Bybit has made a generous gesture ahead of its August trading event, World Series of Trading. The derivatives exchange has promised to donate 5% of the prize pool to UNICEF to help combat the effects of Covid-19. At current BTC prices, that means the organization is on course to receive over $110,000. The funds will go towards providing aid to children whose education and food supply has been affected by the second-order effects of coronavirus.
“This is an exciting opportunity to partner with Bybit and better shape the lives of children significantly impacted by Covid-19,” said UNICEF NZ Executive Director Vivien Maidaborn, who added, “We thank Bybit and traders for their generous Bitcoin donations during this unprecedented global emergency.”
Traders Flock to Enter the Industry’s Most Prestigious Event
WSOT is the largest event of its kind in crypto, with a smattering of glitz and prestige to accompany the 200 BTC prize pool. Several famous names are rumored to be taking part, including several poker pros and well-known forex traders. Pre-registration for the competition has now concluded, but formal registration is open up until August 14, with late registration being 4 days after the serious business of trading begins. That’s when traders will have a chance to show off their skills, based on their profit vs loss percentage, in a bid to top the leaderboard.
Last year, Bybit hosted a similar competition, BTC Brawl, with a top prize of 100 BTC. WSOT, which will be held twice annually from now on, hasn’t just doubled the prize at stake: it’s generated huge interest in the competition, word of which has transcended the crypto community. By the end of August, when the event wraps up, the crypto community will learn whether one of their own has taken the top prize, or whether an outsider will show bitcoin traders how it’s done.
Derivatives Dominate Crypto Market
Bybit’s rise to prominence has coincided with a general uptick in futures volumes, which tower over spot volumes recorded by crypto exchanges. Derivatives exchanges such as Bybit and FTX have captured market share from CEXs such as Bitfinex and Bitstamp, which have been slow to pivot. Futures exchanges offering high leverage aren’t the only threat to spot exchanges, however: ballooning DEX volumes have given centralized platforms pause for thought.
With more than $1.5 billion being swapped on DEXs weekly, matching the volume of Coinbase, the defi movement is capturing attention as well as market share. The one area where it can’t compete with CEXs, at least at present, is futures. The faster order execution, lower slippage, and margin requirements of derivatives platforms like Bybit give them a clear edge over defi alternatives. By way of example, Bybit records over $1.5 billion in volume per day. Should WSOT prove successful, Bybit will cement its status as the fastest rising derivatives exchange in the game and one for the competition, not least BitMEX and Binance Futures, to watch with trepidation.