Bybit Launchpool Adds SUI for Staking and Expands DeFi Options

• Bybit Launchpool introduces SUI as its first native token pool, offering staking rewards and expanding DeFi liquidity.
• Bybit targets global Muslim investors with a Sharia-compliant product, tapping into the $3.9 trillion Islamic finance market.

Introducing SUI as their first native token pool on the Bybit Launchpool marks a major change bybit. This new feature lets users stake SUI and get benefits, therefore enhancing the whole SUI ecosystem’s presence in decentralized finance.

Because of its incorporation into the network, which offers growing visibility and liquidity, the SUI token has been acquiring popularity. Apart from this, Bybit has switched to a USDC pool in place of its USDT pool, therefore attesting to more dependable transactions.

Offering users a more safe staking experience, USDC has evolved as the favored stablecoin thanks to its transparency and reduced volatility over USDT.

@Bybit_Official adds SUI to Launchpool! The first native token pool for SUI is here, aiming to boost community activity and expand token offerings. Plus, USDT is out and USDC is in for more stable transactions! NAVI also joins the party, opening new investment… pic.twitter.com/syxnrHiEYE

— Crypto B (Never DM first) (@TheCrypto_B) October 7, 2024

Bybit Expands Staking Options with NAVI, Boosting Liquidity for SUI Ecosystem 

Bybit has also unveiled another crypto inside the SUI ecosystem called NAVI as part of this growth. This new coin lets users stake several assets, including SUI, USDC, and NAVI, therefore broadening the staking choices open to Bybit users.

Bybit’s larger plan to be more visible in the DeFi market includes the launch of these tokens, therefore drawing more liquidity and offering consumers additional earning possibilities.

SUI’s total value locked (TVL) has also soared above the $1 billion mark, indicating rising token confidence and demand. The SUI price has thus also seen a noteworthy surge, close to its all-time high (ATH) of $2.17.

These advancements show Bybit’s will to change its platform to satisfy customer demand. Expanding staking choices and improving liquidity for local tokens like SUI helps the exchange establish itself as a major DeFi participant.

The strong and active ecosystem shown in the higher user engagement and transaction volume connected to SUI has helped to explain the daily transaction volume growth.

On the other hand, as we previously noted, Bybit has also been acting to accommodate Islamic money on another front. Aiming to draw Muslim investors from all around the world, the exchange just started a product meant to follow Sharia law.

Targeting the two billion Muslims worldwide, Bybit’s deliberate attempt to access a large and underserved market reflects the projected $3.9 trillion value of Islamic banking.