As the global cryptocurrency community is waiting for the mainnet activation of Shapella upgrade on Ethereum (ETH) network, top-tier CEX Bybit adds a new feature that is a crucial one for stakers.
Bybit adds stETH to Unified Trading Account
According to a statement shared by the team of Bybit exchange, the final stage of Staked Ether (stETH) integration into Unified Trading Account has been concluded. Not all users can seamlessly mint Staked Ether (stETH) on Bybit Earn or buy it on a spot market module.
Dive into Bybit’s reward pools and grab your share of rewards! #ICMYI: Celebrate #Ethereum Shanghai Upgrades with us, P2P Egg-Celent Easter and many more events to participate in!— Bybit (@Bybit_Official) April 10, 2023
Read more: https://t.co/y8nsw1blne#Bybit #TheCryptoArk pic.twitter.com/JjYRfxbgFW
Then, immediately upon minting, Staked Ether (stETH) can be used as collateral in Unified Trading Account (UTA), an out-of-the-box trading module for Bybit users.
As such, Bybit is aiming to be the first cryptocurrency exchange to allow its traders to leverage Staked Ether (stETH) in margin trading. This makes liquidity usage on the platform more resource-efficient.
Ben Zhou, co-founder and CEO at Bybit, is excited by the opportunities this integration unlocks for all traders and ETH stakers on the platform:
We are excited to offer a new way for our users to make the most from their ETH investments. 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.
As covered by U.Today previously, Bybit's UTA is among the most notable accomplishments in the CEX segment in Q1, 2023.
Streamlined Ethereum (ETH) staking for Bybit users ahead of Shapella
With new functions by Bybit, Ethereum (ETH) stakers on the platform can significantly improve the logics of their operations. They do not need to withdraw Ethers (ETH) from staking modules any longer in order to increase the size of their portfolio.
Typically, Ethereum (ETH) staking with such modules results in 3-4% in APR.
Ethereum's Shapella upgrade is the most anticipated release on the Ethereum (ETH) scene since The Merge. It is set to allow ETH unstaking from deposit contracts.