Bybit Contributes $134 Million to BitDAO to Support DeFi Growth

Singapore-based crypto exchange, Bybit, has recently contributed a whopping $134 million worth of ETH, USDT, and USDC to BitDAO’s treasury.

Supporting dApp Builders

The exchange describes BitDAO as one of the largest decentralized autonomous organizations (DAOs) in the industry. It aims to support dApp builders and lower the entry barriers into the decentralized economy.

BitDAO allocates substantial financial and talent resources to drive decentralized finance growth. It is supported by several top VCs and crypto companies, including Pantera, Peter Thiel, and Bybit.

According to the crypto exchange, its recent $134 million contribution to the DAO is equivalent to 2.5bps of the platform’s futures trading volume between Nov. 1 and Dec. 31.

CryptoPotato reached out to Bybit for comments on the DAO contribution. The exchange’s head of communication, Igneus Terrenus said,

“Bybit pledged 2.5bps of our futures trading volume to support BitDAO because we believe its mission to support builders of the decentralized economy and showcase the potential of DAOs. We are delighted to see BitDAO getting better with every passing day, executing on its open mandate to foster technologies that present entirely new ways for people to work, engage, and transact together.”

This is not the first time Bybit is contributing a substantial amount to its DAO. Earlier in July 2021, just a month after BitDAO was launched, the exchange contributed $19.3 million to the BitDAO treasury and pledged a continuous contribution.

ByBit Adds Support for Arbitrum Network

In another development, Bybit revealed today that it had integrated the Ethereum layer-2 scaling solution, Arbitrum, mainnet into its platform.

In the release shared with CryptoPotato, the exchange noted that Bybit users can now deposit and withdraw Ether (ETH), Tether (USDT), and USD Coin (USDC) on the Arbitrum network.

Speaking on the integration, Bybit’s CEO, Ben Zhou, said,

“Arbitrum is a promising and innovative scaling technology that we are excited to bring to Bybit users — with its decentralized, developer-friendly and broad ecosystem support, we continue to offer next-level products and services to all crypto lovers.”

With the integration, Bybit users will enjoy low gas fees, sub-second transactions, and rapid throughput on the Arbitrum network.

Meanwhile, Bybit joined the NFT sector last week by launching an in-house NFT marketplace that will allow users to buy, sell, and explore digital collectibles and crypto arts.