Bybit On-Chain Earn Partners with Function to Boost BTC Staking Yield to 1.2% APR
Quick Brief
Cryptocurrency exchange Bybit has announced an upgrade to its On-Chain Earn Bitcoin staking vault product. Through a partnership with Function (FBTC), the platform has increased its guaranteed annualized return by 50%. The adjustment brings the new rate up to 1.2% APR.
What Happened?
Bybit, recognized as the world's second-largest crypto exchange by trading volume, has teamed up with Function (FBTC) to enhance its On-Chain Earn product. This collaboration resulted in an upgrade to the platform's BTC staking Vault, lifting the guaranteed annualized return from its previous rate of 0.8% up to 1.2% APR.
Why It Matters
The upgrade directly impacts Bitcoin holders utilizing Bybit's earn products by providing a significantly higher guaranteed return on their staked assets, reflecting ongoing shifts in yield offerings among major cryptocurrency platforms.
Key Facts
- Bybit partnered with Function (FBTC) for the product upgrade.
- The guaranteed annualized return for the BTC staking Vault increased by 50%.
- The new APR rate is set at 1.2%, up from the previous 0.8%.
- Bybit is the world's second-largest cryptocurrency exchange by trading volume.
Compiled from 1 outlet
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