On December 3, the world's second-largest cryptocurrency exchange by trading volume, Bybit, celebrates its sixth anniversary, reflecting on a journey filled with innovation, resilience, and growth.
In the past year, Bybit's registered user count surged from 20 million at its fifth anniversary to nearly 60 million, showcasing its ability to attract and retain a rapidly growing global user base. In the third quarter of 2024, Bybit's average daily trading volume reached $33 billion, and in August 2024, it set a historical high daily trading volume of $100 billion. This growth propelled Bybit's spot market share from seventh place last year (3.2%) to second place in 2024 (8.51%). Additionally, Bybit's share in the derivatives market increased from 6% to 15%, highlighting its strong product capabilities and strategic advancements.
Speaking about Bybit's extraordinary transformation journey, Bybit co-founder and CEO Ben Zhou stated, "Bybit's growth story is a journey of transformation. Over the past six years, we have not only achieved numerous milestones but also redefined the possibilities within the crypto industry. Bybit is on a mission of innovation, trust, and inclusivity, dedicated to shaping the future of Web3 and supporting millions of people worldwide in participating in the digital economy. We are collectively building a world full of infinite possibilities."
Innovation Drives Transformational Development
Innovation has always been the cornerstone of Bybit's success. The platform has launched many disruptive products, such as the first exchange-supported liquid staking token (LST) bbSOL on its Web3 staking platform, and the advanced decentralized trading solution DEX Pro, achieving seamless integration between centralized exchanges (CEX) and decentralized exchanges (DEX). These innovations were prominently showcased during the 2024 WSOT DEXWave event, highlighting Bybit's capability to merge CEX and DEX platforms. www.bybit.com
Leading the Web3 Ecosystem
Bybit's leadership position in the Web3 ecosystem is also reflected in its rapid market share growth. For instance, its market share in the TON ecosystem increased from 3% at the beginning of 2023 to 17% by the end of 2024. This significant growth demonstrates Bybit's commitment to providing cutting-edge solutions to adapt to the ever-evolving crypto market environment.
Earlier this year, Bybit became the first exchange to complete the distribution of Catizen ($CATI) tokens through an airdrop, which is part of the "play-to-earn" game Catizen based on Telegram. The successful execution of these complex airdrop operations showcases Bybit's robust technological infrastructure and its determination to drive the development of Web3.
Global Compliance and Community Commitment
Bybit's "compliance-first" strategy has achieved licensing in multiple global jurisdictions, including Argentina, the Netherlands, Kazakhstan, Georgia, Lithuania, Turkey, and Dubai. Additionally, Bybit is the first global crypto exchange to launch Sharia-compliant halal accounts, further expanding service accessibility. These initiatives reflect Bybit's vision of enhancing trust and building a vibrant Web3 ecosystem.
In 2024, Bybit made significant progress in promoting the development of the blockchain community: as an active contributor to the Blockchain for Good Alliance (BGA), Bybit has attracted over 100 partners and engaged more than 1,000 participants in its latest hackathon event. The BGA Web3 Oscars were recently held in Bangkok, recognizing seven outstanding projects that leverage blockchain technology for sustainable development. Furthermore, Bybit served as the title sponsor of the 2024 Crypto Content Creator Campus, bringing together over 200 creators and providing strong support for the next wave of crypto content innovators.
As it celebrates its sixth anniversary, Bybit remains steadfast in its mission to "build, transform, and accelerate" the crypto and Web3 ecosystem. Bybit's journey of innovation and trust heralds a hopeful future, as it continues to lead the direction of the digital economy.
About Bybit
Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Founded in 2018, Bybit provides a professional platform for cryptocurrency investors and traders, offering ultra-fast matching engines, 24/7 customer service, and multilingual community support. Bybit is a partner of the Formula 1 team and driver champion Oracle Red Bull Racing.
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