Bybit Celebrates Five Years with a Leap into Web3 Decentralization
Cryptocurrency exchange Bybit has announced its Web3 vision on the occasion of its fifth anniversary, with a focus on creating a decentralized ecosystem that is simpler and equal for everyone.
Web3 Integration: Bybit aims to connect and unify wallet systems
Bybit aims to be open to all developers, developers and partners in the blockchain space and values collaboration within the community to create an environment to create where blockchain technology empowers everyone equally.
Furthermore, the goal is to connect currently separate wallet systems and unify them into a cohesive experience that connects users across different Web3 ecosystems, platforms and services. Bybit Web3 will introduce multi-wallet integration, allowing users to manage both custodial and MPC wallets effortlessly.
Ben Zhou, co-founder and CEO of Bybit, said: “Our Web3 vision is an extension of our promise to be the crypto ark, protecting user assets and seamlessly integrating them into the world of crypto. We want to help.” Bridge more users from Web2 to Web3 by building a decentralized ecosystem that is simpler, more open and equal for everyone.”
Users can access decentralized applications, NFT marketplaces and Access the entire range of Web3 functions and services. This allows users to conveniently manage their decentralized finance portfolios, which include buying, selling, trading, exchanging and staking DeFi assets, all on a single platform.
As part of the integration of partners into the Web3 space, such as the Oracle Red Bull Racing Velocity series, Bybit plans to further improve its Web3 infrastructure. This includes fostering partnerships with major blockchain ecosystems and projects, as well as launching the redesigned NFT marketplace.
ByBit sees a nearly 80% increase in volume in October
It was reported that the cryptocurrency market experienced a significant uptrend in October, known as “Uptober,” with Bitcoin’s nearly 30% increase driving activity retail traders and boosted spot volumes among the top 10 exchanges. On average, these exchanges recorded a 54% increase in volumes compared to September, recovering from 2023 lows.
ByBit and OKX achieved notable monthly volume growth of almost 80% and reshuffled the rankings, with Huobi Bybit Place came third. While some exchanges like Binance and Coinbase saw year-over-year volume declines, others like Upbit and Huobi saw more than 50% increases. The overall performance of the top 10 platforms was -6% in October 2023 to October 2022, a significant improvement from a decline of about 70% reported a month earlier.
