In honor of its 6th anniversary, Bybit, the second-largest cryptocurrency exchange in the world based on trading volume, celebrates a journey of development, innovation, and resiliency that has completely changed the cryptocurrency space.
Bybit’s outstanding accomplishments demonstrate its explosive growth in the cryptocurrency space. The platform’s capacity to draw in and hold on to a fast expanding worldwide audience is shown by the fact that Bybit’s registered user population has tripled over the last year, from 20 million during its fifth anniversary to approximately 60 million as it celebrates its sixth anniversary. Over the last quarter, Bybit’s daily trading volume has averaged $33 billion, with an all-time high of $100 billion in August 2024. Bybit has risen from seventh position last year to the second spotin spot market share with a 3.2% market share to 8.51% in 2024, thanks to its growth. In the derivatives market, Bybit has also made great strides, growing its share from 6% to 15%, which is evidence of its strong offerings and tactical innovations.
Reflecting on Bybit’s incredible transformational journey, Ben Zhou, Co-founder and CEO of Bybit, remarked:
“Bybit’s journey is a story of transformation. Over the past six years, we have not only achieved milestones but also reimagined what’s possible in the crypto industry. At Bybit, we’re driven by a commitment to innovation, trust, and inclusivity, shaping the future of Web3 and empowering millions to participate in the digital economy. Together, we’re building a world where opportunities are limitless.”
Innovation as a Force for Transformation
Bybit’s success has been largely attributed to innovation. The platform has launched game-changing products including DEX Pro, a sophisticated decentralized trading solution that connects centralized and decentralized exchanges, and bbSOL, the first exchange-backed LST token on its Web3 staking platform. These advancements were shown at the 2024 WSOT DEX Wave, which emphasized Bybit’s capacity to smoothly combine the CEX and DEX platforms.
Pioneering the Web3 Ecosystem
Bybit’s expanding market share inside the TON ecosystem, which rose from 3% at the beginning of 2023 to 17% in late 2024, further demonstrates its dominance in the Web3 ecosystem. The exchange’s share in the TON ecosystem increased from 3% in early 2023 to 17% in late 2024, further solidifying its position in the Web3 space. This outstanding expansion demonstrates Bybit’s dedication to provide cutting-edge solutions suited to a evolving crypto landscape.
As part of the tap-to-earn game Catizen, which is based on Telegram, Bybit was the first exchange to finish airdropping the Catizen ($CATI) tokens earlier this year. The strength of Bybit’s technological infrastructure and dedication to expanding Web3 potential are shown by its capacity to manage intricate airdrop operations.
Community Commitment and Worldwide Compliance
Securing licenses in important countries such as Argentina, the Netherlands, Kazakhstan, Georgia, Lithuania, Turkey, Dubai, and others has been made possible in large part by Bybit’s compliance-first strategy. Bybit was the first international cryptocurrency exchange to provide Sharia-compliant Islamic accounts, showcasing its commitment to diversity and innovation and opening up its services to a wider spectrum of populations. These programs strengthen ties and are in line with Bybit’s objective to build a reliable and dynamic web3 ecosystem for users everywhere.
Bybit keeps reaffirming its commitment to building a thriving and active blockchain community. By aggressively supporting the Blockchain for Good Alliance (BGA), enrolling more than 100 partners, and drawing more than 1,000 people to its most recent hackathon, the organization achieved significant progress in 2024. The BGA Web3 Oscar Awards, which honored seven initiatives that best represent the alliance’s goal of using blockchain technology for a sustainable future, were recently hosted in Bangkok to honor outstanding accomplishments. Furthermore, Bybit, as the title sponsor, organized the Crypto Content Creator Campus 2024, which brought together more than 200 creators and was instrumental in empowering the future generation of innovators in crypto content.
As it marks its sixth year, Bybit is unwavering in its commitment to “Build, Transform, and Supercharge” the Web3 and cryptocurrency ecosystem. As Bybit continues to take the lead in forming the digital economy, its path of innovation and trust portends a bright future.
