Bybit’s bbSOL Reaches Milestone, Surpassing $100M In TVL
In Brief
Bybit announced that the fast adoption of bbSOL has driven its TVL to exceed $100 million and unveiled earning opportunities for token holders.
Cryptocurrency exchange Bybit announced the expansion of its Liquid Staking Token (LST), bbSOL, continuing to provide users with a secure method to stake SOL while earning competitive rewards.
“We’re excited to see bbSOL’s continued growth and success,” said Emily Bao, Head of Spot and Web3 at Bybit, in a written statement. “The increasing total locked value demonstrates the trust and confidence our users have in bbSOL as a reliable and rewarding digital asset,” she added.
The fast adoption of bbSOL has driven its total value locked (TVL) to exceed $100 million in a relatively short period. Apart from earning staking rewards, bbSOL holders can enhance their earning potential through three main opportunities.
First, users can offer liquidity to bbSOL trading pairs on decentralized exchanges such as Orca, Raydium, and Kamino, earning trading fees in the process. Second, bbSOL can be utilized as collateral on partner platforms, including Drift, Kamino, MarginFi, and Save, enabling users to lend, borrow, as well as access higher returns. Finally, via partner platforms like Solayer, users have the option to restake bbSOL to generate additional rewards, simultaneously supporting the Solana network’s security and governance.
What Is bbSOL?
Founded in 2018, Bybit is one of the largest cryptocurrency exchanges by trading volume, boasting a user base of 20 million. It focuses on cryptocurrency trading and offers access to more than 570 payment methods, facilitating transactions in over 60 local currencies.
It introduced bbSOL in collaboration with Sanctum, Kamino Finance, Orca, and Solayer last month. This token aims to bridge Bybit’s centralized exchange with Web3 platforms, providing users with a variety of rewards. By staking Solana via Bybit Web3, users can get bbSOL, which grants access to opportunities across centralized exchanges and Web3 products.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, 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 crypto, AI, 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.
