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Bit.com Lists Staked Ether (STETH) on the Spot and Perpetual Futures Markets

Bit.com Lists Staked Ether (STETH) on the Spot and Perpetual Futures Markets

Bit.com, a full-suite cryptocurrency exchange that supports spot, contract, options, and other trading products meeting the diversified needs of its global clients, has listed Staked Ether (STETH) on its spot and futures markets.

By listing STETH, Bit.com becomes the first cryptocurrency exchange to list the token, boosting its liquidity. The STETH token was first listed on the spot market on June 12, 2022, before the $STETHUSDTPF derivative product was available to traders on the Futures market as from June 13, 2022.

STETH is an ERC-20 token pegged to Ether (ETH), the native currency of Ethereum. It is issued by Lido Finance, a DeFi protocol providing staking services on Ethereum's proof-of-stake blockchain, Solana, Polygon, Polkadot, and Kusama smart contracting platforms.

As of June 14th, STETH is traded at 6% - 7% deviated from the ETH price.

Ethereum is the world's largest smart contracting platform with a market capitalization of more than $149 billion and hosts wide-ranging decentralized applications from gaming, decentralized finance protocols, and NFTs. ETH is used to pay transaction fees in Ethereum.

Ethereum developers plan to shift the network's consensus algorithm to a proof-of-stake system where validators who stake ETH can be randomly selected to approve transactions and earn block rewards. Ahead of this migration, there is a parallel proof–of–stake Ethereum network called the Beacon Chain. There are over 12.8 million ETH worth $15.7 billion staked in the Beacon Chain, according to trackers.

STETH represents ETH locked in the Beacon Chain by validators. It is pegged 1:1 to ETH and is a derivative asset that a validator, who can't withdraw their ETH in the Beacon Chain until the Ethereum switches off their proof-of-work consensus machine, can unlock their liquidity and borrow more ETH from DeFi platforms. Besides borrowing, holders can use their STETH to compound yields in various DeFi protocols.

As of mid-June 2022, there was $5,234,257,704 of STETH in Total Value Locked (TVL) from 132,086 stakers. According to Lido Finance, STETH offers an annual yield of four percent and has no lock-ups.

About Bit.com

Bit.com is a full-suite cryptocurrency exchange powered by Matrixport, one of Asia's fastest-growing digital asset financial services platforms. Bit.com is committed to providing price discovery, trading strategy execution and liquidity provision services while constantly driving financial product innovation and enriching user trading instruments. Since August 2020, Bit.com has been online, supporting the perpetual, futures, and options products, with a particular highlight being pioneers to launch BCH options.


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