Bybit introduces SUI to its on-chain earn platform

Bybit, one of the leading cryptocurrency exchanges, has expanded its On-Chain Earn platform by adding support for SUI, the native token of the Sui blockchain, which is currently ranked as the 20th largest cryptocurrency by market capitalization. This addition to Bybit’s platform allows users to stake SUI directly on the blockchain and participate in securing the Sui network, while also earning staking rewards.

The On-Chain Earn platform, launched by Bybit earlier, allows users to stake various cryptocurrencies that operate on proof-of-stake (PoS) blockchains, including Ethereum and Solana. With the addition of SUI staking, the platform now offers another opportunity for users to earn rewards while contributing to the decentralized security of the Sui blockchain.

Joan Han, Bybit’s Sales and Marketing Director, expressed enthusiasm about the integration, stating, “We are excited to enhance our On-Chain Earn platform with the addition of SUI staking. This staking initiative reflects our commitment to empowering users with innovative and accessible ways to grow their crypto assets.” The addition of SUI is a significant move for Bybit, further diversifying the staking options available on the platform.

In celebration of this new feature, Bybit is launching a promotional event, which will run until January 3, 2025. The event features a bonus pool of 12,000 SUI tokens, which will be distributed proportionally based on users’ staking amounts. To qualify for the bonus, participants must hold their staked SUI for a minimum of 24 hours. Staking rewards and bonus tokens will be distributed daily to users’ funding accounts at 6:00 AM UTC.

SUI’s price has seen significant growth in recent months, especially in October, when it surged into the double digits after Bybit added support for the token and launched it on the Bybit Launchpool. Further catalysts, such as the integration of the Phantom wallet and USDC support, helped push the price to an all-time high of $4.46 on December 6. However, as of now, SUI’s price has adjusted to around $3.75.

Bybit’s addition of SUI staking offers an opportunity for crypto users to earn passive income through staking while participating in the growth of the Sui ecosystem. This move highlights Bybit’s continued efforts to expand its offerings and support for a broader range of crypto assets.