Bybit has just added Dogecoin to its Savings section, where users can stake DOGE with an APR of 10%.
Bybit Savings and the announcement of Dogecoin with a fixed term of 30 days and 10% APR
Today, Bybit announced that it has added Dogecoin to its Savings section, dedicated to crypto-staking.
Specifically, on Bybit Savings, users will be able to stake their DOGE for a fixed term of 30 days and earn returns based on an APR of 10%.
In general, the Bybit Savings section is a flexible passive income investment plan, which allows users to earn returns from their funds that are deposited in a staking pool. The crypto put in staking can be withdrawn flexibly or on a fixed-term basis.
With their assets staked, users then earn interest at a determined Annual Percentage Rate (APR).
When the user subscribes to a fixed-term plan, they will have the opportunity to achieve a higher return in terms of return on capital, as in the case of DOGE.
On the contrary, if a user chooses the flexible plan, they will be able to liquidate their crypto as they prefer, and the APRs are lower.
Bybit Savings and the choice of Dogecoin with the price of DOGE in a pump of +83% in the last 7 days
The choice of Bybit to include Dogecoin in its fixed-term Savings plan right now is not by chance.
Dogecoin (DOGE) is riding the wave of the crypto rally motivated by the victory of Donald Trump in the 2024 USA presidential elections, supported also by Elon Musk.
At the time of writing, the price of DOGE is $0.28 in a pump of +19.75% in the last 24 hours. Not only that, this price of DOGE is in a pump of +83% in the last seven days.
In fact, just a week ago, the price of DOGE was almost half of the current one.
In terms of price performance, DOGE is currently the best crypto, especially among the top 10 cryptos, including Bitcoin (BTC).
The million-dollar settlement with FTX
Speaking of Bybit, at the end of October it seems to have been resolved once and for all the lawsuit filed by FTX with an out-of-court settlement.
In fact, Bybit has proposed the settlement which includes its payment of 228 million dollars to the failed crypto-exchange.
Specifically, Bybit paid 175 million dollars in crypto held on its crypto-exchange and another 53 million through the sale of BIT to Mirana Corp, an investment arm of Bybit.
As of today, however, FTX seems to have filed a new lawsuit against Binance, CZ, and its executives, demanding 1.8 billion dollars.