Crypto derivatives exchange Bybit reportedly surfaced with two updates on January 27th, with a $134 million contribution to the BitDAO Treasury, and finalizing the Ethereum layer-2 solution Arbitrum integration. 

Specifically, BitDao, at the moment, is reportedly possessing one of the top major decentralized treasuries, and recently just financially supported a $200M zkDAO to fast track design on zkSync and scale Ethereum. 

Bybit’s investment – in the form of Ether, USDT, and USDC – reportedly caters to its confidence in BitDAO to lead and assist DeFi initiatives. Different other entities also financially assisted the development, nominally Peter Thiel, Founders Fund, Pantera, Dragonfly, and Spartan.

Bybit’s Arbitrum integration will reportedly make it possible for users to deposit and withdraw ETH, USDT, and USDC on the Arbitrum network. 

Different advantages are reportedly also reduced gas costs compared to the ones on Ethereum’s mainnet, rapid throughput, and decreased latency thanks to Arbitrum’s optimistic rollups. 

Ben Zhou, co-founder and current Head of Bybit, reportedly remarked that his company has the ability to deliver “next-level products and services” with the assistance from Arbitrum’s “decentralized, developer-friendly and broad ecosystem support.”

The Ethereum layer-2 scaling solution was reportedly designed with a target of fixing the congestion of  the Ethereum mainnet.

 Arbitrum’s current total value locked, or TVL, is $1.54 billion, per insights generated by DeFi Llama. 

Bybit additionally rolled out its self-developed NFT marketplace, which will offer an option for users’ Bybit accounts for NFTs trading, rather than having to connect their personal wallet addresses.