Leading cryptocurrency exchange platform Bybit today announced its integration with Ethereum Layer 2 (L2) scaling solution Arbitrum.
Bybit Goes Live on Arbitrum
Bybit, one of the fastest going crypto exchanges in the world in terms of reported trading volume and user growth today announced it had successfully completed the integration with Arbitrum.
For the uninitiated, Arbitrum is one of the earliest and most successful Ethereum L2 scaling solutions. At present, Arbitrum holds a TVL of more than $1.54 billion, according to data from DeFi Llama.
The integration with Arbitrum means from January 27, Bybit users can deposit and withdraw ether (ETH), Tether (USDT), and USD Coin (USDC) on the Arbitrum network with affordable fees and lightning-fast speed.
Being one of the most widely used optimistic rollups to tackle Ethereum’s congestion woes, Arbitrum promises vastly cheaper transactions on Ethereum by performing operations off-chain and only posting the results to the mainnet to secure proof.
Bybit’s integration with Arbitrum marks the beginning of the next phase of growth for the leading crypto exchange as users will now be able to enjoy the benefits of trustless security powered by the Ethereum network along with Arbitrum’s speed, low gas fees, and high throughput.
Commenting on the development, Ben Zhou, co-founder, and CEO of Bybit, 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.”
Over the years, Bybit has established itself as the most reliable, stable, and usable crypto exchange for users regardless of the market sentiment.
Bybit successfully emerged as a leading exchange through the current crypto bull run, providing traders the best liquidity across hundreds of digital assets. It’s worthy of note that Bybit witnessed a 99.9 percent up rate throughout the year with no overload nor downtime throughput.
Bybit Continues to Contribute to bitDAO Treasury
In related news, Bybit tweeted that it had contributed approximately $134 million in ETH, USDT, and USDC to the bitDAO Treasury.
For the uninitiated, bitDAO is a decentralized autonomous organization (DAO) that aims to support the ideas of builders of the decentralized economy of tomorrow.
As reported previously, Bybit had contributed $19.3 million in ETH, USDT, and USDC to the bitDAO Treasury in July 2021.
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