Hark! Bybit, that grand purveyor of digital coin, doth prune its Web3 garden with a most ruthless hand, severing yet more services after the unfortunate demise of its NFT marketplace but a fortnight ago. 🎭
Attend, gentle readers, for on this sixteenth day of April, it was proclaimed that the Cloud Wallet (a hosted custodial haven for digital trinkets), the Keyless Wallet (a non-custodial marvel, sans seed phrase!), the NFT marketplace itself, the multi-chain decentralized exchange (DEX) DEX Pro, and the Swap & Bridge cross-chain widget (a contraption for swapping betwixt chains) shall all be swept away on the thirty-first of May. A most dire day indeed! 🗓️
Furthermore, on the twenty-eighth of April in the year of our Lord 2025, Bybit shall also bid adieu to Web3 Points, its own loyalty scheme, rewarding onchain capers with redeemable baubles for fee reductions, airdrop amplifications, and early-bird indulgences. Alas, all good things must end, it seems. 🕊️
On that same day, the exchange shall also extinguish its inscription marketplace, the decentralized NFT marketplace NFT Pro, the gateway to the Apex Pro derivatives DEX, its fiat-to-crypto on-ramp, and its initial DEX offering service. One might think they are dismantling the very stage upon which they once played! 🎪
A Strategic Pivot, or a Tactical Retreat? 🤔
Bybit, with a flourish, announced its intention to shutter its NFT marketplace earlier this month. A decision that echoes a similar retreat by that other grandee of NFTs, X2Y2. Are we witnessing a grand exodus, mes chers amis? 🚶♂️🚶♀️
Yet, fear not, for the firm doth not merely prune! ‘Tis whispered that Bybit has embraced the Bitcoin yield product of lending protocol Avalon, offering Bitcoin yield to its devoted users. Avalon claims it shall allow the platform’s denizens to earn yield from Bitcoin by arbitrating on its fixed-rate institutional borrowing layer. A silver lining, perhaps? ☁️
Bybit Refocusing its Efforts, or Tightening its Belt? 💰
Bybit doth declare that it shutters these services to better focus on the quality of its core offerings. The proclamation rings thus:
“In line with our commitment to the evolving onchain ecosystem and delivering high-quality services to our Web3 users, we will be optimizing our current Web3 product and service offerings.”
These apparent cost-cutting measures, however, do follow Bybit’s unfortunate loss of some $1.4 billion in a most grievous hack in February. A sum that would make even Midas weep! 😭
“Bybit is Solvent even if this hack loss is not recovered, all of the client’s assets are 1 to 1 backed — we can cover the loss.”
According to whispers in the taverns of the internet, the exchange may be seeking to recoup this loss by other means. Bybit, however, doth vehemently deny claims that it demands $1.4 million to list a token on its platform, following accusations hurled by a social media gadfly. A most scandalous suggestion! 🗣️
Alas, Bybit has yet to grace CryptoMoon’s humble request for comment with a reply. The silence is deafening! 🤫
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2025-04-17 16:35