KEY TAKEAWAYS
- Bybit launches cmETH, enhancing Ethereum staking with its On-Chain Earn service.
- Users can earn an additional 6% APR on Ethereum holdings by minting and holding cmETH during the promotional period.
- cmETH, developed by Mantle Network, allows for optimized staking efficiency and can be used as collateral with an 80% CVR.
- Bybit’s initiative underscores its commitment to advancing DeFi accessibility and user empowerment.
Bybit, recognized as the world’s second-largest cryptocurrency exchange by trading volume, has launched cmETH on its platform, marking a significant development in Ethereum staking. This new offering is part of Bybit’s On-Chain Earn service, which aims to provide users with enhanced staking opportunities.
To celebrate the introduction of cmETH, Bybit is offering an additional 6% annual percentage rate (APR) on Ethereum holdings for a limited time. This bonus is available to users who mint and hold cmETH during the promotional period, making it one of the most competitive staking options currently available.
Understanding cmETH and Its Benefits
cmETH is a Liquid Restaking Token (LRT) developed by Mantle Network through the mETH Protocol. This token is designed to optimize staking efficiency and rewards by allowing users to earn additional restaking yields on top of Ethereum’s native Proof-of-Stake rewards.
One of the key features of cmETH on Bybit is the ability to use it as collateral. With an 80% Collateral Value Ratio (CVR), holders can leverage their staked assets for liquidity without losing out on rewards. Additionally, Bybit Convert facilitates fee-free swaps between ETH, stETH, mETH, and cmETH, providing users with flexibility in managing their holdings.
Seamless Staking and Daily Rewards
Bybit has streamlined the staking process, allowing users to mint cmETH with a single click. Rewards are distributed daily to users’ Funding Accounts, ensuring a straightforward and rewarding staking experience. Hourly snapshots of cmETH balances determine eligibility for the 6% bonus APR, which is capped at a total of 50,000 cmETH. This ensures transparency and timely payouts for users.
Joan Han, Sales and Marketing Director at Bybit, emphasized the significance of this launch, stating, “cmETH 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.”
The introduction of cmETH highlights Bybit’s commitment to advancing decentralized finance (DeFi) accessibility and user empowerment. This initiative not only offers better rewards but also greater flexibility, reflecting Bybit’s dedication to simplifying crypto finance while delivering substantial value.
For more information, the official announcement can be found here.
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