According to an official announcement by Bybit on April 16, the global crypto exchange will be closing many of their web3 chapter by the end of May 2025. This move is a part of a bigger plan, which has a goal to grow more on its blockchain features and to improve the user experience.
Bybit made this decision to focus on its long-term goals for blockchain development, especially because of the growing competition, and users are always looking for different features.
Major Web3 Chapter Set to Be Discontinued
Other web3 chapter that will be closed down are the DEX Pro trading platform, Swap & Bridge, and the NFT Marketplace. These services will be shut down by the end of May. The announcement states that users will have to withdraw their assets before the deadline, or they might permanently lose their access, as these services will no longer be available.
Support from several other web3 services has already ended on April 8. The services which are closed down include NFT Pro, Buy Crypto, Inscriptions and the IDO platform. The Web3Points program will also be closed by April 28
A Shift Toward Core Blockchain Development
Bybit made a clarification that even though many web3 chapter are closing, some will stay. Services like Seed Phrase wallet, Airdrop Arcade, Stacking options and different DApps will still be working.
The exchange said that these services will closely match their goal of providing secure and decentralised services for their users.
Moreover, it will soon be adding new features for the people using the Keyless Wallet; these new features will allow them to export their private keys, which means they will be able to use their wallets through other platforms.
Bybit also said that it will not store users’ keys, which means that once the key is exported, the keyless wallet will be deleted from Bybit’s security for security reasons.
Why This Matters for Users and the Industry
Bybit’s decision shows a wider trend in the crypto world, as many platforms have started to think about which Web3 services are important and useful in the long run.
Bybit said that because of these changes, things will become simpler and they will be able to focus on important parts of the blockchain.
Another platform, X2Y2, has also recently announced that it would be shut down by the end of April because fewer people are making use of it, and it is having some technical issues.
Whereas Bybit is working to regain its users’ trust, as their Ethereum cold wallet was hacked earlier this year. The hack has caused a loss of $1.46 billion, but Bybit has gained back 7% of its market share and is trying to rebuild trust.
Conclusion
Bybit has made its decision to shut down many of its Web3 services. It wants to focus on creating reliable blockchain tools which are safer and faster. As the crypto world is growing, platforms like Bybit need to choose what matters the most and what will help them to grow in the long run.
These changes might help the company to succeed in the long run, especially becauseweb3 chapter have started to focus on providing users with quality rather than quantity. Users will have to move their assets before the deadline so that they won’t lose their access and can be ready for a more advanced Bybit experience, which will be simpler and safer.
FAQs
1. What was Bybit’s April 16 Announcement?
Bybit Wednesday report says that it will close multiple web3 chapter.
2. When is Bybit supposed to execute its closer plan?
Bybit will close Web 3 services by 31st May 2025.
3. Bybit will focus on which on-chain wallet products?
It will use Seed Phrase Wallet, Onchain Staking and many others.s
4. Which product will Bybit stop using?
The product is like cloud wallet, DEX Pro, Swap & Bridge and and many other.
5. Why did Bybit shift its approach from web3 to on-chain?
Bybit wants to be safer, easier, and more focused on what users need in the crypto space.
Glossary
Web3 chapter– Decentralised services on blockchain with more user control
DEX- a decentralised platform for crypto trading without third parties.
Swap & Bridge- Tools to exchange tokens
IDO- A method of raising funds by launching tokens on DEX
DApps- Applications working on blockchain
Sources
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