Hassan Maishera
TL;DR
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Bybit organizes a trading competition to mark the Ethereum Shanghai competition.
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The crypto exchange will share $450,000 to the winners of the Trading Bash event.
Bybit Organizes The Ethereum Shanghai Trading Bash
Bybit, one of the largest cryptocurrency exchanges in the world, has organized the Ethereum Shanghai Trading Bash. The trading competition is to celebrate the recently concluded Shanghai hardfork on the Ethereum network, signaling the blockchain’s final move to the Proof of Stake mechanism.
The Shanghai upgrade aims to tackle three crucial concerns related to Ethereum, including improvements to Layer-2 gas fees, advancements in the Beacon Chain, and modifications to the EVM Object Format.
Registration for the Trading Bash began on April 2nd and ended on April 20th. Meanwhile, the trading event began on April 4th and ends today, April 21st. According to the cryptocurrency exchanges, winners of the Trading Bash will share from a pool of $450,000. However, traders were only allowed to trade ETH and a few selected derivatives on the Bybit exchange. The eligible trading pairs include; ETHUSDT, ETH-Perp, ETHUSD, ETHUSD0331, ETHUSD0630, LDOUSDT, FXSUSDT, ANKRUSDT, RPLUSDT, SSVUSDT.
Rewards will be distributed to eligible users' Spot Accounts 30 working days after the event ends.
More Than 18K ETH Staked On Bybit
Before the Ethereum Merge, individuals interested in becoming validators on the ETH 2.0 Beacon Chain were required to place a specific amount of ETH into a smart contract. This ETH remained locked in the contract following the Merge. With the Shanghai upgrade, however, the lock on the pledge has been lifted, allowing ETH contributors to retrieve their ETH from the Beacon Chain in a phased manner, subject to certain conditions.
According to the Ethereum developers, the Shanghai upgrade is poised to decrease gas fees associated with Layer-2 solutions built on the Ethereum network, such as Polygon and Optimism.
So far, there are more than 18k ETH coins staked on the Bybit. The crypto exchange explained that the yield generated from ETH 2.0 is dynamically adjusted according to the on-chain staking amount, with an APY of 4%~11.2.
