Hey Bybit fam, you know what time it is?
Yes, that’s right — we’re coming in hot with another fresh AMA sesh just for you. Join our Co-Founder and CEO Ben Zhou, along with Product Manager Bill Xing, as they talk us through the future of Bybit and answer some of the community’s burning questions!
Here’s a quick peek at some of our latest product updates:
1. Leveraged Tokens
Bill: We’ve added 18 new pairs, which you can find by clicking on the “Trade” tab on our website and heading to Leveraged Tokens . We are currently supporting 2x or 3x leverage on various tokens, making it simple to amplify your returns on certain assets.
For example, if the value of BTC goes up by 10% and you’re going to long BTC with 3x leverage, you’ll enjoy a performance boost of 30%.
Ben: Basically, it amplifies the market movement by 3x without the use of Derivatives. It works just like a Spot pair, so there’s no risk of liquidation.
If I want to long, I’ll buy the Long token. If I want to short, I’ll buy the Short token. The mechanics work just like Spot pairs.
Bill: We’ll be adding more pairs in the future as well, watch this space for more updates!
2. Copy Trading
Bill: We’re always looking to improve our products, so the next step for Copy Trading would be our upcoming referral program where you can earn bonuses by referring others.
Ben: Another major update is that Principal Traders can now trade as they normally would on the Derivatives page with signals provided. We’ve added this feature by popular demand in order to provide greater convenience for our users.
Copy Trading will also be implemented to our Spot platform soon, so Principal Traders can share their strategies with their followers.
Bill: Plus, you can now sort Principal Traders by various metrics in order to find what works best for you.
Ben: Our goal is to evolve Copy Trading into a social trading platform, with tools and data analyses to meet our traders’ needs. You can look forward to more risk-management features with different criterias as well.
It has proven itself to be a popular feature among the community, so do stay tuned for more!
3. Multi-Asset
Bill: This is our new unified account feature, which allows you to open positions in a linear Perpetual Swap using ETH, BTC and more as collateral. The API is now live and open for public testing, so you can give it a try.
Ben: It basically lets you use multiple tokens as collateral when trading linear pairs — all with just one account.
Bill: It’s currently only available for API users, but we’ll be releasing the UI for all traders soon!
And here’s a brief look at our Q&A segment:
1. Will there be any kind of compensation for traders who lose funds while following Principal Traders?
Ben: This is a good question. While we do have multiple risk-management tools to help our traders better analyze the credibility of Principal Traders, it’s still ultimately their decision to follow or not.
Profit or loss, it’s a fair market transaction that Bybit will not be liable for — so be sure to choose your Principal Trader wisely and practice proper risk management.
2. Will Bybit be listing more USDC Derivatives?
Bill: Yes, a hundred percent. We’ve actually been quite keen on USDC as an alternative stablecoin option. We currently have a 5.5% USDC Bybit Savings product, USDC Spot trading pairs, as well as our unique USDC Options offering.
We’re definitely going to add more USDC Derivatives in Q3 2022, along with our unified account feature supporting the creation of a capital-efficient platform for professional traders.
Ben: More Spot pairs will also be listed, and we’re working very closely with Circle on the adoption of USDC. It’s becoming a very major player in the crypto space, and Bybit would like to support that.
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When is the Bybit crypto card launching?
Ben: It’s launching this quarter — we’re stoked to announce that we signed a deal with Mastercard. You’ll be able to deposit your stablecoins, make payments and enjoy the usual perks you’d get with this credit card.
On top of that, we’re planning to offer a credit system which rewards you for spending. This could be in the form of cash rebates or tokens.
A membership tier system is in the works as well, so stay tuned for more!
Well, that’s all we’ve got for today’s AMA summary. Keep a lookout for our next installment, coming your way real soon.
Follow us on Twitter to know when our next session drops, and feel free to send us a tweet with the hashtag #AskBybit. Who knows, your question might just be featured in the next episode!
See you next time!
Source: Bybit Blog
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