybit On-Chain Earn page.

#Bybit / #TheCryptoArk

About Bybit

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View original content:https://www.prnewswire.co.uk/news-releases/bybit-launches-on-chain-earn-up-to-3-apr-with-cmeth-and-guaranteed-eth-rewards-302327647.html

Blockchain Press Releases

Bybit Web3 Boosts its Supports to L1 Ecosystems at Taipei Blockchain Week 2024 with Co-hosted Solana and Sui Events

Published

6 hours ago

December 10, 2024

CISION (PR Newswire)

bybit-web3-boosts-its-supports-to-l1-ecosystems-at-taipei-blockchain-week-2024-with-co-hosted-solana-and-sui-events

DUBAI, UAE, Dec. 10, 2024 /PRNewswire/ — Bybit, the world’s second-largest crypto exchange by trading volume, marks its 6th anniversary with a vibrant presence at Taipei Blockchain Week 2024. Dedicated to fostering Web3 innovation and ecosystem building, Bybit Web3 showcases its collaborative efforts and thought leadership across blockchain and Layer 1 communities.

Collaborative Highlights with Ecosystem Partners

1. Sui Ecosystem Deep Dive

Bybit Web3 will collaborate with the Sui Foundation, Ondo, DeepBook, Scallop, NAVI, and other leading projects to discuss the future of the Sui blockchain. A special livestream even t, hosted by Head of Spot and Web3, Emily Bao at Bybit, “Mass Adoption vs. Native Growth: What’s next for Sui,” will take place on December 13, 2024, at 8 AM UTC. Participants may also get to win from a prize pool of $1,000 in SUI during the interactive sessions.

2. Co-hosting Community Events
Bybit Web3 is actively involved in the wider conversation at Taipei Blockchain Week by co-hosting two exciting side events, with MK Chin, Marketing Lead, Bybit Web3:

Solana Ecosystem Taipei Greetings: This event, co-hosted by Solana Foundation, Solar, and Bybit Web3, supported by Orderly Network, Zetachain, ApePro and Sonic, will bring together multiple ecosystem players in the Solana ecosystem for a dynamic gathering.
Taiwan DeFi Flow: This event, co-hosted by Sui, Scallop and Bybit Web3, fosters networking among DeFi industry peers, aiming to spark partnerships and collaborations.

During the Taipei Blockchain Week, Angela Huang, Bybit’s VIP Relationship Manager, will also serve as the host for three days of insightful discussions, panels, including moderating two conversations on:

Bybit’s activities at Taipei Blockchain Week 2024 reflect its mission to champion decentralized technologies, bridge traditional finance and decentralized finance conversations, and amplify the voices of women in technology. Through innovation-driven collaborations, Bybit is accelerating pathways to mass adoption while nurturing vibrant Web3 communities.

#Bybit / #BybitWeb3

About Bybit Web3

Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.

Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 50 million users globally.

Join the revolution now and open the door to your Web3 future with Bybit.

For more details about Bybit Web3, please visit Bybit Web3.

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume with 50 million users. Established in 2018, it offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

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