Unveiling the technological driving force and future vision behind the world's second-largest cryptocurrency exchange.

Interviewee: Owen, Bybit CTO

Interview and Compilation: Alex Liu, Foresight News

The cryptocurrency market is developing rapidly. Despite significant volatility, market sentiment is gradually warming up, especially with the impressive performance of the derivatives market. In this context, Bybit, as one of the leading cryptocurrency trading platforms, not only maintains a strong position in the derivatives market but also continuously enhances user experience, security, and technological innovation. Recently, Bybit has achieved remarkable results in daily trading volume and technological breakthroughs.

Behind this impressive performance, technology has always played a crucial role. From system stability to user asset security, and innovative product design, technological capability directly determines the platform's core competitiveness. To this end, we have specially invited Owen, the technical head of Bybit, who has been a member of the founding team since Bybit's establishment, to share insights on the platform's technological innovations, system architecture, and user security, as well as to look ahead at the future direction of the platform's technological development. Let us delve into the story behind Bybit's technology.

Foresight News: How did you enter the cryptocurrency industry and eventually become the CTO of Bybit? Please briefly discuss your personal background and work experience.

Owen: Before joining Bybit, I held executive positions in large internet and financial companies and also engaged in quantitative trading. These experiences gave me a deep understanding of internet architecture and financial trading systems, and I have a very optimistic view of the prospects of blockchain and the cryptocurrency industry. So when I learned about Bybit's vision and goals, I was very excited because it is not just a trading platform but also an important force in promoting the popularization and development of cryptocurrencies and their integration with traditional financial systems.

As one of the founding team members of Bybit, I have served as the Chief Technology Officer (CTO) since its inception, working with the team to build a secure and user-friendly platform to help more people enter and explore the world of cryptocurrency. Through continuous technological innovation and optimization, we hope to provide users with the best trading experience.

Foresight News: Bybit's derivatives trading volume ranks second among CEXs. What has Bybit done to earn the trust of traders?

Owen: Bybit has now become the world's second-largest cryptocurrency exchange, with a daily trading volume reaching hundreds of billions of dollars. This achievement is mainly due to our high emphasis on user fund security. Bybit has always adopted the most advanced security and risk control technologies, including MPC wallets and multi-factor authentication, effectively protecting user assets. To ensure user confidence in asset security, Bybit also undergoes third-party audits to prove our reserve ratio and transparently shares this information with users through Merkle tree technology. Additionally, Bybit regularly publishes reserve proof reports, showing that our main assets have a reserve ratio exceeding 100%. Furthermore, Bybit employs advanced security measures such as YubiKey, fund passwords, two-factor authentication (2FA), and biometrics to enhance user protection.

Bybit maintains regular communication with institutional and VIP clients, actively listens to customer feedback, and provides timely support and assistance, further enhancing user trust in the platform.

In the future, Bybit will continue to optimize security measures and improve user experience, maintaining a leading position in the competitive cryptocurrency market and providing a safe and stable trading environment for global traders.

Foresight News: In the face of growing trading demands and high-frequency requests, how does Bybit ensure system stability?

Owen: When developing product features or systems, Bybit ensures that the resources invested in system stability are equivalent to those required for developing business functionalities. This includes investments in architecture and server resources to ensure high availability settings across clouds and availability zones. To maintain stable system operation, Bybit has established a comprehensive capacity assessment model, accurately evaluating system capacity through stress testing and historical data from major events and market movements. For example, Bybit conducts production environment stress tests, accurately simulating user traffic through traffic recording and playback to avoid inconsistencies between the testing environment and the production environment.

Bybit also has multiple layers of overload protection and circuit breaker mechanisms to ensure the system operates normally under high traffic conditions. If traffic exceeds the system's load capacity, the system will automatically trigger overload, circuit breaking, and throttling to prevent excess requests, ensuring that the majority of users can access the platform normally. Even if a small number of users encounter request failures, they usually just need to retry to succeed.

Additionally, for major event scenarios, Bybit has comprehensive system risk assessments and emergency plans in place, regularly conducting drills to ensure the team can quickly identify issues and restore services. Before events, Bybit activates business functions and technical downgrade measures. During peak traffic periods, some non-core business functions may be turned off or downgraded (e.g., search functions) to alleviate system pressure. By pre-configuring popular search keywords, users can more easily find the trading pairs they need without invoking the search service, further enhancing user experience.

Bybit's architecture supports elastic scaling, allowing for rapid expansion or contraction of capacity. For example, one or two days before major events, Bybit can quickly scale up, increasing system capacity by 10-20 times, and rapidly scale down within one to two days after the event ends. This flexibility not only better controls server costs but also ensures that peak traffic demands are met during events.

In August of this year, Bybit's daily trading volume exceeded $100 billion, and we hope to achieve the goal of processing 1 million transactions per second by the end of the year, reflecting Bybit's determination to maintain system stability and provide a reliable platform for traders.

Foresight News: What are the technical challenges in implementing Bybit's unified trading account? What advantages does it offer in terms of user experience?

Owen: Bybit's Unified Trading Account (UTA) is one of the industry's first innovations, allowing customers to use over 160 tokens for any trading, greatly improving margin efficiency. The UTA requires the integration of various trading products, including spot, futures, and options, necessitating the system to support collateral and calculations for different types of assets and handle multiple margin models, including isolated, cross, and composite margin. This cross-product asset management requires efficient data processing capabilities, increasing the complexity of system design and operation. However, from a user experience perspective, the advantages of a unified trading account are significant, simplifying the user experience while enhancing capital efficiency, which we believe is very worthwhile.

By integrating all trading tools into a single account, users can easily access various trading products without switching between different accounts. This "one-stop" account model not only improves trading convenience but also simplifies asset management, allowing users to use their margin assets more flexibly for trading. For example, users can trade using other supported margin assets even if they do not hold a specific settlement currency, thereby lowering the threshold for capital usage.

Moreover, the unified trading account also optimizes risk management. Since profits and losses between different products can offset each other, users can manage their overall investment portfolio more effectively. This flexibility allows traders to better adjust their strategies in the face of market fluctuations, thereby improving trading efficiency and success rates.

Foresight News: As the technical head, what technologies do you think are most important for CEX? How is the Bybit technical team focusing on these areas?

Owen: For centralized exchanges (CEX), system security and stability are the most critical technical factors. With the surge in user numbers and trading volumes, ensuring that the system can withstand high-frequency trading and large-scale user requests is essential. The Bybit technical team ensures system stability by building high-availability architectures, implementing multi-layered security measures, and conducting rigorous stress tests to ensure the platform can handle sudden traffic spikes and maintain normal operations during peak periods.

At the same time, we have implemented a series of measures to ensure wallet security, user account and fund security, and data security, including multi-party computation (MPC). These measures enhance security without sacrificing user experience, comprehensively safeguarding user assets. Additionally, we have established robust trading risk control capabilities to prevent market manipulation and price spikes, implementing strong liquidation mechanisms to provide users with peace of mind while trading.

To maintain our industry-leading position, the Bybit technical team has also taken proactive measures in recruitment and technical roadmaps. We continuously attract top talent and invest in cutting-edge technologies such as artificial intelligence and blockchain to ensure our platform always possesses strong processing capabilities and security, continuing to lead the development of the cryptocurrency industry.

Foresight News: During the previous large-scale airdrop token recharge event, Bybit experienced delays in token arrivals, and Bybit responsibly provided compensation, receiving positive feedback. Has Bybit made targeted upgrades to the system to avoid similar situations?

Owen: Bybit has been continuously optimizing existing products and systems. When developing product features or systems, Bybit ensures that the resources invested in system stability are equivalent to those invested in business functionality development, including investments in architecture and servers to ensure high availability across clouds and availability zones, maintaining stable system operation.

For major event scenarios, Bybit has comprehensive system risk assessments and emergency plans in place, regularly conducting drills to ensure the team can quickly identify issues and restore services (such as business downgrades or scaling). To further enhance system stability, Bybit conducts accurate system capacity assessments through stress testing and historical data from major events. For example, we conduct production environment stress tests, accurately simulating user traffic through traffic recording and playback to avoid inconsistencies between the testing environment and the production environment.

Foresight News: After the FTX collapse, asset security and the security of trading platform systems are the primary concerns for users. What measures does Bybit have in place to ensure user asset security and what technological means are used to maintain platform security?

Owen: Bybit is committed to providing users with a safe, transparent, and efficient trading environment while actively responding to market demands and continuously improving service quality.

Bybit regularly publishes reserve proof reports to ensure that all user assets are fully supported, demonstrating Bybit's commitment to transparency and security. Through these reports, users can understand the platform's asset status in real-time, enhancing their trust in the exchange.

To further enhance security, Bybit collaborates with industry-leading third-party virtual asset custody service providers (such as Fireblocks and Copper) to support more asset custody options. This collaboration not only strengthens user confidence in platform security but also provides users with more flexible asset management options. Through technologies such as multi-signature and cold storage, users' funds receive a higher level of protection.

In terms of building security defenses, Bybit implements comprehensive risk detection and emergency capabilities. The real-time risk control system can identify abnormal user behavior and employee account anomalies, promptly detecting potential risks and taking action. Additionally, Bybit has established robust trading risk control capabilities to prevent market manipulation and price spikes, implementing strong liquidation mechanisms to ensure fairness and transparency during trading.

At the same time, Bybit conducts regular rigorous internal and external audits to ensure compliance and transparency, helping to identify potential risks and ensuring that platform operations meet industry standards. Finally, to further enhance platform security, Bybit has launched a bug bounty program to encourage security researchers to discover and report potential vulnerabilities. By rewarding researchers who help improve platform security, Bybit can continuously strengthen its security measures. This open and cooperative attitude not only enhances the platform's security but also sets a good example for the entire industry.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。