In this tutorial, we’ll explore how you can complete a series of tasks in Derive for Bybit Web3 Airdrop Arcade.

In this tutorial, we’ll explore how you can complete Derive tasks for Bybit Web3 Airdrop Arcade. 

Task: Trade More Than $10 USD on Perps/Options, or Deposit More Than $10 Into Vaults

 and connect your Bybit Wallet by clicking on the 

button at the top right corner of the page. 

you want to deposit. Then, indicate the amount. Derive allows you to use stablecoins, such as USDC and USDT, or tokens, such as ETH, wstETH and WBTC, as collateral. Please note that deposits take between five to 10 minutes to complete.

to transfer your tokens into a trading account. This will allow you to trade with margin. 

: Trade at least $10 worth of perpetuals or options. 

 page and connect your Bybit Wallet by clicking on the 

button at the top right corner of the page.

: Select a vault based on your preferred collateral, market outlook and risk tolerance. Vaults automatically execute yield-generating options strategies on your deposited tokens.

. Please note that deposits take between 10 to 20 minutes to complete.

Beginner

derive tutorial.png

How to Complete Derive Tasks for Bybit Web3 Airdrop Arcade

In this tutorial, we’ll explore how you can complete a series of tasks in KiloEx for Bybit Web3 Airdrop Arcade.

In this tutorial, we’ll explore how you can complete KiloEx tasks for Bybit Web3 Airdrop Arcade. 

Task 1: Deposit at Least 10 USDT in the KiloEx Vault via opBNB

 in the navigation bar to enter the KiloEx Vault. 

: Enter at least 10 USDT as the amount you would like to deposit, and click on 

: Approve the transaction and confirm it. 

: Check your deposit status. Please note that as you’re not able to withdraw immediately, you’ll need to wait for 1–3 epochs.

: Once the above steps have been completed, you can click on the 

button to withdraw your deposited amount.

Task 2: Place a Position With at Least 10 USDT

: If your BNB or USDT is insufficient, you can follow the bridge tutorial 

: After bridging funds, choose your desired trading pair and place an order to 

: The minimum position value for this task is $10. To minimize your risk of 

, we suggest opening a position with 2x leverage and maintaining a margin of $5. In this example, we’ve used a minimum of 2x leverage to open a position and select 

: Confirm your order and your position will be created. 

kiloex tutorial.png

How to Complete KiloEx Tasks for Bybit Web3 Airdrop Arcade

In this tutorial, we’ll explore how you can complete a series of tasks in Scallop for the Bybit x Sui Ecosystem Airdrop.

Task 1: Supply 500 Sui Native USDC Into the Scallop Lending Pool

 and connect your Bybit Wallet by clicking on 

: Once this step is completed, you’ll be able to see your USDC Lending position.

Task 2: Borrow At Least $500 Worth of USDC or SCA From the Scallop Borrowing Pool

 that the collateral asset cannot be the same as borrowed asset.

: Select the asset pool and input the amount you would like to deposit.

: Input the amount to borrow, and click on 

: Your borrowed asset will be displayed on the Scallop DApp.

Task 3: Swap At Least $500 USD Worth of Assets on Scallop Swap

: Input the assets to swap and receive. You can adjust the slippage and view swap rate comparison across the different supported aggregators for the best rates. Once confirmed, simply click on 

scallop tutorial.png

How to Complete Scallop Tasks for the Bybit x Sui Ecosystem Airdrop

In this tutorial, we’ll explore how you can complete a series of tasks in Haedal for the Bybit x Sui Ecosystem Airdrop.

: Input the amount of SUI to be staked as 

: Approve your transaction and automatically obtain haSUI.

haedal tutorial.png

How to Complete Haedal Tasks for the Bybit x Sui Ecosystem Airdrop

Altcoins

Crypto

The Symbol blockchain aims to improve interoperability and collaboration of various blockchain networks using the PoS+ consensus. Learn how it works.

Bybit_Assets_Overview.png

, or NEM, was launched to transform the way cryptocurrency users interact and complete transactions. NEM’s newest addition is the Symbol blockchain, which helps to connect corporate users, developers and private entities to the public blockchain. Its core features are designed for maximum functionality and accessibility, even for financial technology, supply chains, and more. Symbol was developed to break down the complex development of blockchain, enabling seamless integration between public and private chains with the legacy system in a trusted and secure manner. 

In this article, we’ll decipher the mechanism of Symbol, its vision, and how this blockchain resonates with the evolution happening in the crypto realm. 

The Symbol blockchain is designed to improve interoperability and collaboration with other blockchains using the 

 (PoS) consensus. Rather than competing with other blockchain networks, Symbol is designed to improve accessibility and inclusion for both blockchains and their users.

, which launched Symbol, first developed the NEM NIS1 blockchain, which is associated with XEM cryptocurrency. Symbol builds on the NEM NIS1 blockchain, enabling its users to develop more complex networks and seamlessly move between public and private chains. Symbol also allows for conventional peer-to-peer transactions and has its own native token, XYM. More than 7.8 billion XYM tokens were initially released, with a maximum supply of 8,999,999,999. The inflation rate of the XYM token is tied to that of Bitcoin’s.

Much like other blockchain ecosystems, the Symbol public chain includes node operators, users, investors and a native token. However, there are some important distinctions that make it easier for Symbol’s users to earn rewards. For example, harvesters can earn rewards by either running nodes or holding a token balance. The system has a hybrid chain design, allowing trustless data to flow freely across public and private chains with unparalleled interoperability.

The platform also features numerous versatile tools designed to streamline processes, including multi-layered, multi-signature accounts. Symbol users can create digital assets to represent virtually anything, including non-fungible tokens (NFTs), signatures or stock shares.

Initially built to operate alongside the 

, the Symbol network promises to improve liquidity, reduce transaction costs and speed processing time. It’s not just a parallel blockchain, but an upgrade, improving on the original through its decentralized finance (

) capabilities, NFT support, benefit staking, and more. XYM crypto pays transaction fees to incentivize nodes, which process and record the transactions.

Billed as a next-generation blockchain, Symbol has been in development for nearly half a decade. It uses the less energy-intensive proof of stake (PoS) consensus mechanism and makes it possible for users to create tokens and digital assets. However, its ultimate target is security token offerings (

s) and regulated assets. Its creators envision an interconnected crypto marketplace, and to this end, they’ve enabled the creation of configurable digital assets which serve as security tokens.

Symbol’s developers have taken the blockchain concept to a new and exciting level with the Symbol network, which is based on a consensus mechanism they call POS+. As with PoS, POS+ links node power with XYM staking. Termed “harvesting,” rather than mining, this process involves validating and recording transactions and creating new blocks. 

 with large XYM token holdings have more harvesting power, and a correspondingly higher chance of creating new blocks, which results in a reward.

Symbol features open-source code that’s readily available to any user. This fast, secure and easy-to-use network offers unparalleled flexibility. NEM created Symbol with a hybrid chain architecture to support both public and private blockchains. Individuals and organizations alike can benefit from the versatility of this novel blockchain, which enables seamless system integration and fully customizable design. Symbol offers the best of both worlds with reduced costs, heightened transparency, and maximum security and privacy. It does all of this while maintaining speed and affordability.

The network’s users can develop and deploy secure multi-layered solutions that are easy to integrate with an existing system. Symbol supports more than 100 different configurations and allows for atomic swaps and “Mosaics,” which are 

 that can represent any asset or value. Mosaics have their own individual identifiers and can be fully configured and customized according to user needs. With Mosaics, users can create new DeFi services, Security Token Offerings, and even their own native currencies.

The network features top security features and enhancements based on the original NEM blockchain. These include on-chain multi-signature accounts and delegated financial authority. Similarly, Symbol features pre-configured smart contract functionality, thanks to its plug-in design and layered architecture.

Many blockchains use a PoW consensus mechanism, energy-intensive and environmentally unsound. PoS as an alternative allows crypto users to stake coins not just for a voice in the governance of that particular crypto, but also for the right to validate and add new blocks to the blockchain. Symbol then takes that concept a step further with its POS+ system.

POS+ works a little differently from conventional PoS. Symbol grants a score for node operators that’s based on several factors, including the size of their stake, the size of stake delegated to them by other users, and the node’s network activity. Nodes are rewarded with transaction fees, inflationary or block rewards, bonuses from a limited reserve, and a percentage of the rewards earned by delegated harvesters.

 don’t run nodes themselves, but share their staking power with node operators. They’re then granted a percentage of the block rewards given to the node operator, who is also rewarded according to how many delegated harvesters are using the node. In other words, all users can reap the benefits of harvesting — even if they don’t own or operate a node. These unique features incentivize even more active users, promoting competition for affordable fees and encouraging a thriving crypto ecosystem.

Node operators use XYM tokens to stake supernodes or pools. Node operators with a higher stake have more staking power, which translates into a higher earning power. Users are also incentivized to participate in the network, and those who reach a minimum balance and number of transactions will be eligible for higher rewards. Node operators also have the option to set up local nodes or use cloud services.

Symbol’s network is fast, and blocks are confirmed several times a minute. This means that users have the ability to earn numerous block rewards, which include transaction fees and inflation rewards. Users with higher balances have a higher chance of earning a reward even if they don’t run a node, provided they delegate their stake to a particular node. Each node operator can set their own transaction fees, which promotes competition and greater affordability. Nodes are also eligible for bonuses if they have a minimum balance of at least one million XYM tokens. Bonuses increase with the amount of XYM being held.

Launched in early 2021, Symbol was designed to promote collaboration among the various blockchains and improve interoperability between them. XYM, as the native token of Symbol’s blockchain, is used to incentivize the public nodes which verify and record transactions.

Harvesters, delegated harvesters, and those who delegate a stake to a harvester are all incentivized with Symbol’s native 

, which maintains the functionality of the blockchain and promotes a vibrant crypto-financial ecosystem.

Symbol has many benefits. Understanding them can help users achieve their financial and professional goals more effectively.

Symbol’s hybrid blockchain design marries the benefits of public and private blockchains. Users can enjoy security, privacy, speed and affordability. Businesses can test new chains and features on the private chain until they can be unveiled on the public chain.

While hybrid systems have been previously designed, Symbol was built specifically as a hybrid system. Any assets created through Symbol are natively compatible with its blockchain. Previous hybrid systems carry different mechanisms to protect public chains against attacks, often having to sacrifice speed and affordability for system security. Private blockchains have the opposite issue, trading for speed and cost at the expense of security. Symbol eliminates the need for external validation, and the public and private chains feature no intermediaries. This capability is built-in to Symbol, making cross-chain swaps fast and easy.

Corporate users can develop and test new features using the private chain. They can also use the private chain to manage their own transactions or certain transactions with partners. The public chain offers a front-facing service that makes it possible for companies to interact and transact with customers using open networks or digital wallets.

When conventional blockchains become congested, users must choose between lengthy confirmation processes or high fees. Networks can be volatile and unpredictable, making it difficult to predict the best time to transact. Symbol’s hybrid system allows users to complete critical functions privately, and use the public chain only to finalize transactions. This decreases network traffic and provides a faster, simpler process.

Transaction fees are a necessary part of any blockchain. Unfortunately, these same transaction fees can lead to prohibitive business costs, particularly when considering the volatility of cryptocurrency token values. Using private servers eliminates these transaction fees, and users can complete as many transactions as they desire — paying fees only when they move to the public chain. Users can also opt to store their XYM in their Symbol wallet, or use it to earn more XYM tokens through delegation.

A private blockchain can remain completely private, with transactions, data and other information remaining accessible only to authorized users. The

 allows for easier auditing as well, with a clear, immutable and time-stamped record of every transaction. Users can even automate the auditing process.

To get hands-on XYM, you need to purchase USDT stablecoin from your preferred fiat currency like USD, CAD, AUD, JPY and more via Bybit’s fiat gateway. Then, trade USDT for XYM on the spot or derivatives markets.

Bybit does not charge any transaction fees, though your own service provider may charge a fee for crypto purchases. (Note: the final price may vary from the quote based on market movements due to “

XYM can be an excellent investment option. Not only can you benefit from the built-in scarcity of the system, but token holders can also earn more XYM by staking their Symbol wallet or delegating their XYM to a harvester.

The novelty and versatility of the Symbol blockchain also drive the attractiveness of 

. Symbol takes blockchain technology to the next level, providing essential services especially to corporate users, organizations and other entities. The potential for growth is enormous, with innovative technology and possible collaborations stimulating the adoption of XYM.

The world of decentralized finance is fast-moving. Many developers are creating versatile technologies which enable users to reap the benefits of cryptocurrency, and Symbol is a prime example. Symbol provides advanced functionality for both corporate users and individuals, offering numerous options for interacting with the network and earning XYM. The innovation inherent in Symbol’s hybrid blockchain model positions the network for strong growth and a vibrant future.

Symbol (XYM) Crypto: What Is It and How Does It Work?

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards