Bybit, which is the second-largest cryptocurrency exchange in the world based on trading volume, has introduced cmETH to its platform, which has opened up a new era of prospects for Ethereum staking. For a limited time, Bybit is providing customers who mint and hold cmETH via its On-Chain Earn service with an extra 6% annual percentage rate (APR) on their ETH holdings. This is being done as a celebration of the launch of the service.
What Is cmETH?
cmETH is a Liquid Restaking Token (LRT) introduced by Mantle Network through the mETH Protocol. cmETH gives users the ability to stack extra restaking yields on top of Ethereum’s native Proof-of-Stake payouts. This feature was designed to enhance both efficiency and reward.
Key Features of cmETH on Bybit
Additional 6% Annual Percentage Rate for Staking
When users mint and hold cmETH during the campaign time, they are eligible to get an additional 6% annual percentage rate (APR) via Bybit On-Chain Earn. This is one of the most competitive rates currently available on the market.
Through the use of a Collateral Value Ratio (CVR) of 80%, holders of cmETH are able to leverage their staked assets for liquidity without compromising their rewards.
Conversions That Are Effortless
Bybit Convert makes it possible to swap ETH, stETH, mETH, and cmETH without incurring any fees. Users will have an easier time managing their assets thanks to this feature, which is both quick and flexible.
Joan Han, Sales and Marketing Director at Bybit, highlighted the importance of this milestone:
“cmETH is a transformative addition for Ethereum staking. By integrating this innovative token, we’re giving our users the tools to achieve greater rewards while maintaining access to their funds. It’s about creating opportunities that are simple, flexible, and rewarding.”
Simplified Staking, Daily Rewards
One click is all that is required for users to mint cmETH thanks to Bybit’s streamlined process. The whole process of staking is made simple and lucrative by the fact that rewards are sent into their Funding Accounts on a daily basis.
Hourly snapshots of the balances of cmETH are used to establish eligibility for the 6% bonus annual percentage rate, which is limited at a total of 50,000 cmETH. In order to guarantee both transparency and timely reimbursements, rewards are deposited to the accounts of users on a daily basis.
Through the launch of cmETH, Bybit has shown its dedication to enhancing the accessibility of decentralized finance and empowering users even further. Not only does this launch provide improved incentives, but it also provides more flexibility. This demonstrates Bybit’s commitment to simplifying cryptocurrency financing while also providing value that is unmatched elsewhere.
