• Bybit Launches Web3 Staking Pool Ahead of Ethereum Shanghai Upgrade
• The web3 staking pool will simplify the process for users to interact with DeFi protocols
• The Shanghai upgrade is slated to occur by April 12, 2023 and will improve the usability of staked ETH

Bybit Launches Web3 Staking Pool

The Bybit crypto exchange has started a new web3 staking pool, enabling users to leverage its ethereum (ETH) staking options in time for the Shanghai upgrade. In a March 31 statement, shared with crypto.news, Bybit said it had developed a new staking product that simplifies interacting with decentralized finance (DeFi) protocols. Previously, users needed to complete eleven steps to add liquidity to Curve Finance. Per Bybit, the new product will reduce the process to three steps. The crypto exchange also claimed that the new product could improve the annual percentage rate (APR) of ETH staking by as much as 6.5%. Moreover, Bybit says that its customers will not have to buy ETH to access the web3 staking pool as they can use BTC, USD Coin (USDC), and Tether (USDT).

Shanghai Upgrade Preparations

Ready for the Ethereum Shanghai Upgrade? Prepare yourself by discovering the most suitable staking approach here: https://t.co/55c0XvF83A#TheCryptoArk #NextLevelOpportunities #ETHShanghai— Bybit (@Bybit_Official) March 30, 2023 According to Bybit’s co-founder and CEO, Ben Zhou, the company plans to roll out the new ETH staking option to coincide with Ethereum’s Shanghai upgrade. „The highly liquid and trading-integrated ETH staking pool will be rolling out around the time of Ethereum’s Shanghai upgrade [and] will open up many new opportunities for our users.“ Ben Zhou, Bybit co-founder and CEO. You might also like: Bybit trading volumes surge amid USDC volatility

Ethereum’s Beacon Chain Layer

The Shanghai upgrade is a planned hard fork slated to occur by April 12, 2023. It will implement EIP-4895, allowing validators to withdraw ETH staked on the Beacon Chain from December 2020. The Beacon Chain is Ethereum’s proof-of-stake (PoS) consensus layer that was launched in parallel to the original proof-of-work (PoW) execution layer of the Ethereum mainnet. The Shanghai upgrade comes only months after the Merge, which combined the two layers, making Ethereum fully proof-of-stake and reducing its energy consumption by at least 99.5%.

Staked ETH Usability Improvements

Ethereum developers also expectthe upgrade top improvethe liquidity and usability ofstaked ETH(stETH), whichaccountsfor about 14% of all ETH or 16 million tokens. In additionto eth ethstakingpool ,Bybitsaidit would hosttwo Shanghaupgrade poolsduringthehardfork .

Bybits Trading Volumes Surge Amid USDC Volatility

In additionto launchinga web3stakingpool ,bybitalso reportedthat itstradingvolumessurgedoverthepast fewmonthsamidUSDCoinvolatility .Thecryptoexchangeclaimsitrecordeditshighest24hourtradingvolumeeveronMarch29with$21billionin trades .