It’s been a hot minute since our previous AMA session and we’re back to bring you even more product updates (it’s been a pretty epic month for us!) and to answer any of your burning questions. Join Ben Zhou, Co-Founder and CEO, and Bill Xing, Product Manager at Bybit right here:
Want a quick TL;DR instead of watching the entire session? We got you, fam!
You know the drill — strap in and let’s get started. 🚀
We’re heading straight towards product updates territory first!
1. Bybit Earn and Dual Asset Investment
Bill: We are adding more choices for you under our Dual Asset Investment product. Other than 1-day plans, we are introducing 3-days and 5-days plans for you to cater to different risk appetites. If you want to use Dual Asset Investment as a trading vehicle, you can now customize the duration of how long you want to hold the asset.
Ben: Let’s slow down a little and explain more. Dual Asset Investment is a financial product under Bybit Earn. You can obviously find a lot of financial products like Flexible Savings and Dual Asset Investment under it. If you stake stablecoins like USDT via Flexible Savings, you will get up to 3% APY.
Bill: For UST, we offer up to 18% APY. It’s very competitive. Currently, it is sold out but we’re working to add more UST plans.
Ben: We’ll definitely be opening up more UST plans soon.
Bybit Earn used to be called ByFi but we got some feedback that nobody really knows what ByFi means — it means the Bybit Financial Center. But we’ve changed it to Bybit Earn now. Under Bybit Earn, we have Flexible Savings, Dual Asset Investment, DeFi Mining, and Launchpool.
Dual Asset Investment is the one that Bill just talked about. Plus, if you don’t understand Dual Asset Investment, there’s a video that you can play on the page to understand the product better.
2. USDC Linear Options
Ben: Before we jump into USDC Linear Options, I want to introduce the team lead in charge of Options. Hao, maybe you can explain to the folks what Options is all about. What kind of features do we have, what’s coming up, and the expected launch dates.
Hao: We’ve just finished internal testing and we will be launching the Options in the middle of April. In the beginning, we will only be having Bitcoin options with five (5) expiration dates. Additionally, we will also feature both regular margins and portfolio margins.
It’s crucial for an Options product to have portfolio margins. The trading efficiency of Options is lower when you use regular margins because we might be charging you up to 15% of the underlying price for a position.
What portfolio margin does is that it allows you to offset the risk of your position. For example, if a trader has an Options position open and a short Perpetual Futures position open, we will only be charging a small amount of margin. This increases the capital efficiency when opening Options and other relevant Derivatives positions. This is one of the many reasons why we are launching portfolio margins with Options.
Ben: Hao, can you explain what it means to retail buy with Options? If I were a retail trader, I might not be able to understand Options completely.
Hao: Retail investors will love the structured investment product, based on Options, that we’re launching. Their win rates for Options are probably quite high, but these investors will need a good risk investment team behind them. With this new product, we will take over risk management for these traders and give them the best yield that they can receive in the crypto market.
Ben: Awesome. Remember that we are launching the first Linear Options product in the industry. So stay tuned for mid-April!
3. MetaTrader 4 Support
Ben: We are very excited to show you this. The team has been working for the past six (6) months to get this ready for you — MetaTrader 4 (MT4) support. You can now use MT4 to trade Bybit’s hottest trading pairs. Right now, there are about five (5) to six (6) trading pairs available for trade.
Obviously, we are going to connect to MetaTrader 5 in the future, but we know that MT4 is the tool that is popular with forex traders.
For the first time ever, users will be able to place orders directly on MT4 and it will be executed automatically on our exchange. What’s even more exciting is that the spread is insane. If you are trading crypto on MT4 usually, it’s usually a $40 to $50 spread. Here, it is $0.50.
You can also tap on the Expert Advisor (EA) and other automated trading functions.
We will be adding all of our Linear trading pairs on MT4 as we go along, while having some exciting promotions for MT4 users. Try it out today, you’ll love it!
Bill: Plus, the onboarding takes you all of three (3) minutes. It’s very easy.
And then, to the questions, we go.
Questions and answers are edited for clarity.
1. Most of the Derivatives on all exchange platforms, including Bybit, are based on USDT, will Bybit be introducing Derivatives contracts based on UST or DAI?
Bill: Well, this is a good question. We are going to build a unified account feature that will allow you to use any asset as collateral. It can be UST, DAI, BTC, ETH, or other tokens. You will be able to use these tokens as margins to open Derivatives positions. This feature will automatically do the risk management on the backend system, using the price of each coin, meaning that you can basically use any of the assets that you are most comfortable with to trade Derivatives.
It will be the ultimate crypto Derivatives trading experience.
2. Are there any additional benefits on Bybit, like trading fee discounts, for BIT holders?
Ben: Very good question — this is already in the pipeline. We are planning to increase BIT’s utility in more areas within Bybit. For example, we are planning to give trading fee discounts to users who stake BIT on Bybit Earn.
While I am not sure of the exact timeline, we are currently building this feature and it will be available soon. Stay tuned!
3. Do you plan to introduce more staking projects? What new features will we see on Bybit?
Bill: This is one project that we are working on — Proof-of-Stake (POS) staking. Essentially, many crypto projects are currently using POS as their built-in consensus mechanism. Even ETH will be upgraded to a full POS system around June, I believe.
What we want to do is become the bridge to allow our users to stake their assets and gain attractive yield via different Bybit Earn product lines. I am very excited about this new project because this is the first time that we will be bringing native yield to our users.
That’s all we have for this month’s TL;DR, folks! Stay tuned for our next AMA session, which will be coming at the end of April 2022.
Be the first to know when our very next session will be when you follow us on Twitter. Tweet us any questions, BIT or small, with the hashtag #AskBybit. Ben and Bill may just answer your burning questions next!
See you around 👋
Source: Bybit Blog
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