Bybit
Bybit recaps its journey for the past 7 months and reveals a fresh new feel and features beyond futures. 💰 Watch & win up to $150 BONUS! 💰 00:00 Introduction 05:16 Sponsorships & Giving Back 06:01 Product & Feature Updates 11:47 New Languages 12:37 WSOT 2021 13:30 Brand New Bybit 15:16 Cloud Mining 16:48 Spot Exchange 17:46 Coming Soon To watch the event on our other YouTube channels, please click here: 🇰🇷 Korean 👉 🇪🇸 Spanish 👉 A ____________________________________________________________________________________________ ℹ️ ABOUT BYBIT Bybit is the world’s most trusted, most reliable cryptocurrency exchange. Our belief that security and reliability are the hallmarks of building and maintaining trust has led us to create a platform that has low latency, no overloads during periods of extreme volatility, and 24/7 multilingual customer support. Built on customer-centric values, Bybit is committed to provide a professional, smart, intuitive, and innovative trading and cloud mining experience for all crypto lovers around the world. We aim to continue revolutionizing the industry by fusing the best of cryptocurrency and traditional finance. #Bybit #live #livestream #bitcoin #BTC #crypto
Hello, everyone. My name is Ben Zhou, I’m the co-founder and CEO of Bybit. Welcome to another exciting Bybit product launch and product review session. It has been a crazy ride since the last time we talked.
And during these past seven months, we’ve had a bull run, we’ve had the all-time high of Bitcoin — many things have happened. So there are a lot of products to be showcased today, as well as key features we’ve updated.
Looking at the title: From Traders to All Crypto Lovers, one of the key themes throughout today’s presentation is that Bybit has upgraded its strategy. We want to change our positioning in the industry from purely trader-focused to now facing all crypto lovers and users.
That’s why you’ll see that some exciting products coming up are not really about trading, but for the overall crypto users in general. So without further ado, let’s get it going. What Bybit people believe in is to listen, care and improve.
We want to always listen to our community, listen to our users, and listen to all of your feedback. So all of these key features and products are really purely based on the feedback we’ve got. We also want to make sure that we always present products with care — retail focused, customer support focused — so that you can feel that sincerity coming from the whole team.
Lastly, we’re always improving on our core products and services. So I hope we can show that to you throughout this whole session. Of course, as with all the Bybit events, there are bonuses to be earned and to be won throughout this whole process.
So make sure you stay tuned and watch bonuses drop during the session. Okay, so in the first part, I’ll go over happenings within the past six months. There have been a lot of key features, updates and product releases.
So I’ll briefly go over all of them. And especially the key one, before I go into some of the numbers. Bybit had experienced phenomenal growth. All thanks to the support of our community, we’ve grown 2.
5 times from 1 million overall users to now 2.5 million global trading clients with Bybit from all over the world, more than 200 countries and territories, majority of these clients trading currently on our flagship products, the perpetual contracts.
In Q1 this year, we’ve had more than $1 trillion in total overall trading volume, which is very significant. On top of that, we’ve also achieved an all-time high in terms of daily trading volume, breaking a record of $76 billion within 24 hours.
In terms of BTC, we achieved more than 4.9 billion in open interest worldwide. So this was the highest at that point in the world for BTC open interest. We’ve also launched the expiration futures contracts.
Many clients choose to use and trade the expiration futures contracts, simply because it has no funding fees. And this new product actually was able to gain so much traction that it broke 40 billion daily trading volume.
On top of the BTC products, on our Ethereum products thanks to the global increased interest on Ether, our Ether global volume had reached more than $20 billion a day. So why do traders choose Bybit? I think one of the most important things they choose for is liquidity, as we see here Bybit has always had the best liquidity and the tightest spread.
So during any market volatility, you’ll be able to get the best quote and best execution in the market. On top of delivering products and services, Bybit also has grown into a more important player in the whole industry.
And we were awarded by different entities and organizations for our products and services, so these are a few of the awards we won during this first half of the year. As you all know, we are a proud international sponsor of the Borussia Dortmund football club.
They’ve had an amazing season, winning a spot in the UEFA Champions League. Congrats to them from all the Bybit team. On top of delivering products and services. We are also partnering up with the Atlantic Angels in the U.
S. to support children, youth and families in the foster care community. Giving back has always been a theme carried out throughout Bybit. So we’re actually also going to be working with The Giving Block to build a donate button in the Bybit trading platforms for our clients to also participate and give back.
So now we are moving to the exciting part of today’s presentation, we’re going to discuss what has been released, what are the key features, what we achieved for the past six or seven months. Bybit within the past six months had proven itself again, to be one of the most stable and usable platforms out there.
So within this whole bull run, we’ve had no server downtime, or any order overload. All of the traders or clients on Bybit were able to trade throughout this whole process, not a single second shutdown of the server.
However, we’ve had our challenges. We’ve had a lot of our clients experiencing front-end lags, especially during my last presentation. So the developers and everyone in Bybit got together and we changed the underlying infrastructure of how our front end has been built.
And the result was quite phenomenal. We were able to bring down the whole response time from 600 milliseconds to now 350 milliseconds. On top of it, in order to reduce the load, our memory usage has now been 20% down.
So even if you’re running on a later or older version of the laptop, you’re able to trade smoothly. The app startup speed is 70% better than before. What does it mean? It means that from the moment you load our page to it being fully loaded, it’s now 70% faster than before.
Overall resource usage, CPU, memory, all of that is 20% down. especially when the price is moving and you see all the updates happening, that’s when you really see the result of this improvement. So we have been very proud that this has happened.
On top of the performance improvement, we’ve actually added many new pairs, if you noticed, onto our linear and also inverse contracts. If you see on the screen, we’ve added all these new pairs now available to trade on Bybit.
On top of the new pairs, clients are also able to trade expiration futures. This has been launched over the past few months. And now you have the choice between Bitcoin and also Ether expiration contracts.
The volume has picked up and a lot of our clients now are kind of trading in between perpetual and expiration. One of the main attractions of expiration futures is that it has no funding fees, as well as sharing the same funding pools and the same margin with the perpetual contracts.
So it’s a very attractive product. If you haven’t traded them, check it out. If you look now on the screen is our newly designed mobile app application. More than 60% of our current users are trading on the Bybit mobile app — it’s getting increasingly popular.
Actually, one of the cool features that a lot of clients use is the strategy alert within the mobile app. What the strategy alert does, is it lets you know when the best moment to trade is. and you can set certain criteria such as when the price is moving to a certain range, or when the funding fee is becoming positive or negative, or other cool features built into the strategy alert.
More than 60% of the mobile users on Bybit are using the strategy alert. So if you haven’t checked it out, check it out. Our mobile app has all the full functions of the desktop version. So you get everything you get on the desktop within your hand.
It’s really cool. And I think this trend is just gonna happen more and more as more people are moving on to mobile trading. For our desktop users, we also brought in something very special for you all.
Many traders have been requesting this feature, which we call multi-chart. So if you see on the screen now, there are four different charts. So you can set either four or two or three, what it does is you can really see different timeframes of the same pair or different pairs in contrast.
So now you’re able to monitor all the markets at the same time, and not miss a single movement of the market move with you and really be on the watch out for your favorite pairs that you want to trade.
The next one, again, is a cool feature that our traders had requested is the split display on the order book. So by now you can click on the top buttons, and to show to readjust, realign the bid and ask, you can see only the bid and only the ask or see it side by side.
So it’s a really fast way to show and to get to you what you need. Another thing with the increasing cost of Ethereum transactions, our clients have been requesting us to introduce a cheaper way for them to deposit and make withdrawals.
So on top of the ERC-20, we just launched TRC-20 deposit and withdrawal about a month ago. So now it fully supports TRC-20 deposit and withdrawals. If you haven’t checked it out, do check it out it is a much better way to save costs.
As many people know, Bybit is a global platform. We serve more than 200 countries/territories and clients from all over the world speaking different languages. So our local market team has been quite busy, bringing you more and more language support.
Now, Bybit supports Spanish, Turkish, Brazilian Portuguese, French, Bahasa Indonesian and Thai. Typically when there are language updates, we also add local language support to our 24-hour support. So do check that out as well.
So what’s coming? I’ve mentioned quite a bit about what had been released. But what’s coming for these next six months? What is to be expected? What are some of the exciting things you can expect? Number one thing is, of course, the long awaited WSOT, Bybit was the first to introduce this one-of-a-kind competition to the world.
Our last WSOT had more than 12,000 participants from all over the world, professional traders, YouTubers, Twitter people, and it was quite a scene at that time where everyone participated and demonstrated their trading skills.
So for this year, we are making it bigger, better, even more exciting. This is going to be launched in August this year. And I think the prize and overall participation is going to reach another level.
So make sure you check that out. We’ll see you there. With what I said just now about our new goal of serving not only crypto traders but also all the crypto lovers. With that in mind, we introduce you to our new logo and our main theme or main UI for the whole Bybit products.
Sharper edges, position the brand as more modern and sleek. It is also dynamic, the lifting “I” symbolizing a candlestick graph represents the constant movement within the crypto space. Lastly is Bold, shifting away from small caps, random letters in the logo to capitalized letters.
The Bybit brand is refreshed with a bolder and fresher look. I hope you guys liked this new logo, I personally love this new one. Of course with the new logo comes with the new UI and new homepage design.
I’ll now show you a little glimpse of it, you can see now it is much cleaner, much more crisp, dynamic. You can see that in the color usage. We still keep the original orange as the Bybit main theme color, but on top, we made it much more dynamic.
And of course, you still have all the little key cards that indicate telling you the key activities and the market trends. And if you scroll down, you will be able to see the media features, partners, and also more footnotes.
So be on the lookout for that. We’re going to launch it very soon. Now with the general strategy of pivoting to focus more on overall crypto users, the first product we pushed out just a few months ago, was the ByFi suites or the ByFi center.
This ByFi center focuses on delivering everyday crypto users a simplified, DeFi product. So it’s very easy within one click, you will be able to participate in DeFi or in mining. The first product we offer is cloud mining.
It looks complicated, but it’s actually not. It is really a very easy way for any users to participate in mining Ether, with flexible terms, long term, short term, one week, three months, and fixed yield.
It is very hassle-free. So we actually launched the product a while ago, and it was sold out instantly. If you look at them, currently, we have many different days in selections with display now being all seven days, but in the future soon will offer longer period selections, as well as different yields.
So if you haven’t seen this, check it out. We’ll also be able to offer many more products than just Ether. I think this is a product that got a lot of clients very interested and very excited. On top of the ByFi Center, of course, Bybit is launching our spot trading.
This has been a long-asked product or feature. If you are your futures trader, you probably need a spot to support your strategies by either doing hedging or simply spot tradings. So, this is going to be launched in July, which is happening very soon with the initial products of Bitcoin, Ether, XRP and EOS in place, and the rest will follow very fast.
Along with the spot market opening up, we’ll also be able to list different pairs and new pairs very fast. Now, it takes us a few weeks really to launch a new or add a new pair. But we’re hoping soon within the hours we’ll be able to add a new pair for our traders to trade.
So we have spot, we have futures. What else is missing? I think for any traders, you probably need one more product to really complete all of your portfolio tradings — that is options. So, we are building our options currently.
And we’re prepared to launch it in the second half of the year, maybe towards the end of the year. And it will be a full options product with both European and American options. So you will be able to combine the best liquidities of perpetual contracts, of spot, and with options that makes Bybit ecosystem overall as a whole, complete all of your trading needs.
So if you’re a trader, by the end of the year, Bybit will offer whatever you need, and so there’s no reason for you to go anywhere else but stay at Bybit and trade and take advantage of the volatility in the market.
With that being said more details of the spot market and of the options market will be released closer to their launching dates. So make sure you stay tuned. With spot and options being added on to the current futures, there’s one other key feature that every other client is requesting.
That is our current withdrawal period. Currently Bybit supports three withdrawals directly through our cold wallet. So what’s upcoming will fix it. With the spot and options already added on to Bybit, there is one crucial piece of the puzzle that needs to be upgraded as well.
Many clients have been asking this, that is our withdrawal time window. So we are launching Wallet 2.0, a major update to our current withdrawal and wallet system that will enable withdrawal at any time — 10 minutes.
So after the Wallet 2.0 is launched which will be launched around the same time as our spot, clients will be able to withdraw and deposit at an instant and experience no more waiting period: no more three times a day.
So that’s a huge upgrade to all of our products. Stay tuned to that as well. So guys, this wraps up the twice-a-year product update from me. I hope you guys are as excited as I am, especially with all these new products and features coming up.
May 2021 be the year of crypto. Let’s get this started. Thank you for watching this event. I’ll see you all next time.