Bybit Marks Exclusive Launch of Avalon Token (AVL) on Bybit Spot

Bybit, the world's second-largest cryptocurrency exchange by trading volume, has partnered with Avalon Labs to mark the exclusive launch of Avalon Token (AVL) on Bybit Spot.

Dubai, United Arab Emirates, 14th February 2024: Bybit, a leading cryptocurrency exchange, has announced an exclusive partnership with Avalon Labs to mark the launch of Avalon Token (AVL) on Bybit Spot. This collaboration will introduce an initiative designed to enhance engagement within the Avalon ecosystem.

As part of this collaboration, Bybit will be offering an incentive-based savings mechanism through Bybit Earn’s Fixed Savings plans. A total of approximately 10,000 USDT worth of AVL tokens will be allocated to reward eligible participants.

Avalon Labs is the world’s largest issuer of Bitcoin-backed stablecoins. Building the ultimate on-chain financial hub for Bitcoin, offering a seamless ecosystem that includes a Bitcoin-backed stablecoin, BTC-backed lending, yield-generating accounts, and a credit card. Avalon Token (AVL) functions as the governance token of Avalon Labs.

Beyond governance, AVL incentivizes the integration of USDa into the broader DeFi ecosystem, driving adoption and potentially boosting sUSDa yields. Staking AVL reduces borrowing rates for USDa in its lending product, unlocking idle BTC liquidity. sAVL holders can vote on AVL emission mechanisms, building a Bribe Market to optimize capital efficiency further.

The total supply of AVL is 1 billion tokens, forming a core component of the platform’s utility and governance framework.

The event will run from Feb. 12 to Mar. 12, enabling AVL holders to access exclusive earning opportunities. AVL is available through Bybit Spot trading, with conversion support via Bybit Convert. Fixed Savings plans will be structured for a 7-day term at 25% APR and a 15-day term at 50% APR. Rewards will be allocated on a first-come, first-served basis and distributed daily during the event period.

“Bybit is committed to bringing high-potential digital assets to our users, and AVL is a prime example of innovation by the largest issuer of Bitcoin-backed stablecoins,” said Joan Han, Sales & Marketing Director at Bybit. “With the exclusive launch of AVL and its integration into Bybit Earn, we're excited to provide our community with unique opportunities to maximize their crypto holdings.”

Bybit is the first exchange to list AVL, reinforcing its commitment to expanding the availability of innovative digital assets. Since its establishment in 2018, Bybit has become a key player in cryptocurrency trading, providing access to spot and derivatives markets, earning solutions, and advanced trading tools. Recognized for its strong security infrastructure and user-centric experience, Bybit continues to drive advancements within the digital asset space.

Avalon Labs not only focuses on the lending market but also introduces cutting-edge synthetic dollar protocols like USDa, offering users enhanced capital efficiency and liquidity. Avalon seamlessly integrates the dual advantages of lending and synthetic assets, delivering a more flexible and efficient DeFi experience.

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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