As a seasoned analyst with years of experience navigating the dynamic world of cryptocurrencies, I find the recent addition of Sui (SUI) staking to Bybit’s On-Chain Earn platform an intriguing development. Bybit’s strategic move to incorporate popular proof-of-stake cryptos like Ethereum and Solana into their platform was already impressive, and now with SUI joining the ranks, it seems they are positioning themselves as a go-to destination for staking opportunities.
As an analyst, I’m excited to share that I’ve just learned about the expansion of Bybit’s On-Chain Earn platform. They’ve added Sui, a new digital asset, to their list of offerings. This means users like us now have another opportunity to grow our crypto holdings within the platform.
On Dec. 10, the exchange revealed the expansion of its On-Chain Earn offering with Sui (SUI), , currently the 20th largest cryptocurrency by market cap. Bybit’s On-Chain Earn platform enables users to stake coins directly on the blockchain and supports popular proof-of-stake cryptocurrencies such as Ethereum and Solana.
By incorporating SUI staking, stakeholders now have the opportunity to contribute to the security of the layer-1 blockchain and receive reward payments for their participation.
We’re thrilled to boost our On-Chain Earn system by incorporating SUI staking. This staking feature demonstrates our dedication to providing users with cutting-edge and user-friendly methods for expanding their cryptocurrency holdings.
Joan Han, sales and marketing director of Bybit
To mark this significant achievement, Bybit is organizing a promotional offer lasting until January 3, 2025. This event includes a bonus pool of 12,000 SUI that will be shared among participants according to the amount they have staked. As reported by crypto.news, the distribution of this bonus pool will be relative to each user’s staking amount.
To take part, individuals need to have locked up their SUI tokens within the On-Chain Earn platform for a duration of 24 hours or more. Rewards and extra tokens will be handed out to participants’ accounts each day at 6:00 am (Coordinated Universal Time).
In October, the value of SUI experienced a significant increase by double digits following Bybit’s decision to support the token. This move made SUI available on the Bybit Launchpool as its native pool token. A series of events, such as integration with Phantom wallet and USDC (USD Coin) compatibility, contributed to this surge, culminating in a new record high for the cryptocurrency at $4.46 on December 6th.
Bybit’s latest announcement comes as SUI pares recent gains, with price around $3.75.
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2024-12-10 19:06