Month: March 2023

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Bybit Trading Volumes Surge Amid USDC Volatility – Zero Fees & Bybit Card Launch!

Bybit Trading Volumes Surge Amid USDC Volatility:
• Bybit’s trading volumes surged following the USDC de-peg and volatility.
• To insulate its clients from USDC’s price volatility, Bybit has adjusted its prices based on the market price of USDC.
• In response to the recent events, Bybit is offering zero fees on its USDC spot pair trades and will be launching their Bybit Card in partnership with Mastercard.

Bybit’s Trading Volume Surge

Bybit is the second-largest crypto exchange in the Middle East and North Africa (MENA) region. Adjusting to USDC de-pegging, Bybit’s spot market volume increased by 1,437%, with USDC contributing to 40% of total trading volume as opposed to its previous 8%.

Insulating Clients from Price Volatility

To insulate its clients from USDC’s price volatility, Bybit announced that it would no longer use USDC as a stablecoin fixed at $1. Instead, it will adjust its price under Unified Trading Accounts / Unified Margin Accounts based on the market price of USDC. On Mar 11th, they advised their users to reduce their exposure to the asset by liquidating or reducing outstanding liabilities before the adjustment was effected at 2 PM (UTC). As a result, perpetual futures market saw an increase in trading volumes for the USDT/USDT pair above $380m.

Zero Fees on Spot Pairs & Launching a Debit Card

In response to recent events surrounding USDC’s price volatility, Bybit said it would offer zero fees on their USD spot pair trades including pairs like BUSD/USDT, DAI/USDT and WBTC/BTC. Furthermore they have provided zero fee options trade and bonuses for joining their ‘USDC Fiesta’ event worth up 2,000 USDT in prizes. Additionally they are launching a debit card known as ‘ByBit Card’ which will allow users to pay for items using crypto when partnered with MasterCard on March 17th.

ByBit Headquarters

ByBit headquarters is located in Singapore but has offices in Hong Kong and Taiwan too. With 33 billion dollars worth of transaction volume being generated in MENA region this year alone; plans are underway to move headquarter back to Dubai between May – June 2021..

Conclusion

In light of current events surrounding cryptocurrency markets; exchanges such as ByBit have had a surge in activity due to both adjusting pricing strategies based on market value and providing incentives such as zero fee spot trades alongside upcoming launch of debit cards partnering with MasterCard all while planning for relocating HQ back home for better user experience .

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Crypto Markets Plunge as Silicon Valley Bank Struggles

• Silicon Valley Bank (SVB) experienced a dramatic decrease in their shares after announcing a stock offering of $1.75 billion and an additional purchase of $500 million common stock by private equity firm General Atlantic.
• Hedge funds such as Founders Fund and Pantera Capital are urging portfolio firms to remove their cash from SVB due to financial instability.
• SVB is the go-to bank for many venture-backed technology businesses in the United States, but difficulties have arisen for cryptocurrency firms looking for other banking choices.

Silicon Valley Bank’s Stock Plunges

The stocks of Silicon Valley Bank (SVB) took a nosedive after the announcement of a stock offering of $1.75 billion in addition to a separate purchase of $500 million common stock by private equity firm General Atlantic on March 10th, 2021. This caused investors to sell their shares and led to an immediate plunge of 60% in the parent business’s shares, SVB Financial Group. On top of this, pre-market trading on March 10th saw another 44% dip, leaving investors feeling anxious about the future prospects for SVB and its customers.

Hedge Funds Advise Removal Of Assets

In light of these developments, hedge funds such as Peter Thiel’s Founders Fund have recommended that portfolio firms remove their cash from Silicon Valley Bank due to financial instability. This advice has been echoed by Pantera Capital – both a hedge fund and venture investor – who is also encouraging companies they have sponsored to investigate opening multiple accounts with different banks as an alternative solution. Additionally, Bloomberg reports that five more venture capital investors specializing in cryptocurrency have given similar advice but requested that their names remain undisclosed due to commercial sensitivities surrounding the issue.

Cryptocurrency Firms Seek Other Banking Options

The news comes at a time when cryptocurrency firms are already searching for other banking options following Silvergate Bank’s failure earlier this week. Numerous users on Twitter reported issues with logging into their accounts with SVB which has raised further questions about its reliability as a go-to bank for venture-backed technology businesses in America – it currently services over 2,600 customers within this industry alone according to its website.

Panic Among Traders

With both stock and crypto markets affected by the decline in SVB’s share prices, traders are feeling increasingly pessimistic about how far these losses could reach if drastic action isn’t taken soon to reassure customers of its financial state moving forward.

Conclusion

It remains unclear how much longer Silicon Valley Bank will be able to sustain itself if it continues down this path without any intervention or relief measures being put into place soon..

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Ethereum Wallets Now Smart Contracts: EntryPoint Launched for Security

• Ethereum developers have launched a feature called EntryPoint that enables wallets to operate as smart contracts.
• EntryPoint allows users to implement features like automated payments and account recovery more quickly.
• EntryPoint is an audited smart contract meant to be used by third parties to ensure wallet abstraction can be implemented safely.

Ethereum Update: Wallets Operating as Smart Contracts

Ethereum core developers have released a new software feature called EntryPoint that allows wallet accounts to function as smart contracts. This optional feature, known as “account abstraction”, enables wallets to handle complex tasks automatically without requiring users to interact with the blockchain. Account abstraction simplifies the user experience of crypto wallets, making them more accessible and intuitive for users.

Features Enabled By Account Abstraction

EntryPoint allows users to implement advanced features such as automated payments and account recovery more quickly than before. Additionally, it enables “smart wallet” features like two-factor authentication recovery options and native multi-signatures within wallets.

Security Audit & Verification Process

In order for this feature to be safely implemented in all EIP-4337 protocols, including Ethereum, Polygon, Arbitrum, and BNB Chain, the EntryPoin contract was thoroughly audited by OpenZeppelin and formally verified for safety. This means that the safety of the architecture allowing for account abstraction on those protocols relies on how securely it is implemented in that one contract.

ERC-4337 Request For Comments

The Ethereum Request For Comments (ERC) 4337 describes additional features enabled by account abstraction such as automated payments and two-factor authentication recovery options. It also outlines what other third parties need in order to use EntryPoint safely in their own applications or services.

Benefits of Account Abstraction

The benefits of account abstraction are clear: it makes cryptocurrency wallets more user friendly while still providing a high level of security through its rigorous audit process. With this feature now available on multiple platforms, users have access to advanced features which make managing their cryptocurrency much simpler and more secure than ever before!