Bybit Launches Industry-First Transparency Initiative for Listed Projects – BitRss

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced a pioneering initiative aimed at enhancing transparency for listed tokens on its platform. This new framework, an industry-first among centralized exchanges (CEX), requires projects to disclose comprehensive financial and operational data. The initiative is designed to improve accountability and provide investors with unprecedented access to information.

The transparency initiative introduces the Bybit Listing Billboard, a dedicated section where listed projects will regularly publish detailed performance metrics and financial reports. This allows users to conduct thorough due diligence with a depth of information previously unavailable. The first project to adopt this framework is SoSoValue, which has met the enhanced disclosure requirements set by Bybit.

Key performance indicators for SoSoValue include specifics of token supply, revenue and expenses, and activity levels within the holder and developer communities. A month after listing, the project reported a Total Value Locked (TVL) of $190.80 million, 9.79 million website monthly active users, 309,570 monthly active wallets, and an on-chain transaction volume of $261.3 million.

Enhanced Disclosure for Greater Transparency

The new requirements offer a fast track to transparency, providing users with easy access to project financials and enabling them to track the growth and financial health of projects beyond initial tokenomics. The data points cover five key dimensions: core financials, token metrics, on-chain activity and network health, governance and community, and risk disclosures and future roadmap.

Emily Bao, Head of Spot and Web3 at Bybit, stated, “Bybit is committed to delivering the level of transparency our users expect of us. The initiative will benefit traders in their research stage and allow them to follow project performance over time.” Jivvva Kwan, Cofounder of SoSoValue, added that the partnership with Bybit reflects their shared ethos of openness and authenticity.

Setting a New Benchmark for the Industry

This program comes at a critical time when investors and regulators are increasingly calling for greater accountability in digital asset markets. Bybit’s implementation of disclosure requirements aims to create a new benchmark for operational excellence in the industry. The broader shift towards enhanced transparency across the cryptocurrency ecosystem could potentially influence industry-wide disclosure practices.

The initiative is expected to strengthen market integrity and investor protection, fostering a more mature and trustworthy trading environment. Users can find out more about the latest disclosures from SoSoValue on Bybit here.

Why This Matters: Impact, Industry Trends & Expert Insights

Bybit has launched a new transparency initiative requiring listed projects to disclose comprehensive financial and operational data, marking an industry-first among centralized exchanges. This framework aims to enhance accountability and provide investors with detailed insights into project performance.

According to a recent industry report, transparency initiatives in centralized crypto exchanges are gaining momentum, with Bybit leading the way. This development aligns with the broader trend of exchanges focusing on enhanced security measures and regulatory clarity to build trust and foster a safer trading environment.

As per insights from industry experts, transparency is increasingly recognized as crucial for building trust and ensuring regulatory compliance in cryptocurrency exchanges. This supports Bybit’s initiative as a benchmark for operational excellence in the industry.

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