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Crypto exchange Bybit has announced the addition of Sui to its recently launched On-Chain Earn platform.
On Dec. 10, the exchange revealed the expansion of its On-Chain Earn offering with Sui (SUI), , currently the 20th largest cryptocurrency by market cap. Bybit’s On-Chain Earn platform enables users to stake coins directly on the blockchain and supports popular proof-of-stake cryptocurrencies such as Ethereum and Solana.
With the addition of SUI staking, holders can now participate in securing the layer-1 blockchain while earning staking rewards.
“We are excited to enhance our On-Chain Earn platform with the addition of SUI staking. This staking initiative reflects our commitment to empowering users with innovative and accessible ways to grow their crypto assets.”
Joan Han, sales and marketing director of Bybit
Read more: Binance, Upbit and Bithumb set to list Magic Eden token on Dec. 10
To celebrate this milestone, Bybit is launching a promotional event that will run until Jan. 3, 2025, offering a bonus pool of 12,000 SUI. According to details obtained by crypto.news, the bonus pool will be distributed proportionally based on users’ staking amounts.
Eligible participants must hold staked SUI on the On-Chain Earn platform for a minimum of 24 hours to qualify. Staking rewards and bonus tokens will be distributed daily to users’ funding accounts at 6:00 am UTC.
SUI price soared double-digits in October after Bybit added support for the token, bringing it to the Bybit Launchpool as a native pool token. Multiple catalysts, including Phantom wallet integration and USDC (USDC) support, saw the cryptocurrency surge to a new all-time high of $4.46 on Dec. 6.
Bybit’s latest announcement comes as SUI pares recent gains, with price around $3.75.
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