Bybit unearths SOL-based mostly liquid staking token bbSOL, partners with Solana dApps

Home » Ecosystem » Bybit unearths SOL-based mostly liquid staking token bbSOL, partners with Solana dApps

Bybit’s bbSOL follows the originate of Binance’s BNSOL in a bustle to beat Solana’s liquid staking panorama.

Bybit has launched bbSOL, a Liquid Staking Token (LST) on the Solana blockchain. In response to the announcement, this initiative, developed in collaboration with Sanctum, Kamino Finance, Orca, and Solayer, goals to bridge Bybit’s centralized replace (CEX) and Web3 platforms.

Users can stake Solana on Bybit Web3 to procure bbSOL tokens, unlocking incomes opportunities across Bybit’s CEX and Web3 products. The LST is already accessible on Sanctum and Solayer, permitting decentralized finance (DeFi) users to stake their SOL tokens with Bybit, make bbSOL, and restake their LST on Solayer.

Moreover, the bbSOL initiative entails collaborations with Orca for swaps and liquidity provision and Kamino Finance for automated liquidity provision.

“We’re inflamed to introduce bbSOL, a groundbreaking liquid staking token designed to raise powerful advantages across the Solana ecosystem,” Ben Zhou, co-founder and CEO of Bybit, talked about.

Zhou added that bbSOL empowers token holders, project builders, decentralized replace operators, and liquidity suppliers to make a contribution to the expansion of the Solana community whereas maximizing their returns.

Lily Liu, President of the Solana Basis, praised Bybit’s integration of SOL liquid staking, calling it a serious milestone.

FP Lee, Sanctum co-founder, added that the partnership with Bybit to originate bbSOL is “superior,” stating that the partnership between centralized and decentralized entities is historical.

Addressing a $4 billion market

The liquid staking panorama on Solana has virtually $4 billion in total price locked (TVL), in defending with DefiLlama’s recordsdata. Sanctum is the third-most bright liquid staking-linked application in Solana’s ecosystem by TVL, inching nearer to $500 million.

Severely, Solana’s liquid staking panorama grew 96% in 2024, attracting crypto entities’ consideration. Along with Bybit, Binance presented a SOL-based mostly LST called BNSOL on Sept. 4.

Despite no longer revealing well-known aspects about the decentralized functions supporting its token, primarily the most bright replace by buying and selling volume’s hobby on this DeFi sector is a signal of its doable.

Moreover, Bitget also hinted on the originate of its own LST for Solana’s decentralized ecosystem, called BGSOL.