Bybit donates $134 million to BitDAO and integrates Arbitrum

Bybit donates 4 million to BitDAO and integrates Arbitrum

The news about crypto derivatives exchange Bybit was two-fold on Thursday, as the company announced via Twitter its $134 million contribution to the BitDAO Treasury in the form of Ether (ETH), Tether (USDT), and USD Coin (USDC). ), as well as the completion of the integration of the Ethereum Arbitrum layer 2 solution.

BitDAO currently has one of the largest decentralized treasuries and has recently funded a $200 million zkDAO to further develop zkSync and scale Ethereum. Bybit’s investment attests to its trust in BitDAO to lead and support DeFi projects. Bybit joins other sponsors such as Peter Thiel, Founders Fund, Pantera, Dragonfly and Spartan.

Bybit’s integration with Arbitrum will allow users to deposit and withdraw ETH, USDT, and USDC on the Arbitrum network. Other benefits may include lower gas fees than the Ethereum mainnet, fast performance, and decreased latency due to Arbitrum’s optimistic rollups.

Ben Zhou, co-founder and CEO of Bybit, said his company is able to offer “next-level products and services” because Arbitrum is “decentralized, developer-friendly, and widely supported by the ecosystem.”

The Ethereum Layer 2 scaling solution was developed to decongest the Ethereum mainnet. Arbitrum’s current Total Value Locked, or TVL, is $1.54 billion, according to DeFi Llama.

Bybit has also recently launched its own NFT marketplace which will give customers the option to use their Bybit accounts to trade NFTs instead of having to link their personal wallet addresses.

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