Starting from 16 Mar 2022 0800 AM UTC, only users with individual KYC level 1 or 2 (business KYC is not accepted) can trade or stake ByFi products including Flexible Staking, Dual Asset Mining, DeFi Mining and Launchpool. For more information, please refer to FAQ- individual KYC
- What is Curve Mining?
Curve is a DeFi automated market maker project that provides stable currency exchange services. By providing liquidity to Curve smart contracts, users can obtain capital pool revenue. At the same time, they can also obtain additional revenue from its governance token (CRV).
- How does Curve Mining work on Bybit?
By providing liquidity (principal) to the Curve pools, you are entitled to claim Curve's governance token (CRV) rewards. Bybit will help you sell the mining proceeds, and the principal with interest will be automatically deposited into your ByFi account at the end of the fixed investment period.
All other fees will be taken care of by Bybit.
- Are there any risks when staking Curve?
Curve is a third-party platform, and there are risks associated with factors such as smart contract security, liquidity crisis, market volatility, and operating mechanism during the lockup periods.
You will need to bear the risks. Please consider these risks before investing or staking.
- How are the fees calculated?
Bybit will deduct the management fee from your total mining yields. All remaining earnings (minus the gas fee, slippage loss, trading fee, and any protocol fee charged by Curve) will be deposited automatically to your ByFi account.
- What protocols does Bybit offer?
Currently, Bybit's DeFi Mining only supports the Curve Finance protocol.
- Can I cancel my Defi Mining orders?
Once the purchase is confirmed, your Defi Mining order cannot be modified or canceled.
- Are there minimum investment limits?
Yes. The minimum purchase amount is 100 USDT.
- When do I view my payout interest?
Interest is only updated in traders’ accounts upon redemption.
- Why is the APY that is displayed on the product plan a floating range?
Since the number of daily CRV mined is not fixed, and the exchange price when converting CRV to USDT is also floating, the predicted APY shows the floating return.
- How do I calculate my expected return?
Here’s an example:
Trader A purchases a 7-day DeFi mining order with a principal of 1,000 USDT, and the annualized percentage yield is 5–25%*. Taking a 12% APY, for instance, trader A will receive 2.3 USDT (0.12/365 × 7 × 1,000)* interest.
A total of 1,002.3 USDT (including principal plus interest) will be automatically deposited into Trader A’s ByFi account at the end of the 7-day investment period.
*Since the number of daily CRV mined is not fixed, and the exchange price when converting CRV to USDT is also floating, the predicted APY shows the floating return.
*Actual Realized Return = Daily APY % × Invested Capital × Number of Days
- How do I calculate my realized APY?
Here’s an example:
Trader A purchases a 21-day DeFi Mining order with a principal of 1,000 USDT. He or she receives a total of 8.63 USDT in interest at the end of the 21-day investment period.
Realized APY= Actual Realized Return × 365/(Invested Capital × Number of Days)
Trader A's realized APY for purchasing the product is (8.63 × 365/21,000), which equals 15%.
- When do I receive my payouts?
The payouts in USDT will be credited at 6:00-10:00 UTC the day after the expiration date of the product.
- How do I purchase Defi Mining products on Bybit?
Please visit ByFi Center --> “DeFi Mining” in order to purchase products using your ByFi account. Currently, only USDT payment is supported.
- How do I view Defi Mining products I've purchased on Bybit?
Please visit our ByFi Center and view your purchases in Orders --> DeFi Mining Orders.
- How can I withdraw my mining output?
DeFi Mining returns will be credited to your ByFi account. Please make a transfer from your “ByFi Account” --> “Spot Account” before proceeding with the withdrawal. There is no minimum transfer amount or fee required.
- How do I deposit funds into my ByFi account?
Please log into your ByFi account and click "Transfer" in the USDT column to transfer assets from "Derivatives/Spot Account" to "ByFi Account".
Currently, ByFi accounts do not support deposits.
17. Can traders purchase DeFi Mining products using sub accounts?
Yes, traders can purchase DeFi Mining products in their subaccounts as long as they have sufficient ByFi wallet balance.