Bybit, one of the growing crypto exchanges, has donated $134 million contributions to the BitDAO Treasury in the form of Ether (ETH), Tether (USDT), and USD Coin (USDC), as well as the completion of the integration of Ethereum layer-2 solution Arbitrum.
It has been reported that currently, BitDAO has one of the largest decentralized treasuries and it recently funded a $200M zkDAO to further build on zkSync and scale Ethereum. Bybit's investment attests to its confidence in BitDAO to lead and support DeFi projects.
However, Bybit joins other backers such as Peter Thiel, Founders Fund, Pantera, Dragonfly, and Spartan. Bybit's integration with Arbitrum will enable users to deposit and withdraw ETH, USDT, and USDC on the Arbitrum network. Other benefits may include lower gas fees than those on Ethereum's mainnet, rapid throughput, and decreased latency due to Arbitrum's optimistic rollups.
Ben Zhou, the co-founder and CEO of Bybit, said that his firm is able to deliver "next-level products and services" thanks to Arbitrum's "decentralized, developer-friendly and broad ecosystem support."
According to DeFi Llama, the Ethereum layer-2 scaling solution was developed to decongest the Ethereum mainnet. Arbitrum's current total value locked (TVL) is $1.54 billion.
Thus, Bybit also recently launched its own NFT marketplace that will give customers the choice to use their Bybit accounts to trade NFTs instead of having to link their personal wallet addresses.