What is Bybit On-Chain Earn?
Bybit's On-Chain Earn is a user-friendly staking service where you can stake your cryptocurrency directly on the blockchain and earn rewards. It supports Proof-of-Stake (PoS) networks, contributing to their security and decentralization. Traditional staking requires technical expertise and hardware. With Bybit On-Chain Earn, the platform simplifies gas fees, node operations, and reward distribution for you. You can stake popular PoS tokens in just a few steps. While the process is streamlined, staking rewards are subject to network conditions and are not guaranteed.
What are the benefits of staking?
By participating in staking, you may receive rewards in the form of daily yield or potential value appreciation of the liquid token, as recognition of your contributions to network security. It also helps decentralize the network and minimizes the risk of a single point of failure, which is essential for blockchain networks. However, returns are subject to market conditions and are not guaranteed.
Where do staking rewards come from?
Staking rewards come from two main sources: newly minted tokens and transaction fees collected by the blockchain network. By staking assets in a Proof-of-Stake (PoS) network, you contribute to the network’s security, and in return, you receive a share of newly created tokens or a portion of transaction fees. Different protocols may distribute staking rewards in various forms.
How is APR determined?
The staking APR changes dynamically based on on-chain staking rewards. It is influenced by factors such as total asset staked, the network's inflation rate, and transaction volume. Bybit provides transparent information on the expected APR for each supported asset, helping you make informed decisions. The expected APR estimated by Bybit is not guaranteed and is provided for informational purposes only. Therefore, the expected APR shall not be considered guaranteed.
Is there any risk associated with Bybit On-Chain Earn?
Yes, while Bybit On-Chain Earn offers opportunities to earn rewards, there are risks to consider, including but not limited to the following:
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Market Risk: The staked cryptocurrency may lose value if market prices decline.
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Lock-Up Period: Some networks lock your assets for a set period, limiting access and potentially causing delays in unstaking.
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Blockchain Issues: Technical failures or attacks on the blockchain could affect staking performance, possibly delaying or reducing your rewards.
Please note that customers are expected to thoroughly analyze the risks and, based on their analysis, decide whether to use Bybit On-Chain Earn. Bybit does not assume any responsibility for losses arising from these risks.
Is Identity Verification required to participate in On-Chain Earn?
Yes, individual Identity Verification of at least a standard level is required to participate in On-Chain Earn.
Can I cancel my staking or redemption request after the order submission is successful?
No, you are not able to cancel your order once submitted. However, you can stake or redeem your token via On-Chain Earn anytime again.
Which token and protocol does On-Chain Earn support?
On-Chain Earn supports various tokens and staking protocols, each with different staking and redemption rules depending on the specific network. You can view the supported protocols and tokens from the On-Chain Earn page. Please note that customers using Bybit On-Chain Earn are expected to regularly check the relevant page.
Are there any fees for using On-Chain Earn?
We will charge a service fee percentage, which will be reflected in the yield you receive. For example, if your original yield is 10 USDT and the service fee is 1%, you will ultimately receive 9.9 USDT. The fees vary depending on the protocol, and you can check the fee details on the staking page. Please note that actual yields may vary.
Can I redeem my staked assets anytime?
Yes, you can redeem your assets anytime, but different protocols may have varying redemption processing times or rules. You can check the specific details on the redemption page.
What are the minimum or maximum staking or redemption amounts for On-Chain Earn?
The minimum and maximum staking or redemption amounts vary depending on the specific protocol. You can find the exact limits for each protocol on the staking or redemption page.
Can I stake more assets on existing on-chain earn orders?
Additional asset staking on On-Chain Earn is currently not supported.