Bybit Expands Ethereum Staking Opportunities with cmETH

Global crypto exchange Bybit yesterday launched the highly-anticipated cmETH on its platform, further popularizing Ethereum staking with appealing incentives and flexibility.

Major crypto exchange Bybit has added support for cmETH, a new liquid staking derivative token that enables users to earn rewards and maintain liquidity.

What Happened: Bybit announced Thursday the launch of cmETH on its platform. The token is designed to provide users with an optimal mechanism for maximizing returns on their ETH.

“cmETH is a game-changer for Ethereum (ETH) staking,” said Joan Han, sales and marketing director at Bybit. “Our integration offers users higher rewards and unparalleled flexibility in line with our mission of making crypto finance easier.”

To celebrate the launch, Bybit is offering a bonus of 6% APR on its On-Chain Earn service for those who mint and hold cmETH.

CmETH is an LRT (Liquid Restaking Token) offering from Mantle Network, created using the mETH Protocol. The protocol enables restaking yield to be efficiently stacked on top of native Ethereum Proof-of-Stake rewards.

Bybit users can now mint cmETH with a single click on the exchange. The daily reward is automatically added to the user’s Funding Account. An hourly balance snapshot will determine the eligibility for the 6% bonus APR, with a cap of 50,000 cmETH in total rewards.

CmETH holders can utilize their staked assets with a CVR (Coin Velocity Ratio) of 80%. This enables users to access liquidity without having to forgo their staking rewards.

Additionally, Bybit Convert provides a fee-free method of swapping between ETH, stETH, mETH, and cmETH for easy asset management.