Bybit has introduced decentralized exchange (DEX) trading as part of the WSOT 2024 competition, aiming to bridge the gap between decentralized and centralized platforms.
As the crypto industry continues to develop into a mix of centralized and decentralized entities, the need for unification is becoming more pressing. Many in the blockchain space are working tirelessly to create this harmonization and effectively demonstrate how various crypto, blockchain, and Web3 systems can come together to form a cohesive ecosystem.
Bybit, the second-largest cryptocurrency exchange by trading volume, is helping to establish this cohesion by adding DEX trading into its World Series of Trading (WSOT 2024). This integration is a significant milestone, marking the first time decentralized finance (DeFi) has been included in this global competition.
The WSOT, a major event for the crypto trading community over the past four years, ensures that individual traders and teams receive recognition for their skills. The competition has grown substantially, attracting over 69,000 participants in 2022 and 117,000 traders in 2023.
CEX meets DEX in one competition
With the addition of the WSOT DEX Wave, Bybit is bringing together traders, developers, and partners across centralized and decentralized spaces. The initiative positions Bybit as a driving force in Web3, merging the variety of sectors within the crypto industry into one competition.
As part of WSOT 2024, Bybit’s Web3 DEX Pro platform will provide participants with access to over 1 million DeFi tokens supported by leading Web3 organizations. This includes a wide array of DeFi assets, such as gaming finance (GameFi) tokens, memecoins, and other DeFi projects.
“WSOT 2024 offers participants a unique chance to experience both sides of the crypto market,” said Ben Zhou, co-founder and CEO of Bybit. “Our dual offerings on CEX and DEX will allow traders to explore new avenues and opportunities in the digital asset space.”
Competition prize pool and rewards
This year’s competition will feature a massive prize pool of 10 million USDT, along with the opportunity for participants to win luxury prizes like Rolex watches, global travel experiences, and even a yacht. These rewards are designed to attract a broad spectrum of traders from veterans to beginners.
Fair competition structure
WSOT 2024 will implement a tiered weighting system to promote fairness, ensuring that talent — rather than resource advantage — shines through for all traders.
Traders will also have the option to use subaccounts, allowing them to maximize rewards through one primary and four supplementary accounts. Additionally, a new ROI Reset Card feature will allow traders to reset their return on investment (ROI) if they face losses during the competition.
Commitment to collaboration
In its progressive commitment to collaboration in the crypto and Web3 space, Bybit is partnering with Immunefi and the Ethereum Foundation for the inaugural Ethereum Attackathon. Bybit will be contributing up to 75 ETH to this global event aimed at improving the innovation and security of the Ethereum network.
Bybit envisions WSOT 2024 as a platform for unifying different corners of the crypto world. Through the introduction of DEX trading and a substantial prize pool, WSOT aims to connect and strengthen collaboration between traders and developers. Further details about WSOT 2024 can be found here.