2024-08-02 11:38:00What is Bybit Web3?
Bybit offers Web3 services to connect you to the world of Web3 with the best-in-class reliability and security.
Bybit's Wallet provides easy access for you to explore the new and exciting world of Web3. Bybit helps ensure the security of your digital assets — so that you can explore the next generation of the World Wide Web and its tokenized economy, without the hassle of managing and storing private keys. As a custodial wallet, the Bybit Wallet holds your assets in custody and owns the private key to your wallet.
To learn more about Bybit Web3, please visit here.
What benefits does the Bybit Wallet offer?
With just a single click to create it, the Bybit Wallet is easy to use and requires no individual responsibility when managing private keys, making it convenient for newcomers to the Web3 space. You simply log in to your Bybit Wallet with your Bybit account.
For more information, please refer to How to Get Started with Bybit Web 3.
What's the difference between Bybit.com and Bybit Web3?
Bybit.com is the most reliable crypto trading platform where you can buy, sell, and trade crypto. Products and services provided include Spot, Derivatives, NFT Marketplace, Bybit Earn, and Buy Crypto. Bybit has an industry-leading HD cold wallet system that guarantees the safety of your funds.
Bybit Web3 is a Web3 service that allows users to access Web3, including access to a crypto wallet and DApp store. The private keys that represent ownership of cryptocurrencies are safely stored in Bybit’s cloud service, providing users with leading-edge security.
Can the assets of my Bybit account and Bybit Wallet be transferred internally?
Yes, mutual transfers between your Bybit account and Bybit Wallet are now supported.
Please note there is a gas fee for transfers. Gas fee is a fee paid to miners/verifiers in the blockchain network to help you complete transactions.
What wallet is supported on Bybit Web3?
Currently, Bybit Web3 supports Seed Phrase Wallet, Keyless Wallet, and Cloud Wallet. To know more about the key differences of each wallet type, please refer to this article.
Which assets and networks are supported?
You can find the list of supported currencies for Web3 by selecting Markets and clicking on the currency menu as shown below:
Bybit Web3 exclusively supports deposits of coins through blockchains listed on our public asset page, which can be found here. However, due to current blockchain technology limitations, depositing coins via unsupported chains may result in asset loss.
What's a DApp?
Decentralized applications (DApps) are open-source software that is designed to run on peer-to-peer (P2P) blockchain networks, rather than centralized servers. DApps are similar to web apps, but they’re P2P-supported.
To learn more about DApps, please visit here.
What types of DApps does Bybit Web3 support?
Supported DApp categories include DeFi, GameFi, and NFT. You can view the supported DApps on the Bybit Web3 page.
What is Web3 ID?
A Bybit Web3 ID (WID) is an identifier used by Bybit Web3 to link your wallets. WIDs can exist across devices and do not affect wallet security. Each wallet is linked to one WID. When you create a new wallet, it will either be assigned a unique WID or, if other wallets with a WID already exist on the device, it will link to that WID. It can only be found on the APP and wallet extension.
Can I change my Bybit Wallet address?
You cannot change your Bybit Wallet address once it has been created.
What is the Watch-Only address used for?
The “Watch-Only” wallet allows you to observe the token holding details of the wallet address, including Asset, Price, Quantity, and Value.
A watch-only address provides view-only access to the balance, transaction history, and other details without the ability to spend or move funds. It does not include private keys, preventing transaction signing and fund access. It is commonly used for tracking and monitoring address activity securely.
What’s Ethereum (ETH) Gas?
“Gas” is the term for transaction fees on the Ethereum blockchain network. For more information, please refer to What Is ETH Gas & How Does It Impact the Ethereum Network?
How can I avoid crypto scams?
There are many different cryptocurrency scams that can victimize users on a daily basis, including fake apps, DeFi scams, and more.
For more information, please refer to How to Avoid Crypto Scams.
What is a Risk Warning and how does it impact my wallet assets?
Risk Warning is a Security Check that analyzes tokens from various perspectives to assess potential security risks. You may find the Risk Warning on your Wallet, Swap, and Dex Pro.
Note: The Bybit App supports both the Assets and Swap page, while the Bybit Website only supports the Swap page.
Here is the list of the security indicators:
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Open Source |
The source code of the project’s smart contract is publicly available for anyone to inspect and contribute to. Open source fosters transparency and trust in the contract’s functionality. Unverified contracts, on the other hand, may contain hidden mechanisms and are highly risky. |
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Honeypot |
A type of smart contract designed to trap traders by attracting them with the promise of high returns but making it impossible for them to withdraw their funds. Smart contracts that are detected as potential honeypots may contain malicious code or functions that render the tokens unsellable. |
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Buy/Sell Tax |
A type of smart contract containing codes that embed an innate on-chain tax whenever someone buys or sells the token. During a transaction, a percentage of the tokens bought or sold is automatically transferred to a preset address, essentially taxing the traders. |
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Proxy Contract |
A proxy contract is an intermediary contract that delegates calls to another smart contract known as the 'implementation' contract. When you intend to interact with the underlying 'implementation' contract, you must do so through the proxy, which may present potential risks. |
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Mintable |
A function embedded in the smart contract that has the capacity to create new tokens. |
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Sell All Allowed |
A function in the smart contract that enables/prevents users from selling one’s entire holding in a single transaction. |
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Tax Modifiable |
Indicates that a token's buy and/or sell tax can be changed by the project team. This can be a positive or negative feature, depending on the project's transparency and community involvement. |
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Fake token |
Deceptive digital assets mimicking legitimate cryptocurrencies, posing risks of financial loss and legal issues due to lack of value. |
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Whitelist |
This feature allows certain specific addresses to conduct transactions, posing risks of centralization and control. |
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Trading Cooldown time |
Contract limits the minimum time between two transactions. |
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Changeable holder balance |
A function that the contract owner can change the holder's token balance. |
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Owner can take back ownership |
It means the original owner has the power to reclaim control of the token. |
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Hidden Owner |
"Hidden owner" implies the presence of an undisclosed owner or controller for a token, which may signify some potential risks and issues. |
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Self-destructible |
Feature in smart contracts allowing them to delete themselves under certain conditions. |
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External call risk |
Vulnerability from making calls to insecure external contracts or systems. |
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Boughtable |
It means the token is available for purchase. |
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Pausable |
Feature in smart contracts to temporarily halt transaction of the token. |
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Blacklist |
This feature restricts certain specific addresses from conducting transactions, posing risks of centralization and control. |
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Tradable on DEX |
Indicates a token is available for trading on main decentralized exchanges. |
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Contract limit |
It means the contract limits the maximum transaction amount. |
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Modifiable Tax rate |
It means that the owner can change the tax rate of each transaction of the token. |
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Airdrop scam |
An airdrop scam means tricking people into thinking they'll get free cryptocurrency or tokens, but it's a ploy to steal personal information or money. |
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Mixer |
A "Mixer" in blockchain enhances privacy by blending funds from multiple users, making it hard to trace transactions. It always serves illegal purposes. |
However, please note that this does not constitute investment advice. It is only a token with risky behavior or contract risk derived from past information and third-party databases.
Can I set priority fees in Web3?
Yes, you can set a priority fee for DEX Pro, but only for the Solana chain. There are three priority levels in Solana Fee Settings, which include Fast, Turbo, and Ultra. By selecting a higher priority, it helps you expedite the transaction.
What can I do if I have insufficient ETH gas fee?
Gas stations allow users to convert two types of coins which are USDT and USDC balance into ETH gas fee if the ETH balance is insufficient. There will be three options for the pay amount to be selected. This function only applies when the wallet extension is connected.
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