Cryptocurrency exchange Bybit has launched a new web3 staking pool that enables its users to leverage its ethereum (ETH) staking options in anticipation of the upcoming Shanghai upgrade. The company announced the development of the new staking product in a statement on March 31. According to Bybit, the product simplifies interactions with decentralized finance (DeFi) protocols, reducing the number of steps required to add liquidity to Curve Finance from eleven to three.
😉 Ready for the Ethereum Shanghai Upgrade?
— Bybit (@Bybit_Official) March 30, 2023
Bybit also claims that the new product could increase the annual percentage rate (APR) of ETH staking by up to 6.5%. The company’s customers will not need to purchase ETH to access the web3 staking pool, as they can use BTC, USD Coin (USDC), and Tether (USDT). Bybit CEO Ben Zhou said the company plans to launch the new ETH staking option in conjunction with Ethereum’s Shanghai upgrade, offering many new opportunities for its users.