Bybit, the world's second-largest cryptocurrency exchange by trading volume, has announced the addition of Polkadot (DOT) to its On-Chain Earn platform, enabling users to stake DOT directly on-chain and earn stable returns while contributing to the network's security.
Polkadot, launched in 2020 by Ethereum co-founder Dr. Gavin Wood, is a multi-chain network designed to connect different blockchains, improving interoperability and scalability through a shared security model where the main relay chain secures all connected parachains. DOT, the native token, is used for governance, staking, and bonding.
Bybit's On-Chain Earn simplifies the staking process by managing technical requirements, allowing participants to earn bonus annual percentage rates (APR) with a minimum staking period of 24 hours. Earnings are distributed daily to users' Funding Accounts at a fixed time, and interest ceases to accrue upon redemption requests.
To participate, users must complete Identity Verification Level 1 and comply with Bybit's Terms of Service. This integration aims to drive on-chain innovation and provide robust infrastructure for Bybit's global community of over 70 million users, founded in 2018 with a focus on Web3 and decentralized finance.
