Bybit reveals SOL-based liquid staking token bbSOL, partners with Solana dApps
Bybit has introduced bbSOL, a Liquid Staking Token (LST) on the Solana blockchain. According to the announcement, this campaign, builded in collaboration wearing Sanctum, Kamino Lending, Whale, and also Solayer, strives to catwalk Bybit’s systematized sector (CEX) and also Web3 belvederes.
Borrowers can threat Solana on Bybit Web3 to receive bbSOL tokens, opening making possibilities across Bybit’s CEX and also Web3 items. The LST is currently obtainable on Sanctum and also Solayer, enabling decentralized loan (DeFi) audiences to threat their SOL tokens wearing Bybit, acquire bbSOL, and also restake their LST on Solayer.
In addition, the bbSOL campaign encompasses collaborations wearing Whale for swaps and also liquidity assignment and also Kamino Lending for automated liquidity assignment.
“We are distressed to placement bbSOL, a groundbreaking liquid staking token designed to supply comprehensive merits across the Solana ecological hamlet,” Ben Zhou, co-owner and also CEO of Bybit, said.
Zhou included that bbSOL encourages token holders, project programmers, decentralized sector operators, and also liquidity couriers to add to the tumor of the Solana network while making remarkable utilization of their rejoinders.
Lily Liu, Head of case of the Solana Cornerstone, commended Bybit’s assimilation of SOL liquid staking, labeling it a coherent landmark.
FP Lee, Sanctum co-owner, included that the collaboration wearing Bybit to takeoff bbSOL is “stellar,” cliche that the collaboration in between systematized and also decentralized entities is historic.
Attending to a $4 billion industry
The liquid staking landscape on Solana has almost $4 billion in total quantity top weakness locked (TVL), according to DefiLlama’s documents. Sanctum is the ultimately-best liquid staking-related prayer in Solana’s ecological hamlet by TVL, sauntering closer to $500 million.
Specifically, Solana’s liquid staking landscape expanded 96% in 2024, tempting crypto entities’ curiosity. Along wearing Bybit, Binance decreed a SOL-based LST conversed to BNSOL on Sept. 4.
Regardless of not divulging outlines around the decentralized implementations boosting its token, the best sector by trading slice’s curiosity in this DeFi sector is a slide of its opportunity.
In addition, Bitget better hinted at the takeoff of its truly own LST for Solana’s decentralized ecological hamlet, conversed to BGSOL.
