Bybit Introduces BbSOL: First Crypto Exchange-Backed Liquidity Token On Solana
In Brief
Bybit launches bbSOL on Solana–its first exchange-based liquid staking token–in collaboration with Sanctum, Kamino Finance, Orca, and Solayer.
Cryptocurrency exchange Bybit announced the launch of bbSOL on Solana, its first exchange-based Liquid Staking Token (LST), in collaboration with Sanctum, Kamino Finance, Orca, and Solayer.
The new token aims to connect Bybit’s centralized exchange (CEX) with Web3 platforms, offering users various rewards. By staking Solana via Bybit Web3, users will be able to receive bbSOL, which provides access to opportunities across both the CEX and Web3 products.
As part of the initiative, Bybit plans to collaborate with four key partners to maximize the potential of bbSOL. Sanctum‘s deep liquidity will facilitate seamless swaps and withdrawals of SOL, enhancing the utility of staked assets. Orca’s support for bbSOL swaps will allow users to become liquidity providers, contributing to the ecosystem’s stability. Kamino Finance will automate the liquidity provision process through its Liquidity Vault product, streamlining participation in concentrated liquidity decentralized exchanges. Additionally, Solayer will support bbSOL as a liquid staking token eligible for restaking, thereby strengthening Solana’s security through its staking network.
Bybit’s bbSOL Token Unlocks Rewards And Opportunities For Solana Ecosystem Participants
Furthermore, bbSOL brings multiple advantages to participants. Token holders can earn passive income, engage in network governance, and explore broader financial opportunities. Project developers benefit by attracting and retaining a loyal user base, enhancing liquidity, and increasing market visibility. Decentralized exchange (DEX) operators gain from higher trading volumes, improved liquidity, and an influx of users. Additionally, liquidity providers can generate competitive yields, contribute to the ecosystem’s stability, and support the growth of the Solana network.
Additionally, participants will have the opportunity to earn staking rewards by contributing to network security, liquidity rewards by providing liquidity to bbSOL trading pairs, and miner extractable value (MEV) rewards by taking advantage of market inefficiencies.
Established in 2018, Bybit is among the largest cryptocurrency exchanges by trading volume and has a user base of 20 million. The platform focuses on cryptocurrency trading and provides access to over 570 payment methods, accommodating transactions in more than 60 local currencies.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
