Bybit announced that the World Series of Trading 2024 competition would have a “WSOT DEX Wave” part, integrating the Web3 world into the competition. Previously, WSOT required using centralized tools, but now traders can participate using decentralized tools, too.
This move may surprise some people because Bybit started as a centralized exchange. The company says the decision means “We’re redefining our role from a mere exchange to a key player in nurturing the Web3 ecosystem and supporting crypto users”.
It may also signal the rising importance of DEX trading. For a long time, the world of crypto exchanges was centralized, but in recent years, DEXes such as Uniswap and PancakeSwap have gained more prominence. Bybit itself developed a decentralized product called Bybit DEX Pro, which will be used in the competition.
Apart from including DEX trading, Bybit also changed the competition system this year. There are new features such as “UTA Subaccounts” (a participant may use more than one subaссount to maximize profits) and “ROI Reset Card” (a participant may reset the results and get a fresh start). WSOT also features a tiered weighting system to make the competition more fair. It helps to evaluate the trading skills of a participant instead of the resources available to that participant.
WSOT 2024 will also feature more live streams than before and showcase a large number of partners, including different builders and opinion leaders. The list of partners also includes Immunefi and the Ethereum Foundation: Bybit supports the global Ethereum hackathon Attackathon, which aims to improve security.
WSOT 2024 consists of several parts with separate prize pools. They are Squad Showdown, Copy Trading Fest, Buddy Rally, and WSOT DEX Wave. The total prize pool in 2024 is “up to 10,000,000 USDT” and includes valuable rewards such as Rolex watches.
Bybit is one of the most popular crypto exchanges globally. Its headquarters are in Dubai, UAE. It was created in 2018 and started as a derivatives-only cryptocurrency exchange. Later, it expanded to the crypto-stop trading market and created new products. Starting in 2020, Bybit held WSOT each year.
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