TL;DR
- Bybit launches bbSOL, the first Liquid Staking Token (LST) developed by a centralized exchange on the Solana blockchain.
- bbSOL allows staking of SOL tokens on the exchange, offering rewards, liquidity advantages, and Maximal Extractable Value (MEV) opportunities.
- The liquid staking market on Solana reaches nearly $4 billion in total value locked, with Binance’s BNSOL launch and Bitget’s upcoming BGSOL on the horizon.
Bybit has announced the launch of bbSOL, an innovative Liquid Staking Token (LST) on the Solana blockchain, marking the first LST developed by a centralized exchange on this network.
This new product was created in collaboration with European providers Sanctum, Kamino Finance, Orca, and Solayer, aiming to connect Bybit’s platform with decentralized applications (dApps) on Solana.
1/ we’re excited to announce the launch of bbSOL on Solayer with @Bybit_Official & @Bybit_Web3!
bbSOL, an innovative, exchange-backed LST, is created by Bybit in collaboration with Solayer, @sanctumso, @KaminoFinance & @orca_so pic.twitter.com/8zfr2h6tAS
— Solayer (@solayer_labs) September 5, 2024
The implementation of bbSOL allows users to stake their SOL tokens through Bybit’s Web3 platform. In return, they receive bbSOL tokens, which can be used both within the exchange ecosystem and on associated platforms such as Sanctum and Solayer.
This integration facilitates access to new profit opportunities in the platform’s products and provides a staking solution that aligns with DeFi market trends.
Bybit Joins Market Trends and Bets on Solana’s Success
The new token offers several benefits, including staking rewards, liquidity advantages, and opportunities for Maximal Extractable Value (MEV). With Orca’s collaboration, bbSOL facilitates swaps and liquidity provision, while Kamino Finance handles automated liquidity provision, ensuring an optimized user experience.
bbSOL represents a significant advancement in the Solana ecosystem, providing benefits for token holders, project developers, DEX operators, and liquidity providers. The token is designed to maximize returns and contribute to the growth of the Solana network.
The liquid staking market on Solana has reached nearly $4 billion in total value locked (TVL), according to DefiLlama. Sanctum ranks as the third-largest liquid staking application in this ecosystem.
Interest in this sector continues to grow. Binance also launched a SOL-based LST called BNSOL on September 4, and Bitget has hinted at the future launch of its own LST for Solana’s ecosystem, named BGSOL.
