Global crypto trading competition adds DEX trading for 2024 iteration

Bybit’s World Series of Trading 2024 global crypto competition will kick off in early October, bringing DEX trading for the first time along with a large pool of prizes.

The crypto industry is driven by the concept of “coopetition,” where cooperation and competition go hand in hand. This unique blend establishes an environment where decentralized finance (DeFi) platforms and centralized exchanges (CEX) can collaborate to push the industry forward while vying for market share, creating a synergy that fuels innovation and expands access.

Organized by the major crypto exchange Bybit, the World Series of Trading (WSOT) is an annual event bringing together traders, builders and partners from every corner of the crypto ecosystem.

Big numbers to ramp up the excitement

Since its inception in 2020, WSOT has rapidly grown into the largest and longest-running competition of its kind in the crypto industry. In 2022, WSOT saw over 69,000 participants from 182 regions gunning for a $8 million prize pool, nearly doubling the previous year’s participation.

By 2023, the event’s global reach expanded even further, with more than 117,000 traders from 188 countries participating. This steady growth highlights the crypto community’s enthusiasm for platforms that blend high-stakes competition with collaborative opportunities.

Bybit seeks to heat the competition spirit in the next iteration of its longstanding event series, the WSOT 2024, by promising a prize pool of up to 10 million USDT, Rolex watches, world travel tickets and a yacht.

Trading competition extends to DEXs

Bybit recently announced the WSOT 2024 will also integrate DEX trading alongside traditional CEX platforms for the first time. As a nod to the increasing importance of DeFi in the crypto landscape, the integration of DEX trading broadens the scope of the competition. By allowing participants to trade across both DEX and CEX platforms, the event promotes decentralization and gives traders more flexibility and control over their assets. The introduction of DEX Wave allows traders to vote on emerging Web3 projects, helping to crown the next big thing in DeFi.

🏆 Tired of trading contests excluding DeFi traders? 

💡 #WSOT2024 revolutionizes trading competitions by enabling both CEX and DEX users to compete together for the first time! pic.twitter.com/3bcS0FHN2n

— Cointelegraph (@Cointelegraph) September 20, 2024

Kicking off on Oct. 1, 2024, WSOT 2024 will give traders engagement opportunities to a broader array of tokens and projects, including access to over one million DeFi tokens like Yescoin (YES) and Bonk.

The interactive aspect of WSOT 2024 gives crypto traders a voice in shaping the future of DeFi, with over 100 projects to participate in. By engaging with projects and voting, participants can win from a 1,000,000 MNT prize pool and gain daily rewards, adding another layer of engagement and incentive. This also reflects Bybit’s commitment to nurturing the Web3 space by offering projects the chance to shine and be recognized by the community.

Ensuring a fair competition

To ensure a level playing field, the competition introduces a tiered structure that allows traders to compete within their own caliber — the asset balance in each subaccount determines whether they are placed in lightweight, middleweight or heavyweight class. This approach recognizes the diversity within the trading community and aims to make the competition more inclusive. Bybit has implemented a number of additional features to offer participants opportunities to compete effectively and reset negative returns, enhancing the overall fairness of the event.

Bybit CEO Ben Zhou noted that WSOT 2024 opens the door to a broader experience of the crypto world, adding:

“With distinct offerings on our CEX and DEX, we’re giving traders the tools to navigate both sides of the market and explore new possibilities. I’m excited to see how they’ll take this opportunity to challenge themselves and elevate their trading to the next level.”

Bybit expects WSOT 2024 to become a pivotal moment in the crypto industry’s progression. The addition of DEX trading and innovative features like the DEX Wave aims to break down barriers between trading platforms and unify a diverse community of participants. The fusion of collaboration and competition drives the ecosystem into uncharted territories, setting new standards for inclusivity and innovation.

Soirce: https://cointelegraph.com/news/global-crypto-trading-competition-adds-dex-trading-for-2024-iteration