Bybit makes a $134M contribution to BitDAO and completes integration of Arbitrum
- Bybit's contribution to BitDAO was made in ETH, USDT and USDC.
- Arbitrum is an Ethereum Layer 2 solution for decongesting Ethereum Network.
- Bybit's Arbitrum integration will allows users to deposit and withdraw ETH, USDT and USDC.
January 27 has been quite a successful day for Bybit. It announced the completion of the integration of Arbitrum and announced through a tweet that it had made a contribution in form of Ethereum (ETH), Tether (USDT), and USD Coin (USDC) totaling about $143 million to the BitDAO treasury.
Bybit’s investment in BitDAO makes BitDAO a leading force in DeFi especially looking at all the projects that they are funding. It makes BitDAO an example for other DAOs to emulate.
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As a matter of fact, very few DAOs control the amount of funds that BitDAO treasury controls and receive the backing of large exchanges like BitDAO.
Bybit’s integration of Arbitrum
Bybit is one of the world’s fastest-growing crypto exchanges and its completion of Arbitrum (an Ethereum Layer 2 solution) integration means so much for it.
Following the Arbitrum integration, Bybit users will now be able to deposit and withdraw USD Coin (USDC), Tether (USDT), and Ethereum (ETH) on the Arbitrum network.
In a nutshell, the Arbitrum network is an Ethereum Layer 2 scaling solution that was developed to decongest the Ethereum mainnet. It makes crypto transactions on the Ethereum network cheaper by enabling transaction processing operations to be conducted off-chain (on side chains) and posting the results of the transactions on the mainnnet instead of doing the processing on the mainnet.
Bybit is banking on Arbitrum integration to also ensure that its users enjoy trustless security where anyone can expect the correct result after every transaction. It also intends to benefit from Arbitrum’s speed, rapid throughput, and low gas fees.
Following the integration the co-founder and CEO of Bybit 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.”
Bybit has already proved to be a reliable and stable crypto exchange. It has been operating throughout the year without experiencing any downtime or overload.