Tuna Chain is a modular Layer 2 solution that functions on Bitcoin while also integrating with Ethereum. Learn more about how it works in this article.

 is rightfully known for its security through its use of 

 offers greater versatility. Until recently, blockchain projects had to choose between the two. Now, however, a hybrid solution is available that blends the benefits of both of these leading blockchains and takes a bold leap into the future.

 that functions on Bitcoin while also integrating with Ethereum.

) is strongly rooted in elevating the user experience (UX). Bitcoin is the most trusted cryptocurrency, largely due to the recognized strength of its security protocols. However, while it excels in security, it lacks the versatility that ultimately fosters innovation. In this regard, Ethereum is viewed as a superior blockchain. 

Tuna Chain’s modular Layer 2 solution works on Bitcoin through a 

 hybrid layer while offering Ethereum functionality. It uses 

-powered modularity to minimize transaction costs. At the same time, this modularity improves both trust and efficiency. Tuna Chain currently supports Solana, Ethereum and Bitcoin transactions. It works with Bybit, Phantom, MetaMask, UniSat Wallet and OKX Wallet.

Tuna Chain is a new project that was established by three unknown individuals, known under the names of Tuna Nigiri, Tuna Sushi and Tuna Sashimi. Each team member brings their unique experiences and knowledge with blockchain, cryptography and 

 to move Tuna Chain forward. Tuna Chain is financially supported by BSC News, Normie Capital, Serafund, ArkStream Capital, Cogitent Ventures, MH Ventures and other angel investors. After its Ocean Festival and Ocean Trio, Tuna Chain now has over 1.3 million wallets connected on the Tuna Chain Testnet, with a total 

The purpose of Tuna Chain is to bridge the gap between Bitcoin and Ethereum. Although Bitcoin’s chain boasts superlative security, it lacks the versatility that Ethereum’s 

 provides. As a hybrid Layer 2 solution, Tuna Chain’s primary goal is to blend the two. By doing so, its founders want to push the envelope on the future of blockchains and provide a better UX.

Tuna Chain’s functionality is based on three core features: the Toro native 

, Celestia-powered modularity and a hybrid ZK-OP layer. With the Toro stablecoin, users can purchase new digital assets through the overcollateralization of their BTC supply. Meanwhile, Celestia-powered modularity improves data availability, and the ZK-OP hybrid layer executes smart contracts with fast, secure transactions.

Rollup Solutions and Operational Mechanism of Bitcoin Layer 2

Layer 2 solutions similar to those found on Ethereum enhance Bitcoin's scalability, using technologies such as 

 (ZK). Tuna Chain enhances Bitcoin's transaction capacity by integrating optimistic rollup technology into its Layer 2 framework.

Securing Native Assets on Bitcoin: Leveraging Taproot's Upgrade

 upgrade into the Bitcoin network marks a significant advancement in the security of its native assets. This update incorporates advanced cryptographic techniques, such as Schnorr Signatures, MAST and Tapscript. To further secure these assets, Tuna Chain has implemented a multisignature security model and is exploring the addition of external validators to its network security protocols.

Tuna Chain processes transactions through a detailed system that begins with the precise arrangement and execution of transactions. These are then reliably recorded on 

's data availability layer and conclusively verified on the Bitcoin blockchain. Verifiers are essential to the chain's integrity, quickly producing fraudproofs to address any transaction discrepancies and ensure the network remains secure and reliable.

Tuna Chain is a next-level Layer 2 solution that moves blockchain into the future. Each of its core features provides unique benefits to support a superior UX. 

Tuna Chain uses Celestia-powered modularity to optimize its Layer 2 functionality. Specifically, this modularity is supported by Layer 2 data management that enhances trust, improves efficiency and reduces transaction fees.

The ZK-OP Layer is Tuna Chain’s hybrid Layer 2. This layer utilizes a dual-phase architecture that integrates Ethereum’s benefits with those of Bitcoin. By doing so, it empowers smart contracts and accelerates secure transactions.

 is a grand opening event celebrating Tuna Chain’s launch. During this grand opening, the first round of TUN tokens will be distributed. Distribution cap for this initial release is based on 

 growth driven by the community, and could range between 2% and 21%. The token supply increases by 2% as each new milestone is achieved.

, the setup experience for new community members, consists of Calm Waters, Whimsical Tides and Majestic Depths. With Calm Waters, new users can receive 60 points for following Tuna Chain on social media and linking their wallet. Additional points are available by referring friends to Tuna Chain. Whimsical Tides, the testnet phase, is still in development along with Majestic Depths.

In the first quarter of 2024, Tuna Chain successfully completed several milestones, including the launch of the Tuna Testnet — Alpha, Ocean Trio Points campaign, Ocean Festival (which highlights the TVL) and the rollout of the TunaChain Explorer. 

Moving into Q2 2024, progress is ongoing with significant developments. Tuna Chain’s team is currently deploying an optimistic rollup (OP)-based Mainnet, establishing a native bridge from Bitcoin to the Tuna Mainnet, launching a Mainnet decentralized exchange (

), and developing a modular data availability (DA) layer.

Tuna Chain functions with three primary tokens: TORO, TUNA and WOOG. Each serves a different and integral role.

TORO, Tuna Chain’s native stablecoin, helps users transform their BTC into their choice of high-yield digital assets. This is accomplished seamlessly and with full transactional stability. The user doesn’t need to liquidate the BTC to complete the transaction.

 of Tuna Chain, is used for various purposes, such as revenue generation, funding builders and contributors, benefiting token holders, incentivizing users and community members, and promoting community engagement within the Tuna Chain ecosystem.

TUNA has a total token supply of 210,000,000.

 token that acts as the primary ticket into the Tuna Chain ecosystem. Only 200 of 1,000 available WOOG tokens were distributed at the BRC-20 Launchpad event. The remaining WOOG will be distributed only when they’re activated by external forces.

Looking to get your hands on the TUNA token? Bybit will soon offer it via our 

In the meantime, you can also purchase TUNA through 

WOOG tokens grant access to the Tuna Chain ecosystem. Of the total supply of 1,000 tokens, only 200 are currently scheduled to be released. These tokens are exclusively available through the 

. There’s a purchase limit of one WOOG token. While 800 WOOG tokens will remain, they’re sealed, and their release isn’t scheduled. You must have an active Bybit account with a funded wallet to participate in the event. 

TUNA tokens play a fundamental role in governance of the Tuna Chain’s unique hybrid Layer 2 chain, designed to deliver the benefits offered by both Bitcoin and Ethereum. Tuna Chain is presented as the future of blockchain, and is poised to change the blockchain landscape in exciting ways, which could place a premium on TUNA tokens. 

As an investment, TUNA should be purchased conscientiously because the value of the tokens will decrease when additional tokens are released, even for a short period of time. In addition, all cryptocurrencies are speculative in nature, with a risk of partial or complete loss. Therefore, 

 cryptocurrencies before making an investment.

Tuna Chain is a hybrid Layer 2 solution that provides a much-needed service in the blockchain world. By bridging the gap between Bitcoin and Ethereum, it allows users to enjoy the best of both worlds. In doing so, it has the potential to move the dial forward significantly in blockchain technology. Moving forward, Tuna Chain is a platform worthy of attention.

Intermediate

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Tuna Chain (TUNA): Reinventing Bitcoin With a ZK-OP Approach

We'll guide you through step-by-step to opening an account on Bybit to start your crypto trading journey now.

With more crypto projects being launched by the day, many traders are eager to jump on the bandwagon and take advantage of these potential investment opportunities. If you’re one of them, consider riding the crypto wave with Bybit! But before you do so, be sure to 

 first. Read our detailed guide on how you can create a Bybit account to start your trading journey today!

There are two ways for you to create a Bybit account. You can choose to sign up with your email address, or with your mobile phone number, whichever is more convenient for you to use. You can also choose to sign up on your desktop or on your mobile phone. 

Please note that if your country falls under Bybit's 

, you will not be able to sign up with Bybit. 

Choose your preferred method of signing up: 

. Then, input the necessary details accordingly. 

Note that the Referral Code field is optional and can be left blank.

 will pop up. If you’re not from any of the countries listed, click on 

Complete the reCAPTCHA verification and enter the verification code that you’ve received based on your preferred method of registration. 

, you’ll receive the code in your email inbox or spam/junk inbox. If you’ve selected 

, you’ll receive an SMS code on your mobile device.

Note that the Referral Code field is optional, and can be left blank.

A window showing a list of restricted countries and regions will pop up. If you’re not from any of the countries listed, select 

Complete the reCAPTCHA verification and input the verification code that you’ve received based on your preferred method of registration. 

Once you’ve successfully registered, you can proceed to 

You can either deposit your crypto into your Bybit account from an external wallet or another crypto exchange, or 

on Bybit to start trading. There are several ways to buy crypto on Bybit. You can do so through 

 (via credit/debit card or third-party payments like Google Pay), 

After you’ve funded your account, you can proceed to explore the various Bybit products available — such as the 

Now that you’ve learned how to create a Bybit account, you can explore the Bybit platform and make trades whenever you spot potential investment opportunities. In addition, stay tuned to our 

 for educational materials to aid you in your crypto journey.

Beginner

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Bybit Sign-Up: How to Create a Bybit Account (Step-By-Step)

Notable Ethereum Spot ETF applications have come from high-profile issuers that received approval for Bitcoin Spot ETFs earlier this year. Learn more here.

The cryptocurrency landscape could be on the brink of a major shake-up as several Ethereum spot exchange-traded fund (

) applications await regulatory approval. These financial instruments promise to bridge the gap between traditional investment markets and the fast-growing world of digital assets, offering investors a regulated and accessible means for gaining exposure to 

This article explores the top pending Ethereum Spot ETF applications, exploring their significance, potential impact on the market and implications for the broader adoption of cryptocurrencies.

What Is an Ethereum Spot ETF Application?

An Ethereum Spot ETF application is a filing submitted to regulatory bodies, such as the U.S. Securities and Exchange Commission (SEC), to list an exchange-traded fund that tracks the price of Ether (ETH), allowing investors to gain exposure to the cryptocurrency without directly holding it.

How Does an Ethereum Spot ETF Application Work?

An Ethereum Spot ETF application is a formal request by a financial institution to gain regulatory approval to offer a financial product that tracks the price of Ether (ETH), the second-largest cryptocurrency and the token of the Ethereum network, in real time. 

Investors can participate in the ETF by purchasing shares through their brokerage accounts. This way, they can gain exposure to Ether's price movements without the complexities associated with directly buying or holding the cryptocurrency. The ETF provider assumes responsibility for securely holding the Ether, managing the fund's day-to-day operations and ensuring ongoing compliance with regulatory requirements.

Current Ethereum Spot ETF Application Landscape

, Fidelity, VanEck and ARK 21Shares have all thrown their hats into the ring by submitting applications to the SEC for approval. These particular issuers have previously applied to run Bitcoin Spot ETFs that are currently approved and trading.

However, the SEC has pushed back on the recent Ethereum Spot ETF applications, prolonging the decision-making process. They've also sought public feedback in order to gauge whether the arguments supporting the approval of Bitcoin Spot ETFs are applicable to Ethereum Spot ETFs as well.

Anticipation has continued to build with the approach of the final deadlines for the SEC's decisions, set for between May 23 and Jul 5, 2024 for various applicants. The SEC's review process involves assessing factors such as the potential for market manipulation and the resemblance between Ethereum spot and futures exchange-traded products.

The outcome of these applications holds significant weight, as it could shape the future landscape of cryptocurrency investment vehicles and play an important role in driving broader adoption of Ethereum within traditional financial markets. Investors and observers alike are closely monitoring these developments, recognizing their potential to influence the trajectory of both Ethereum and the wider crypto market.

Top High-Profile Ethereum Spot ETF Applications

Several high-profile financial institutions have applied for Ethereum Spot ETFs, reflecting a growing interest in cryptocurrency investment products. Following is a list of some notable contenders.

BlackRock, a global investment giant and the world’s largest asset manager, submitted its 

 Ethereum Trust, in November 2023. However, the SEC postponed its decision to late January 2024 and again to March. The SEC is currently seeking public comment on the application, particularly concerning Ethereum’s susceptibility to fraud, and has delayed its decision until Jun 11, 2024.

Franklin Templeton, another major player in the investment world, 

 for an Ethereum Spot ETF in February 2024, making it the latest contender to join several other firms in the race. The SEC has delayed the deadline to June 2024 to rule on the firm’s application. If approved, the fund will be listed on the Chicago Board Options Exchange as Franklin Ethereum ETF.

Known for its ETFs and mutual funds, investment management firm VanEck has expressed doubts about the SEC's approval of its Ethereum Spot ETF application, 

 in July 2021. Although the SEC’s decision is expected in May 2024, VanEck’s CEO has voiced his skepticism of approval by the May 23, 2024 deadline, citing the regulators' ominous silence. Notably, VanEck holds the distinction of being the first investment management firm to file an ETH Spot ETF application in the United States.

21Shares specializes in cryptocurrency exchange-traded products (

), while ARK Invest focuses on thematic investing. The two firms 

 for the ARK 21Shares Ethereum ETF in September 2023, with the SEC expected to decide by May 24, 2024. The application has been 

 to include a cash-creation model, and has proposed plans to stake a portion of the ETF’s Ether for generating additional income.

A global asset manager focused on cryptocurrencies, Hashdex 

 with the SEC in September 2023 to list and trade shares of the 

 its decision on the application, with a verdict expected by late May 2024.

Grayscale is the world’s largest digital currency asset manager, with a range of investment products that provides exposure to cryptocurrencies and the digital currency asset class. The firm 

 its Grayscale Ethereum Trust into an Ether Spot ETF in October 2023. The SEC extended the review period, setting a new deadline for June 2024. 

Invesco, an investment management firm, has partnered with Galaxy Digital, a diversified financial services firm, to create a 

 for an Ethereum Spot ETF to be named the Invesco Galaxy Ethereum ETF. The SEC's decision, expected in December 2023, has been 

Fidelity Investments is a major financial services corporation with a global presence and millions of customers. Fidelity first filed for an Ethereum Spot ETF in November 2023. It later 

 its application in March 2024 to include ETH staking, which would allow investors to earn additional income from staking rewards. The SEC has set a deadline of May 23, 2024 to approve or deny the application.

What Could Happen If an Ethereum Spot ETF Application Is Approved?

The approval of an Ethereum Spot ETF application holds significant implications for the cryptocurrency market.

Approval of an Ethereum Spot ETF could mark a significant milestone for the crypto market. It would greatly improve Ethereum's accessibility, bolster market confidence and potentially drive up Ether’s price. In addition, such an approval would represent a new milestone in cryptocurrency adoption, providing investors with a regulated and easy avenue for investing in Ethereum. Nevertheless, regulatory hurdles and market volatility are variables that could influence the timing and magnitude of the approval of the pending applications.

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An Overview of the Top Pending Ethereum Spot ETF Applications

Here's the step-by-step guide for you to withdraw the funds from your Bybit spot or derivatives wallet easily.

Looking to withdraw some of the profit you've earned from trading on Bybit? There are two ways you can go about doing it, depending on whether you’re making an on-chain transfer to another exchange or wallet, or an internal transfer.

Regardless of whether you’re making an on-chain or internal transfer on the web, go to 

 at the top right-hand corner of the home page and click on 

 from the drop-down list. Then, click on 

in the column of the currency you want to withdraw, or the 

Log in to your Bybit account and click on 

 at the top right-hand corner of the home page. Then, click on 

Bybit supports withdrawals for coins listed on the Spot Assets page or the Funding Assets page with an available Withdrawal button.

button of the corresponding account you would like to withdraw from.

 You will be able to select the account from which the withdrawal will be performed in the Withdrawal window. You can click on the 2 arrows icon to transfer assets from your other accounts to your Funding or Spot Accounts if needed.

Select the coin to withdraw as well as the withdrawal wallet address. You can either: 

If you haven’t added a withdrawal address yet and would like to do so, please click on 

 to set up your withdrawal address. For more details, please refer to 

 Choose the type of chain you would like. You will see the withdrawal fee amount for each blockchain network accordingly.

 Input the amount you want to withdraw, or click on 

 to make a full withdrawal. Once the chain type is selected, the minimum withdrawal limit for this particular coin and blockchain network will be displayed on the right side of the withdrawal window.

 and you’ll be directed to the withdrawal verification page. The following two verification steps are required: Email verification and Google Authentication if your wallet address is not verified.

If your address is verified in the Withdrawal Address Whitelist, you won’t need to go through the 2FA verification process, and you can submit the withdrawal request as below. To verify your withdrawal wallet address, you can follow this 

 To retrieve your email verification code, click on 

 and drag the slider to complete verification.

 An email containing your email verification code will be sent to the registered email address of your account. Please enter the verification code you’ve received.

 Please enter the 6-digit Google Authenticator 2FA security code you’ve obtained. 

. Your withdrawal request has been successfully submitted!

How to Withdraw Assets via Internal Transfer

 at the top right-hand corner of the home page and go to your 

 in the column of the currency you want to withdraw.

 Withdrawals will only be performed via your Funding or Spot Account. If you want to withdraw your assets from other accounts, please transfer assets from other accounts to your Funding or Spot Account by clicking on 

 Please select or fill in the following parameters to submit your withdrawal request:

Please ensure all information is correct before clicking on 

 and you’ll be directed to the withdrawal verification page. The following two verification steps — email verification and Google Authentication — are required if your email address and/or mobile number are not yet verified. To learn more about how to manage your withdrawal security, please refer to this page.

 and drag the slider to complete the verification. An email containing your email verification code will be sent to the registered email address for your account. Please enter the verification code that you’ve received.

 If you have not received the email, please check your spam folder or refer to 

. The verification email is only valid for five minutes.

To view your internal transfer history, please head to your 

 column. If you are the recipient, select 

How long does it take to withdraw my funds?

Instant withdrawal may take up to 15 mins to process. However, please note that in the event of high network congestion, withdrawals may take a longer time to process.

Once you’ve successfully submitted a withdrawal request, all the remaining bonuses in your account will be cleared to zero. Traders can check their withdrawal status via this link: 

Understanding the Withdrawal Status at the History

Is there a maximum amount limit for a single instant withdrawal?

Currently, yes. There's a limit on withdrawal for users that resets daily at 00:00 UTC.

The table below denotes the maximum amount of USDT that can be withdrawn at each KYC level. Note that a fixed withdrawal fee will be charged, regardless of the amount withdrawn.)

While VIP users are automatically given higher withdrawal limits, you can manually change your limit by clicking on 

. Please take note of the various withdrawal fees that are incurred for all withdrawals of any amount from Bybit. Traders can refer to the minimum withdrawal and fees stated at the withdrawal pop-up window, depending on the selected chain for funds withdrawal.

Using USDT as an example, depending on the Chain Type, the fee differs.

Withdrawal fees on Bybit are not included in the amount indicated on the screen. Therefore, users need to factor in the fees indicated to determine the final withdrawal amount. However, traders can choose to click on the 

button to withdraw all of their funds, and the system will automatically adjust the final amount, including the incurred fees.

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How to Make a Withdrawal From Bybit

Bybit Learn

Bybit Shark Fin

Can't profit from choppy markets? With crypto structured products like Bybit Shark Fin, you can earn extra yields while still protecting your principal capital.

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With current crypto markets in a slump, retail and institutional investors are seeking ways to maximize their holdings while taking advantage of volatility. Trading volumes for crypto derivatives are on the rise, and the use of futures, options and perpetual swaps to hedge against 

This article examines crypto structured products and why they’re becoming popular with retail and institutional investors.

Traditionally, structured products have provided retail investors with easy access to derivatives that would have otherwise been out of their reach and helped them achieve their risk-return objectives. 

Investment banks typically offer structured products to their wealth-management clients for customized returns in financial markets. They can also be sold to the retail mass market.

A structured product often looks like a traditional security with a payment profile, similar to a bond or certificate of deposit, but with cash flows linked to the performance of other underlying assets. Banks use them as a way to manage the volatility of assets they own.

Crypto structured products have been launching since the first quarter of 2021. Various structured products are hoping to capitalize on the increasing awareness and opportunities to sustain yield in a highly volatile crypto environment.

What Makes Crypto Structured Products Worth Trying?

Crypto structured products have the distinct advantage of allowing investors to earn profits at rates higher than those of other products, while  simultaneously protecting their capital. Unlike other financial products, your initial capital is guaranteed no matter the market's direction. All you may lose is your potential gains.

With crypto structured products, HODLers and investors can access previously out-of-reach assets and hedge their positions while profiting in bullish and bearish markets. It’s worth noting that the underlying mix of assets can be tailored to suit any investor's particular needs, risk profile and expectations.

Pros and Cons of Crypto Structured Products

Crypto structured products offer a prepackaged collection of crypto derivatives in a format more accessible to newbies. However, there's a cap on what you can earn. To help you decide if it's the right investment product for you, here are the advantages of crypto structured products as well as their drawbacks.

Given increasing awareness of the benefits of crypto structured products amid a crypto winter, crypto structured products are becoming increasingly popular. Weighing the pros and cons before investing is extremely important. Of the launched products, Bybit’s Shark Fin Structured Product stands out with unique features.

The Bybit Shark Fin structured product ensures that your capital is protected. Your initial investment isn’t at risk, no matter what happens in the cryptocurrency markets. The final return is linked to the underlying asset.

You pay no fees to invest in Bybit Shark Fin. A minimum investment of 100 USDT or 100 USDC is all it takes to access these yielding investments. There is no upper limit to the amount that you can invest, though this is capped when the subscription amount is reached.

With short-term investment periods, you won’t have long to wait until you reap rewards. You have three short-term periods to choose from: 7, 14 and 21 days. Bybit releases weekly product plans.

Bybit investors can choose from one of two Bybit products — Bullish Shark Fin and Bearish Shark Fin. With a Bullish Shark Fin product, the higher the underlying settlement amount within the limits of the predetermined prices, the higher the yield. If you have a Bearish Shark Fin product, you’ll earn a higher yield at the lowest settlement price within the range.

When you buy a Bullish Shark Fin product, you'll have preset parameters that include price range, APR range and subscription period (7, 14 or 21 days). At the end of the subscription period, you'll earn the maximum yield if the underlying asset price is within the preset price range. Note that the higher the settlement price is within the preset price range, the higher the final yield.

You’ll still profit if the settlement price of the underlying asset equals or exceeds the preset price range at the end of the subscription period. In that case, the enhanced APR is used to calculate the yield. This will be lower than when the asset's price remains within range. 

Suppose the ultimate price of the underlying assets falls below the preset price range. Then the yield is determined using the guaranteed minimum APR, resulting in a lower gain than that obtainable in the two earlier scenarios.

Trader A buys a Bullish Shark Fin product. The product parameters are as follows:

On the settlement day, the price of BTC is $47,000 and the calculation of interest is based on the following formula:

For the Bearish Shark Fin product, you'll earn a higher yield when the final price of the underlying assets falls within the preset range. But unlike the Bullish Shark Fin product, the lower the settlement price while remaining within range, the higher the final yield.

When the price of your asset is below the preset range on settlement day, your yield will be calculated based on the enhanced yield, which is lower than when the price falls within the range.

Finally, if the price exceeds the present price band, the guaranteed minimum APR will be used, generating the lowest yield.

Trader B buys a Bearish Shark Fin product. The product parameters are as follows:

On the settlement day, the price of BTC is $45,000, and the calculation of interest is based on the following formula:

Crypto structured products consist of derivatives, securities and interest-bearing assets. They are structured to help small investors attain specific risk-return benefits using bespoke solutions.

With Bybit Shark Fin Solutions, individual investors also gain easy access to typically complicated derivatives, combined into an easily manageable instrument. Crypto structured products allow you to earn yield regardless of the market’s moves, complete with principal protection.

Ultimately, Bybit's Shark Fin is unique because it offers investors a high yield in turbulent markets. Here's a handy infographic that summarizes all you need to know about our Shark Fin product.

Curious about the full details of Bybit's Shark Fin product? After 

 offerings for more ways on how you can grow your crypto holdings.

Crypto Structured Products: Maximizing Yields During Choppy Markets

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards