Hello,
This is Digital Asset Investment Platform HEYBIT.
Please be informed that starting from 12:00 AM (SGT) on Monday, 9 September 2024, the APY rates for BTC and ETH will be adjusted downward as follows:
| Current | New |
BTC | APY 0.5% | APY 0.05% |
ETH | APY 3.2% | APY 0.1% |
Here are the reasons for the recent downward adjustment:
Since the launch of Earn (formerly Harvest) on 9 September 2023, HEYBIT has consistently offered relatively higher returns compared to other platforms, without fluctuations, through institutional partnerships, DeFi protocols, and direct management.
| HEYBIT | BINANCE | BYBIT |
USDT (for 1,000 units) | APY 5% | APR 1.76% | APR 1.76% |
BTC (for 0.011 units) | APY 0.5% | APR 0.03% | APR 0.35% |
ETH (for 0.21 units) | APY 3.2% | APR 0.91% | APR 0.50% |
Recently, the potential for losses related to BTC and ETH management has increased significantly.
To protect our clients' assets, we have transitioned to the most conservative management mode
HEYBIT has long employed algorithm-based quant trading strategies to manage stablecoins. Additionally, we have consistently offered higher rewards compared to other platforms by leveraging partnerships with trusted institutions and the Web3 ecosystem to minimize risks while managing Bitcoin and Ethereum.
However, with the sharp increase in market volatility, HEYBIT has had to intensify the management of Bitcoin and Ethereum operations, leading to the inevitable adjustment of previously stable rates.
To provide further clarity:
Recently, Bitcoin and Ethereum have been widely utilized within the Web3 ecosystem. However, the extensive use of leverage and issues of counterparty reliability have introduced ongoing risks. While new products designed to maximize interest earnings, such as restaking, have emerged to mitigate opportunity costs associated with simply holding digital assets, these products are derived from DeFi services that inherently carry loss risks. They are structured to guarantee stable returns only if digital asset prices continue to rise. Consequently, any increase in price volatility or decline could trigger systemic instability.
HEYBIT has been continuously researching ways to maintain long-term stability in our products and minimize potential losses. After closely monitoring recent market conditions, our team urgently reviewed and revised our policies.
As a result, we have decided to minimize operations for BTC and ETH products to ensure the safe custody of our clients' assets, leading to the current rate adjustment, as announced today.
Rest assured, your assets remain within a stable management range, and the scheduled Q3 asset audit will proceed as planned in October.
HEYBIT has been able to withstand the series of service terminations by many other firms managing deposit products over the past year due to our unwavering commitment to protecting our clients' assets as our top priority. We have consistently managed risks to deliver stable returns to our clients.
Please understand that the recent rate adjustment is a proactive measure taken after careful market analysis to ensure effective risk management.
We will continue to monitor the market closely and will promptly restore and increase rates when the market stabilizes, and our team can manage operations at a reasonable level, in line with your expectations and trust.
For clients who may find the reduced rates on BTC and ETH disappointing, we are preparing new high-risk, high-reward products, which are expected to launch in October. We will provide more details and event announcements soon, so please look forward to these new offerings.
Thank you once again for trusting HEYBIT with your investments.
Wishing you a healthy and happy September.
Thank you.
For further assistance or inquiries, 💡 Contact Our Support Team >
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