Bybit Shuts Down Web3 Services, Focusing on Scalable Onchain Growth

Bybit announced the discontinuation of multiple Web3 services by May 2025, sparking questions about its long-term commitment to decentralization. Despite initial confusion regarding the abrupt changes, Bybit claims this restructuring is aimed at focusing resources on more scalable and impactful onchain development. This move comes amidst a broader reevaluation in the crypto space as regulatory scrutiny increases and profitability models for Web3 services come under pressure.