Bybit’s Listing Billboard: Pioneering Transparency in Crypto

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has launched the “Listing Billboard”, a new initiative designed to enhance transparency for listed tokens. SoSoValue, fresh off a $15 million Series A funding round, becomes the first project to adopt this framework, revealing detailed performance metrics to the public.

• Bybit introduces Listing Billboard for transparency.
• SoSoValue first to adopt, sharing detailed performance metrics.
• Billboard covers financials, token metrics, and more.
• Initiative reflects broader market trends toward accountability.

On February 17, Bybit unveiled the Listing Billboard, a groundbreaking disclosure framework that requires projects to regularly publish key metrics, performance data, and financial reports. This initiative marks a significant shift towards greater openness in the crypto market, empowering investors with comprehensive insights into project performance and health. The framework covers five crucial areas: core financials, token metrics, on-chain activity, governance and community, and risk disclosures.

SoSoValue, a project that recently raised $15 million in a Series A funding round, is the first to embrace this new model. A Series A funding round is a stage where startups raise capital to scale their business, and SoSoValue’s successful round highlights their potential. By adopting the Listing Billboard, they’ve shared key performance indicators such as Total Value Locked (TVL), which reflects the total amount of assets locked into a protocol, indicating its growth and adoption. SoSoValue’s TVL stands at $190.80M, while their Monthly Active Users on Website hit 9.79M, Monthly Active Wallets reached 309,570, and On-Chain Transaction Volume soared to $261.3M. These metrics offer a clear window into the project’s health and performance, showing that SoSoValue isn’t just so-so anymore!

Emily Bao, head of Spot and Web3 at Bybit, emphasized the exchange’s commitment to transparency:

“Bybit is committed to delivering the level of transparency our users expect. The initiative will benefit traders in their research stage and allow them to follow project performance over time, and we are excited to have SoSoValue as the first partner on board.”

SoSoValue’s co-founder, Jivvva Kwan, echoed this sentiment, highlighting the shared values between the two entities:

“SoSoValue and Bybit share the ethos of openness and authenticity, a trademark of the crypto and DeFi community. We are proud to be the first 100% transparent project on Bybit and to set the bar together in trust building.”

Bybit’s initiative is a welcome step towards greater transparency, especially as the crypto market faces increasing scrutiny from regulators and investors who demand more due diligence and openness from projects. This move by Bybit could set a new standard for the industry, although it remains to be seen whether other projects will be as forthcoming with their data as SoSoValue has been. The initiative aligns with recent trends in cryptocurrency exchange transparency and regulatory scrutiny.

While the Listing Billboard is a beacon of hope for transparency in the crypto world, it’s not without potential challenges. Concerns over data privacy and the willingness of other projects to comply could pose hurdles. Yet, the broader trend towards increased transparency and accountability in the cryptocurrency market is undeniable, driven by regulatory shifts like the EU’s Markets in Crypto-Assets (MiCA) regulation and evolving pro-crypto sentiments in the US. Bybit’s efforts reflect a growing commitment to transparency and accountability trends.

Bybit’s Listing Billboard initiative aligns with the growing demand for a more mature and trustworthy market. It’s a step in the right direction, but we need to keep pushing for more accountability and better practices across the board. As SoSoValue’s adoption of AI-driven investment research and their development of the SoSoValue Indices (SSI) Protocol demonstrate, projects are stepping up to democratize crypto investments. If transparency is the key to crypto’s future, initiatives like the Listing Billboard could be the game-changer the industry needs to disrupt the status quo and accelerate the financial revolution. The impact of SoSoValue’s Series A funding and project performance is a testament to this.

Key Questions and Takeaways

What is the Listing Billboard initiative by Bybit?

The Listing Billboard is a new disclosure framework introduced by Bybit that requires listed projects to share detailed financial and operational data, enhancing transparency for investors.

How does the Listing Billboard benefit investors?

It provides investors with deeper insights into a project’s growth and financial health beyond initial tokenomics, enabling more informed decision-making and the ability to monitor project performance over time.

Which project was the first to adopt Bybit’s new disclosure model?

SoSoValue was the first project to adopt Bybit’s new disclosure model.

What are some key performance indicators shared by SoSoValue?

SoSoValue shared the following key performance indicators: Total Value Locked ($190.80M), Monthly Active Users on Website (9.79M), Monthly Active Wallets (309,570), and On-Chain Transaction Volume ($261.3M).

What areas does the disclosure framework cover?

The framework covers five key areas: core financials, token metrics, on-chain activity, governance and community, and risk disclosures.

How does Bybit’s initiative reflect broader trends in the cryptocurrency market?

Bybit’s initiative reflects a broader trend towards increased transparency and accountability in the cryptocurrency market, driven by regulatory scrutiny and investor demand for more due diligence.

As the crypto world evolves, initiatives like the Listing Billboard could play a crucial role in building trust and attracting more institutional investors. Transparency alone won’t solve all the industry’s problems, but it’s a vital step towards a more open and trustworthy ecosystem. If we want to continue disrupting the status quo and accelerating the adoption of cryptocurrencies, we must keep pushing for greater transparency and accountability across the board. The performance metrics of SoSoValue on Bybit are a clear example of this trend in action.