Bybit Transforms Its Web3 Strategy to Enhance Onchain Services and User Experience

Bybit Transforms Its Web3 Strategy

In a significant move for the cryptocurrency industry, Bybit, which ranks as the second-largest exchange by trading volume globally, has revealed a strategic evolution of its Web3 product suite. This transformation marks a renewed emphasis on core Onchain services, illustrating the company's commitment to delivering an enhanced user experience for crypto enthusiasts navigating the decentralized landscape.

A Focused Approach to Web3 Services

Bybit's updated strategy is part of a larger initiative aimed at refining its offerings within the Web3 ecosystem. The company plans to streamline its product portfolio while concentrating resources on high-demand services that provide genuine value to users. The four primary services that will see continued support are Seed Phrase Wallet, Airdrop Arcade, Onchain Staking, and DApp functionalities. These have shown consistent user engagement and align closely with Bybit's mission of facilitating seamless access to decentralized finance solutions.

Since unveiling the vision of a more decentralized trading platform known as Onchain Bybit, the exchange has been active in exploring ways to enhance its offerings. This roadmap includes the gradual replacement of existing services with user-friendly products designed to meet evolving expectations from Web3 users.

Emily Bao, Head of Spot and Web3 at Bybit, emphasized this strategic evolution, stating, "By focusing our resources on our most popular services, we're creating opportunities to build more powerful, efficient Onchain tools that deliver genuine value. Our goal is to provide users with a lighter, more intuitive Onchain experience that maintains true self-custody principles while enhancing functionality."

Phasing Out Underperforming Services

As Bybit undergoes this strategic realignment, the exchange will also phase out several Web3 services that have witnessed limited adoption. This transition has already begun, with services such as NFT Pro and the Inscriptions Marketplace already removed as of April 8, 2025. Following this, by April 28, the Web3 Points service will also be discontinued, and by May 31, 2025, additional services like the NFT Marketplace and Cloud Wallet will follow suit.

Users who still have assets within these discontinued services are strongly encouraged to withdraw or transfer their holdings before the respective shutdown dates. To assist with this transition, Bybit is rolling out a remediation program aimed at supporting customers in recovering their assets, ensuring a smoother shift to the new framework.

Enhancing Onchain Experience

This strategic shift reflects Bybit's thorough assessment of the rapidly evolving landscape of Web3 and user preferences. The decision to maintain the Seed Phrase Wallet while discontinuing other alternatives underscores the commitment to true self-custody, a fundamental principle of blockchain technology. Bybit has published in-depth guides to assist users in transferring assets from discontinued services, ensuring users have ample support transition.

Looking ahead, Bybit is set to embark on a new phase of Web3 innovation. The company's strategic evolution will lay a strong foundation for higher-quality experiences in an increasingly complex environment. Emily Bao concluded, "By optimizing our product portfolio now, we’re creating the foundation for more impactful innovations in the future. Our commitment to Onchain excellence remains unwavering, and we're excited to reveal new capabilities and services in the months to come."

The Web3 Future with Bybit

Bybit Web3 aims to redefine centralization in decentralized finance by creating an open and equal ecosystem for users across the globe. It currently supports over 130 million wallet addresses, highlighting Bybit's commitment to facilitating builders, creators, and partners.

The exchange's aim is to simplify the process of accessing, swapping, collecting, and growing Web3 assets. In doing so, it leverages the security and expertise that have established Bybit as a trusted leader among cryptocurrency exchanges, catering to more than 60 million users globally.

For further information regarding Bybit Web3, users are encouraged to visit their official website. Bybit seeks to welcome both seasoned crypto enthusiasts and newcomers alike to join in the ongoing evolution of Web3, fully committed to empowering users in a decentralized future.