Markets News Report
March 18, 2024

Bybit Introduces Zero-Fee Structure for P2P Trading Amidst Rising Memecoin Trading Activity

In Brief

Bybit introduced a zero-fee structure for its P2P trading platform, eliminating fees for traders and optimizing profits.

Bybit Introduces Zero-Fee Structure for P2P Trading Amidst Rising Memecoin Trading Activity

Cryptocurrency exchange Bybit introduced a zero-fee structure for its peer-to-peer (P2P) trading platform. This initiative eliminates fees for both buyers and sellers, aiming to enhance cost savings and optimize profits for traders worldwide.

The new zero-fee model extends to all fiat trading pairs on its P2P platform, offering traders the opportunity to execute transactions without incurring any costs, ensuring that transactional expenses do not hinder the financial activities of both takers, responding to existing advertisements and makers, and initiating new trade opportunities.

The exchange, maintaining a 99.99% anti-fraud record, highlights its commitment to security through ongoing system refinement, risk control measures, and comprehensive user support.

Founded in 2018, Bybit is among the largest cryptocurrency exchanges by volume, serving a user base of 20 million individuals. The platform facilitates cryptocurrency trading, offering access to over 570 payment methods and supporting more than 60 local currencies. Furthermore, Bybit provides users with a streamlined three-step trading process aimed at optimizing efficiency.

Bybit Advances Amid Surge in Memecoin Trading Activity

The introduction of a new feature for Bybit’s trading platform aligns with a broader cryptocurrency market resurgence, especially amid heightened interest in meme coins.

Last week, the surge in trading and speculation surrounding memecoins on the Solana (SOL) blockchain has driven on-chain volumes to reach a new all-time high in US dollars.
Fueling activity on Solana, the latest token attracting attention for its remarkably high return-on-investment figures, Book of Meme (BOME), recently debuted on cryptocurrency exchange Binance and has witnessed a surge of approximately 1500% in value since its inception just a few days ago.

“The creator of the wildly popular Book of Meme (BOME) token has stated that this memecoin is an art project, and Bybit users traded $150 million in the volume of this coin just today. Indeed, the message of memecoins is clear: if central banks can create valueless paper money out of thin air, so can we,” said Nathan Thompson, lead tech writer at Bybit to MPost.

Simultaneously, presales have experienced significant growth in recent days. An artist operating under the pseudonym Kero initiated a presale by sharing a wallet address, which quickly accumulated funds, ultimately reaching nearly 55,000 SOL, which is equivalent to approximately $10.66 million at current prices. Additionally, dog-themed Solana-based memecoins like Dogwifhat (WIF) and Bonk (BONK) remain active, continuing to generate significant trading volumes amidst the ongoing creation of new memecoins in real-time.

With the introduction of a zero-fee structure for its P2P trading platform, Bybit aims to enhance traders’ experience amid the increasing trading activity following the surge in memecoin popularity.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

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.

More articles
Alisa Davidson
Alisa Davidson

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.

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