Bybit Kicks Off ‘World Series Of Trading’ Competition, Offering 10B USDT In Rewards

Published: October 01, 2024 at 8:10 am Updated: October 01, 2024 at 8:10 am

Edited and fact-checked:
October 01, 2024 at 8:10 am

In Brief

Bybit launches the World Series of Trading 2024 contest, integrating centralized and decentralized trading for a trustless trading experience.

Cryptocurrency exchange Bybit announced the launch of the World Series of Trading (WSOT) 2024 cryptocurrency trading competition. This year, WSOT integrates centralized and decentralized trading, allowing participants to experience the trustless trading of the future.

“Bybit aims to create industry best practices for onboarding users for both CEX and DEX to help create a broader landscape of crypto adoption,” said Ben Zhou, co-founder and CEO of Bybit, in a written statement. “By combining these two elements, we are enabling the smaller projects and specialist traders to rise up the competition ranks,” he added.

Individual traders will compete in three distinct arenas based on their capital size: lightweight, middleweight, and heavyweight. Each league features separate prize pools, promoting a fairer competition where skill and talent prevail over account size.

Additionally, traders have the option to create up to four subaccounts within their Unified Trading Account (UTA), allowing them to accumulate profit and loss (PnL) across various accounts and markets, increasing their chances of winning. Bybit’s UTA optimizes margin calculations across positions, unifies collateral, and boosts capital efficiency, enabling traders to manage multiple positions from a single account—a valuable advantage in competitive trading.

WSOT Offers Decentralized And Centralized Trading

The WSOT incorporates Bybit Web3’s DEX Pro trading platform, allowing participants to trade over 1 million decentralized tokens, including memecoins, decentralized finance (DeFi) assets, game finance (GameFi), and more. Participants can also engage in the first Web3 Idol competition.

Traders can earn votes by engaging in trading activities and completing daily tasks. Meanwhile, each voter is allowed to support up to three projects daily, with the opportunity to win from a 1,000,000 MNT prize pool. This includes a grand prize of 600,000 MNT for those who vote for the winning project, along with 200,000 MNT in daily rewards. The winning project will benefit from exclusive backing from the CEO, along with priority listing and marketing support, making this a significant event for the future of Web3.

More than 100 ecosystem partners and decentralized projects, including MomoAi and Tars Protocol from Solana, as well as Catizen and KTX Finance via Mantle, will participate in the DEX Pro competition as part of the WSOT.

Rewarding Participants With 10,000,000 USDT

The prize pool for WSOT 2024 features an array of rewards, including yacht cruises, Rolex watches, world travel tickets, and up to 10,000,000 USDT. Notably, it increases as more participants join.

In order to take part in WSOT, users are encouraged to register for the contest and maintain a minimum balance of $500 in their Bybit UTA account. Additionally, all participants can invite friends to join WSOT, providing them with more opportunities to enter the lucky draw.

Bybit ranks among the largest cryptocurrency exchanges in terms of trading volume, boasting a user base of 20 million individuals. The platform focuses on cryptocurrency trading and provides access to over 570 payment methods, enabling transactions in more than 60 local currencies.

Since its inception, Bybit’s WSOT has achieved remarkable growth, with nearly 117,000 traders participating in competitions from 2020 to 2022. In 2023, the competition attracted close to 120,000 traders worldwide, resulting in a year-on-year trading volume increase of 42%. This surge brought the total trading volume to 70.5 billion.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Alisa Davidson