Bybit Revolutionizes Ethereum Staking with Launch of cmETH and Special Bonus Rewards

Bybit Introduces cmETH for Ethereum Staking

In a groundbreaking move, Bybit, which ranks as the second-largest cryptocurrency exchange in terms of trading volume globally, has introduced a new staking token named cmETH, marking a significant advancement in Ethereum staking opportunities. This innovative token is a product of the Mantle Network and is designed to maximize efficiency and reward potential for users participating in Ethereum's Proof-of-Stake mechanism.

What is cmETH?

CmETH stands for Liquid Restaking Token (LRT) and allows holders to stack additional rewards on top of the existing staking rewards from Ethereum, providing a compelling reason for users to engage further with their Ethereum investments. Bybit is launching cmETH alongside a standout promotional offer where users can earn an additional 6% Annual Percentage Rate (APR) on their ETH holdings for a limited time, available through the platform's On-Chain Earn feature.

Key Features of cmETH on Bybit

1. Exclusive 6% Bonus APR: Users who mint and hold cmETH during the promotional period will benefit from an exclusive 6% APR, positioning Bybit at a competitive edge in the cryptocurrency market.
2. Leverage Staked Assets: CmETH can be used as collateral, with an impressive 80% Collateral Value Ratio (CVR). This feature allows users to access liquidity without relinquishing their staked rewards, providing them with flexibility in managing their crypto assets.
3. Seamless Conversions: Bybit offers a fee-free conversion service that enables users to swap between ETH, stETH, mETH, and cmETH. This quick and user-friendly feature means that individuals can fluidly manage their holdings as the market changes.

Joan Han, Bybit’s Sales and Marketing Director, emphasized the significance of cmETH by stating, "This is a transformative addition for Ethereum staking. By integrating this innovative token, we're giving our users the tools to achieve greater rewards while maintaining access to their funds. It's about creating opportunities that are simple, flexible, and rewarding."

Simplified Staking Process and Daily Rewards

Minting cmETH is made extremely accessible with a user-friendly one-click process on Bybit’s platform, making staking straightforward even for newcomers to the ecosystem. Once minted, rewards are distributed daily to the Funding Accounts, ensuring users gain immediate benefits from their staking activities.

Eligibility for the 6% bonus APR is determined by hourly snapshots of cmETH balances, emphasizing transparency and user trust. The offer is capped at a total of 50,000 cmETH.

The introduction of cmETH not only highlights Bybit's commitment to enhancing accessibility in decentralized finance (DeFi) but also underlines its dedication to empowering users to maximize their financial potential in the crypto space. This initiative reflects a broader trend of simplifying complex features in the digital currency landscape, making them more approachable.

About Bybit

Bybit, founded in 2018, has quickly established itself as a crucial player in the cryptocurrency exchange arena. With a community exceeding 60 million users, Bybit focuses on creating a more open, inclusive ecosystem while driving innovation within Web3 technologies. Known for their secure custody solutions and advanced blockchain tools, Bybit plays a vital role in bridging traditional finance with decentralized finance, providing opportunities for builders and crypto enthusiasts alike.

For the latest updates and detailed information about all Bybit services, you can visit their official website or follow them through their community channels.