- Bybit made its liquidation data public through its enhanced API.
- The move by Bybit sets a precedent for other crypto exchanges in terms of transparency.
Bybit is making rounds across the crypto media with its bold move of making liquidation data public. This marks the first time an exchange makes all of its liquidation data accessible to the public. Bybit established a new standard with this move in terms of transparency amidst increasing scams and frauds in the industry.
With more than $5.7 billion daily trading volume, Bybit emerged to be the top second crypto exchange platform. Bybit made its liquidation data public through its enhanced API earlier today and grabbed the attention of the entire crypto industry. This not only increases transparency but also sets a precedent to other leading crypto exchanges.
Bybit enhanced its API with a new WebSocket topic named “All Liquidations,” to offer transparency to users. This upgraded API ensures real-time liquidation data is delivered every 500 milliseconds. Thus, every liquidation event is captured and delivered without any delay.
Is Transparency the New Standard of Crypto Platforms?
Another leading crypto exchange Binance recently launched Binance Alpha to increase transparency and highlight promising crypto projects. Thus, the importance given to transparency by leading exchanges is evident in the industry. Co-founder and CEO of Bybit stated,
“The real spirit of crypto is transparency. By making all liquidation data fully public, we are taking a proactive approach in response to the crypto community’s demand for openness. This initiative ensures that traders and analysts can access complete and real-time market data, empowering them with the insights they need.”
This first-ever initiative by the Bybit platform offers multiple benefits to traders and institutional investors. It improves institutional investor confidence in choosing Bybit for partnerships and collaborations.
Real-time liquidation data helps investors in finding accurate support and resistance levels and adjust their risk management frameworks. Furthermore, it will also help them in gaining an edge from other investors by implementing advanced trading strategies, back-testing, and predictive analytics.
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