Bybit Announces Strategic Evolution of Web3 Ecosystem with Enhanced Focus on Core Onchain Services - Chainwire

16Apr

Bybit Announces Strategic Evolution of Web3 Ecosystem with Enhanced Focus on Core Onchain Services

DUBAI, UAE, April 16, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, today announced a strategic evolution of its Web3 product suite as part of the company’s commitment to delivering enhanced Onchain experiences. This initiative represents a focused approach to Web3 innovation, concentrating resources on high-value services while streamlining the overall product portfolio.

The strategic realignment sees Bybit maintaining and enhancing four core Web3 offerings: Seed Phrase Wallet, Airdrop Arcade, Onchain Staking, and DApp services. These services have demonstrated consistent user engagement and align with Bybit’s vision for providing seamless access to decentralized finance and Web3 ecosystems.

Since we unveiled our strategy to build Onchain Bybit, a more powerful decentralized trading platform, we have been actively exploring, refining and building on this vision. As part of the Onchain Bybit roadmap, we will gradually replace existing offerings and introduce new, user-friendly products — designed to meet the growing expectations of Web3 users and push the boundaries of decentralized trading.

“This strategic evolution represents our dedication to Web3’s foundational principles while adapting to the evolving needs of our users,” said Emily Bao, Head of Spot and Web3 at Bybit. “By focusing our resources on our most popular services, we’re creating opportunities to build more powerful, efficient Onchain tools that deliver genuine value. Our goal is to provide users with a lighter, more intuitive Onchain experience that maintains true self-custody principles while enhancing functionality.”

Strategic Product Consolidation Timeline

As part of this transition, Bybit is phasing out some Web3 services that have seen limited adoption, with the following schedule:

April 8, 2025 (Completed):

NFT Pro
Inscriptions Marketplace
ApeX
IDO (Initial DEX Offering)
Buy Crypto

April 28, 2025:

Web3 Points

May 31, 2025:

NFT Marketplace
Cloud Wallet
Keyless Wallet
Market page
Dex Pro
Swap & Bridge

Users with assets in services slated for future discontinuation are encouraged to withdraw or transfer them before the respective termination dates to their seed phrase wallets. To support this transition, Bybit will implement a remediation program to be announced at the end of April, allowing customers to work with support teams to recover assets after deadlines if needed.

Enhanced Onchain Experience

This realignment reflects Bybit’s strategic assessment of the evolving Web3 landscape and user preferences. The decision to maintain seed phrase wallets while discontinuing cloud and keyless alternatives prioritizes true self-custody, aligning with blockchain’s core principles.

To support users during this transition, Bybit has published comprehensive guides for transferring assets from discontinued services. For users unable to complete transfers before deadlines, Bybit’s planned remediation program will offer additional support options, with the remediation period adjusted based on observed withdrawal patterns.

Looking Ahead: Web3 Innovation

This strategic evolution represents a determination of Bybit’s Web3 innovation, positioning the company to deliver more focused, higher-quality experiences in an increasingly complex landscape.

“We’re entering a new phase of transformation and enhancement for our Web3 ecosystem,” concluded Emily. “By optimizing our product portfolio now, we’re creating the foundation for more impactful innovations in the future. Our commitment to Onchain excellence remains unwavering, and we’re excited to reveal new capabilities and services in the coming months.”

#Bybit / #TheCryptoArk / #BybitWeb3

About Bybit Web3

Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.

Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 60 million users globally.

Join the revolution now and open the door to your Web3 future with Bybit.

For more details about Bybit Web3, please visit Bybit Web3.

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

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