The news about crypto derivatives exchange Bybit was two-fold 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 Ethereum layer-2 solution Arbitrum.

Currently, BitDAO has one of the largest decentralized treasuries and it recently funded a $200M zkDAO to further build on zkSync and scale Ethereum. Bybit’s investment attests to its confidence in BitDAO to lead and support DeFi projects. Bybit joins other backers such as Peter Thiel, Founders Fund, Pantera, Dragonfly and Spartan.

Related: Arbitrum network suffers minor outage due to hardware failure

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

Ben Zhou, Bybit co-founder and CEO, said that his firm is able to deliver “next-level products and services” thanks to Arbitrum’s “decentralized, developer-friendly and broad ecosystem support.”

The Ethereum layer-2 scaling solution was developed to decongest the Ethereum mainnet. Arbitrum’s current total…

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.