Bybit and Ethena Collaborate to Deliver Enhanced Rewards and Efficient Collateral Management with USDe, According to Chainwire

Dubai, United Arab Emirates, August 2nd, 2024

Bybit, the second-largest cryptocurrency exchange globally by trading volume, is excited to announce its integration of USDe, an innovative reward-bearing stable margin collateral, into its platform. This integration signifies a major advancement in helping traders effectively manage their collateral while earning rewards and yields.

This strategic collaboration between Bybit and Ethena is designed to redefine the stablecoin framework within the cryptocurrency sector. Bybit’s implementation of Ethena’s USDe represents a new era in trading rewards and collateral administration.

“We are delighted to partner with Ethena, uniting brilliant minds to spearhead industry innovations,” stated Ben Zhou, co-founder and CEO of Bybit. “Integrating USDe on Bybit provides us with unique strategic benefits to cultivate a more dynamic and robust crypto ecosystem. We are eager to see the groundbreaking advancements this partnership will yield and their positive effects on our users and the wider crypto community.”

“Ethena’s collaboration with Bybit is a pivotal move in promoting use cases for USDe,” commented Guy Young, CEO and Founder of Ethena Labs. “Offering USDe as collateral on one of the most significant derivative platforms in the crypto space will propel USDe’s next phase of growth, challenging the current stablecoin dominance with a uniquely tailored product for crypto enthusiasts.”

Key highlights of the integration include:

• Users can obtain a daily airdrop yielding up to 20% APR exclusively with USDe, alongside an impressive 90% collateral value ratio (CVR).
• Users can effortlessly accumulate rewards simply by holding USDe, with no need for staking or locking.
• Rewards will be credited daily at 6 AM UTC directly into users’ Funding accounts, without any minimum holding requirements.
• There are zero fees for buying and selling across the USDe/USDT and USDe/USDC spot pairs.

About Bybit
Bybit is a leading cryptocurrency exchange by trading volume, catering to over 37 million users. Established in 2018, Bybit offers a professional platform featuring a lightning-fast matching engine, 24/7 customer support, and multilingual community assistance. Bybit proudly partners with Oracle Red Bull Racing, the reigning champions of Formula One’s Constructors’ and Drivers’ championships.

For media inquiries, please contact the Head of PR, Tony Au at Bybit.