- Bybit introduces cmETH, a Liquid Restaking Token, enhancing Ethereum staking rewards through Mantle Network’s mETH Protocol.
- Users can earn an additional 6% APR during a limited-time promotional period and leverage cmETH as collateral for liquidity.
- Fee-free swaps and a streamlined staking process make Ethereum staking on Bybit more accessible and flexible for users.
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has recently introduced cmETH to its platform, expanding Ethereum staking options for users.
To mark the launch, Bybit is offering an additional 6% annual percentage rate (APR) for a limited period to those who mint and hold cmETH through its On-Chain Earn service.
cmETH, developed by Mantle Network via the mETH Protocol, is a Liquid Restaking Token (LRT) designed to enhance staking rewards. It allows users to earn restaking yields alongside Ethereum’s native Proof-of-Stake rewards, offering greater efficiency and returns.
The integration of cmETH on Bybit comes with several features aimed at improving user experience. During the promotional period, participants can earn an extra 6% APR on cmETH holdings, providing a competitive incentive.
The token can also serve as collateral, with an 80% Collateral Value Ratio (CVR), enabling users to access liquidity while retaining staking rewards. Additionally, Bybit Convert offers fee-free swaps between ETH, stETH, mETH, and cmETH, simplifying asset management.
Joan Han, Sales and Marketing Director at Bybit, emphasized the significance of the launch and stated:
“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. It’s about creating opportunities that are simple, flexible, and rewarding.”
Staking cmETH on Bybit is designed to be straightforward, with users able to mint the token in just one click. Hourly snapshots of cmETH balances determine eligibility for the 6% bonus APR, capped at 50,000 cmETH. Daily rewards are distributed to users’ Funding Accounts, ensuring transparency and timely payouts.
The launch of cmETH underscores Bybit’s commitment to advancing decentralized finance (DeFi) by offering accessible and innovative solutions. By simplifying Ethereum staking and introducing flexible tools, the platform aims to empower users in navigating the evolving crypto ecosystem.
Founded in 2018, Bybit serves a global user base of over 60 million people and is known for its secure infrastructure and dedication to Web3 innovation.
Edited by Harshajit Sarmah
