Key highlights:
- First DEX Integration: Bybit’s WSOT 2024 introduces decentralized exchange (DEX) trading alongside centralized exchanges (CEX), bridging CEX and DeFi.
- Growing Participation: WSOT saw a rise from 69,000 participants in 2022 to 117,000 in 2023, with expectations to grow further.
- New Opportunities: Traders can engage with over 1 million DeFi tokens, including GameFi and memecoins.
- Massive Prize Pool: Up to 10 million USDT and luxury rewards are offered.
- Fair Competition: Features like tiered weighting, subaccounts, and ROI Reset Card ensure fairness.
- Collaboration: Partnering with Immunefi and Ethereum Foundation to support security in the ecosystem.
Bybit’s WSOT 2024 will introduce decentralized exchange (DEX) trading for the first time, bridging the gap between centralized exchanges (CEX) and decentralized platforms, enhancing accessibility to both trading models in a single competition.
The crypto space is home to innovation and growth, and to continue this trend, a robust bridge between centralized platforms and decentralized finance (DeFi) is required. For many, creating a unified ecosystem has become a goal throughout the Web3 space, as fragmented platforms make navigation difficult for users.
Bybit, the second-largest cryptocurrency exchange by trading volume, is pushing forward with its vision for Web3 by integrating decentralized finance (DeFi) into the World Series of Trading (WSOT 2024). With the inclusion of DEX trading, this year’s competition promises to deliver an exciting and transformative experience, marking a major step in uniting centralized and decentralized trading.
CEX meets DEX trading in one competition
The WSOT event has become a key highlight for the crypto trading community over the last four years, with individual traders and teams competing to show off their trading prowess. The competition has witnessed huge growth, with 69,000 participants in 2022, increasing to 117,000 traders in 2023.
This year, Bybit aims to up the ante by introducing the WSOT DEX Wave, a combination of centralized and decentralized platforms under one umbrella. With the addition of DEX Pro, Bybit’s Web3 decentralized exchange platform, participants can access over 1 million DeFi tokens, ranging from GameFi tokens to memecoins and other DeFi projects.
“WSOT 2024 will offer traders a brand new opportunity to explore both sides of the crypto market — CEX and DEX — under one banner,” said Ben Zhou, co-founder and CEO of Bybit. “This year, traders will be given the tools to fully engage with the entire spectrum of the crypto space and discover new possibilities from both parallel market forces.”
WSOT 2024 rewards and prize pool
The WSOT 2024 competition will give participants the chance to win luxury items such as Rolex watches, worldwide travel tickets, and even a yacht. It will boast an astonishing prize pool of up to 10 million USDT. These rewards are designed to attract traders from every background, whether veteran or newcomer, to test their mettle.
Updated competition structure
To ensure fairness, WSOT 2024 will include a tiered weighting system to pit skill against skill and to remove any advantages from those with larger resources to draw from. It will also benefit from subaccounts, which allow traders to manage up to four additional accounts under a single Bybit Unified Trading Account and the new ROI Reset Card to reset their return on investment (ROI) if trades turn negative.
Collaborative ecosystem-building
Bybit reinforces its commitment to building collaboration throughout the crypto community by partnering with major organizations like Immunefi and the Ethereum Foundation. Bybit will contribute up to 75 ETH to support Ethereum’s first Attackathon, a global hackathon that focuses on security and innovation within the Ethereum ecosystem.
WSOT 2024 will break new ground by bringing together traders from centralized and decentralized sectors. The integration of DEX trading and a generous prize pool highlights Bybit’s dedication to uniting the Web3 space.
Source: https://coincodex.com/article/47793/bybit-wsot-melds-centralized-and-decentralized-trading-for-the-best-competition-yet/