Bybit recently announced the upcoming listing of zkSync (ZK), an Ethereum (ETH) layer 2 protocol on the spot trading platform. On May 24, the exchange unveiled its plan on Polyhedra Network’s token symbol.
Bybit’s Update on Polyhedra Network
To accelerate the adoption of zkSync and empower individuals to participate in the trustless financial system, Bybit has devised a new plan. The exchange is working on the zkSync spot listing and changing Polyhedra Network’s token ticker, which is listed on the platform.
Wu Blockchain shared Bybit’s announcement over X. However, the exchange has not provided the exact listing details.
Bybit, the third largest offshore exchange, announced the upcoming listing of zkSync (ZK) and will change ZK ticker of Polyhedra Network. Polyhedra criticized this as rob others of their rightful ticker name. But there are also comments saying that Polyhedra does not deserve to…
— Wu Blockchain (@WuBlockchain) May 24, 2024
Bybit is currently working on the update and will provide a separate announcement shortly involving a new ticker symbol. However, the exchange faced unexpected reactions from the crypto community.
Will the Crypto Community Accept the Update?
Bybit’s announcement sparked a debate environment in the crypto space. Polyhedra Network was a bit dissatisfied with Bybit’s decision. According to Polyhedra, the change may impact users’ trust as well as the network’s position in the cryptocurrency market.
“Let’s see who will endorse such misconduct and who will stand as the guardian of fairness and justice. Great job as a robber and a thief, not a blockchain builder.”, added Polyhedra.
The community is sharing memes and comments on Bybit’s decision, stating, ‘ZK is the end game’.
ZK is the end game https://t.co/bu3Zon8ZF8 pic.twitter.com/7uVGQmjHdM
— Jumper (@JumperExchange) May 24, 2024
However, the community also worries about their funds and holdings on the Polyhedra network.
Bybit, in its latest release, revealed that the change won’t affect the network assets, and the token will remain safe and secure. Furthermore, the recent partnership with Ethena strengthened Bybit’s position in the market.
Bybit and Ethena Strengthened Their Partnership
On May 10, Bybit expanded its ongoing partnership with Ethena by making a crucial development for USDe adoption. USDe is a stablecoin by Ethena Labs and is considered the first-ever scalable synthetic dollar.
The motive is to enhance USDe integration into the Bybit ecosystem and offer broader adoption of crypto-native stablecoin. The partnership expansion is supposed to enhance trading opportunities on Bybit, mainly in terms of flexibility and profitability.
Furthermore, zero-fee spot trading and integration into Bybit’s earn platform would be some new updates. The exchange is planning to introduce Bitcoin (BTC) and ETH spot pairs against USDe with zero trading fees.
