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Bybit launches its Dual Asset Mining service for staking

In this September, Bybit announced the launch of a new service in the ByFi Center, its decentralized finance platform. This is Dual Asset Mining, which allows you to provide liquidity through cryptocurrency staking,

like ether and tether, in exchange for a high percentage of annual return (APY). This percentage can reach up to 255%. So, if you are looking for a way to grow your savings, this may be a good alternative.

What is Bybit’s Dual Asset Mining service about?

Dual Asset Mining is an unsecured equity investment product. An advantage of this Bybit service is that you can choose between different short-term staking periods, either 1, 3 or 7 days, everything will depend on your needs and preferences.

Uniswap V3 is the protocol used to provide liquidity, but we will talk about this in detail later. The cryptocurrencies available for staking are ETH and USDT. Although you can block either of the two digital currencies, the asset you will receive at the end of the agreed period will depend on the settlement price. And good news: your APY is insured.

Let’s take an example to better understand how Bybit Dual Asset Mining works. Let’s use the following parameters:

  • Chosen asset: ETH.
  • Reference price: 3,000 USDT.
  • Staking period: 7 days.
  • APY: 90%.

If a person invests 1 ETH and the price of this asset falls during the staking period (7 days), the settlement price will be lower than the reference price, which in this case is 3,000 USDT. Therefore, the liquidity provider will receive as profit the amount of the initial investment plus a 1.73% return on ETH.

Conversely, if the ETH price increases during the same period, the settlement price will be equal to or higher than the reference price. In this way, the user will obtain the amount of the initial investment plus a return of 1.73%, but this time in USDT. The funds are automatically deposited into your ByFi account.

About the Uniswap V3 protocol

Uniswap V3 is Bybit’s latest protocol for your liquidity providers to do staking with custom price ranges. Users will earn profits in proportion to the liquidity they have contributed to the platform, as long as the price of the asset remains in the agreed range.

Version 3 of this protocol offers multiple benefits to providers. One of them is that they can obtain higher trading fees, since liquidity is concentrated in ranges and not in the entire price curve. On the other hand, Uniswap is one of the largest DeFi protocols in the ecosystem.

The advantages of staking with Bybit Dual Asset Mining

Thanks to Dual Asset Mining, you have access to a simple and practical way of staking with ETH or USDT. In this way, it is easy to be a liquidity provider using the Uniswap 3 protocol. Bybit designs its own strategies for liquidity provision.

Its security and risk control system is one of the best in the market, so your funds will remain in good hands. Now, keep in mind that, in the event that Uniswap 3 suffers a cyber attack, Bybit will be able to terminate your product plan to minimize the losses incurred.

Visit the Bybit website to keep up to date with the services that this exchange has for you. And don’t forget to follow them on their social networks: Twitter, Facebook, Instagram, Telegram and YouTube.

Disclaimer: The content and links provided in this article are for informational purposes only. CriptoNoticias does not offer legal, financial or investment recommendations or advice, nor does it substitute the due diligence of each interested party. CriptoNoticias does not endorse any investment or similar offer promoted here. click here for more information.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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