The Mirror Trap: Bybit's Tokenized Collateral and the Provenance of Counterparty Risk
In February 2025, Bybit lost approximately $1.5 billion in the largest exchan...
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Extreme Fear
Market Sentiment
Block reward halving event
Improves data availability sampling efficiency
Independent validator client goes live on mainnet
Raises validator limit and account abstraction
92 million ARB released
Block reward reduced to 3.125 BTC
Circulating supply increases by about 2%
Team and early investor shares released
Bitcoin Season
In February 2025, Bybit lost approximately $1.5 billion in the largest exchan...
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