Bybit Celebrates Launch Of Suport For Arbitrum (ARB) With $400,000 Prize Pool

Twitter icon  •  Published 1 year ago  •  Nikolas Sargeant

Bybit is launching campaigns to celebrate its feat. These campaigns offer ARB traders a chance to win a portion of its $400K prize pool

Arbitrum (ARB) token is now listed on Bybit's trading platform, the world's third most visited crypto exchange. Users can deposit ARB and trade newly created ARB spot pairs, perpetual contracts, and trading bot pairs through this listing.

Bybit is launching campaigns to celebrate its feat. These campaigns offer ARB traders a chance to win a portion of its $400K prize pool.

Arbitrum is a key player in Ethereum's layer 2 scaling scene. It aims to enhance Ethereum's speed, scalability, and privacy features. The long-awaited ARB release includes a 12.75% "airdrop" of the total supply to the chain’s initial users.

What Does The Listing Offer?

Bybit customers can access various products offering various ways to trade ARB. At present, customers can trade using ARB using the following trading tools on the exchange: 

  • Spot: ARB/USDT + ARB/USDC

  • Derivatives: ARBUSDT 

  • Leveraged Token: ARB3L/USDT

  • Spot Grid Bot: ARB/USDT

  • DCA Bot: ARB/USDT + ARB/USDC

  • Futures Grid Bot: ARBUSDT 

  • Copy Trading: ARBUSDT

  • Margin Trading: Up to 5x leverage on the Spot with a 60% Collateral Ratio Value

The launch of ARB on the platform is something to celebrate, which was voiced by the company’s CEO Ben Zhou, who said, “At Bybit, we recognize our responsibility to provide forward-thinking opportunities for our users and lead the way in supporting the proliferation of cryptocurrency and blockchain technology. I am delighted to see that we are offering an ARB token listing, which promises unique rewards for those who use it. We are eager to see how our users leverage this powerful new asset and eagerly await their feedback.”

Launch Giveaway

To celebrate the launch of the Arbitrum, Bybit put together four special events with a prize pool of 400,000 USDT! Each event is already underway and will go through until the end of the month, finishing on the 31st of May, 2023. Below you’ll find some further details about each of the four events. Let’s take a look!

Event 1: Deposit 250 ARB to Earn 25 USDT (50,000 USDT Prize Pool)

Simply deposit at least 250 ARB into your Spot account during the event to earn 25 USDT. Rewards will be distributed on a first-come, first-served basis, so hurry!

Event 2: [Launchpool] Stake ARB to Earn a Share of 150,000 ARB! Stake ARB to obtain a share of 150,000 ARB for free!

Event 3: [GMX Users Exclusive] Deposit 500 ARB to Earn 0.5 GMX (2,000 GMX Prize Pool)

If you're a new Bybit user and have dealt with the GMX token, here's how to win 0.5 GMX in three easy steps.

  1. Sign up on Bybit

  2. You'll need to deposit in your Spot account to participate in the event. The deposit should be 500 ARB or more and come from your wallet. 

  3. Complete this form to be eligible for this event

To be eligible for rewards, you must have traded on or provided liquidity to the GMX protocol on Arbitrum using your wallet address. The rewards will be given on a first-come, first-served basis. So, deposit your funds now to participate.

Event 4: [Spot Grid Bot] Trade to Earn from the 20,000 USDT Prize Pool!

You must accumulate a Spot Grid Bot trading volume of at least 100 USDT with any of these tokens to win a share of the 20,000 USDT prize pool:

ARB, RDNT, GNS, MAGIC, GMX or DOPEX

It’s worth noting that your Spot Grid Bot must be active for at least 24 hours.

More About Arbitrum

Arbitrum is a solution for scaling Ethereum known as Layer-2. Its primary benefit is rooted in Ethereum's trustless security. It enables any party to ensure precise Layer-2 results. It can run unmodified EVM contracts and Ethereum transactions with increased scalability and throughput. Arbitrum does this by moving contracts' computation and storage off of Ethereum's main chain. The system is designed and engineered to minimize the gas consumption of Layer-1, thereby reducing per-transaction costs.

Next article Mt. Gox Set to Begin Repayments in July After Decade-Long Saga

Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.