Exchange NewsToday, Bybit, the third-most visited cryptocurrency exchange in the world, finished integrating staked Ether (stETH) in preparation for Ethereum’s Shanghai upgrade. Users can use their ETH for margin trading and earn interest on it thanks to this ground-breaking innovation.
Customers of Bybit can either buy stETH directly from the Spot market or stake their ETH to mint it through Bybit Earn. In order to trade on Bybit’s lightning-fast platform with the preferred leverage and continue to receive a passive income from their stETH, they can use this staked token as collateral in their Unified Trading Account (UTA).
The only one of its kind, Bybit’s stETH trading integration enables users to increase capital efficiency by enabling clients to gain from both trading and staking rewards at the same time. In fact, the yield from stETH is dynamically adjusted in accordance with the number of tokens staked on-chain, assisting users in obtaining the highest returns, which are typically in the range of 4-6% APR.
“We are excited to offer a new way for our users to make the most from their ETH investments,” said Ben Zhou, co-founder and CEO at Bybit. “By combining two powerful features — ETH staking and UTA —into one product, we are creating an entirely new experience, which allows our users to enjoy capital efficiency and trade without missing out on the opportunity to earn yield.”
Users now have a very liquid option for staking their ETH thanks to stETH on Bybit. Customers will have no trouble cashing out their profits since Bybit’s trading pair for stETH has more liquidity than those offered by decentralized trading protocols.
Source: https://thenewscrypto.com/bybit-enables-margin-trading-by-integrating-steth-into-its-unified-trading-account/