Bybit will soon stop providing most of its Web3 offerings. This comprises the Cloud Wallet, Keyless Wallet, NFT marketplace, multi-chain decentralized exchange (DEX) DEX Pro, and the Swap & Bridge cross-chain swap widget. This decision is made all the more poignant as the company shifts its strategic priorities to improving the quality of its flagship products. As part of the move, Comic Relief crypto exchange will end its nascent internal loyalty scheme, Web3 Points.
The company’s rebuttal came after it was accused of demanding $1.4 million to add an obscure token to its trading platform. Despite discontinuing some of its Web3 services, Bybit has integrated the Bitcoin (BTC) yield product of lending protocol Avalon to offer Bitcoin yield to its users.
Web3 Services Shutdown Details
Bybit is closing its Web3 Points scheme on April 28. The company’s reader inscription marketplace will shut down on Blank on the same date.
NFT Pro, a decentralized NFT marketplace, will cease operations on April 28th. The gateway to the Apex Pro derivatives DEX will also be closed on this date.
The exchange’s fiat-to-crypto on-ramp and initial DEX offering service will be shut down on April 28. According to the firm, these Web3 closures represent a major pivot in Bybit’s overall strategy on Web3.
Strategic Shift Towards Core Products
Bybit's decision to shut down these Web3 services is part of a broader strategy to concentrate on its primary offerings. Through this process the company is hoping to offer a less cluttered and more efficient user experience by treating its resources on fewer, more fundamental products.
This latest change is the latest indication of a trend among top crypto exchanges to streamline offerings and focus on crypto’s most promising growth segments. Bybit’s emphasis on quality over quantity is a clear indication of their commitment to long-term sustainability and customer satisfaction.
The integration of Avalon's Bitcoin yield product demonstrates Bybit's ongoing efforts to provide valuable services to its users, even as it streamlines its Web3 offerings.
Avalon Integration
Even with the winding down of many Web3 services, Bybit continues to grow its offerings by closely integrating complementary services. Bybit has partnered with Avalon to bring BTC yield to their users. This partnership speaks to Bybit’s commitment to providing innovative and valuable services to its users.
This integration enables Bybit users to earn yield on their Bitcoin holdings via Avalon's lending protocol. Bybit’s latest expansion into the crypto market is a testament to the brand’s ability to innovate, providing new opportunities and utilities for its booming user base.
