Bybit, the world’s second-largest cryptocurrency exchange, has unveiled bbSOL, a pioneering liquid staking token on the Solana blockchain. The innovative launch, which involves collaborations with Sanctum, Kamino Finance, Orca, and Solayer, is set to revolutionize the way users interact with the Solana ecosystem.
bbSOL bridges the gap between Bybit’s centralized exchange (CEX) and its Web3 platform, offering users reliable rewards through Solana staking. By converting their Solana to bbSOL on Bybit Web3, users can unlock numerous earning opportunities on both CEX and Web3 platforms.
Bybit CEO Ben Zhou expressed excitement about the potential of bbSOL, saying it would improve asset management and maximize returns for token holders and developers.
Collaboration with key partners amplifies bbSOL’s impact. Sanctum will facilitate seamless SOL swaps and withdrawals, Orca will support bbSOL swaps and liquidity provision, Kamino Finance will streamline concentrated liquidity participation through its Vault product, and Solayer will integrate bbSOL into its re-staking network to strengthen Solana’s security.
Industry leaders welcomed the launch, with Solana Foundation’s Lily Liu highlighting Bybit’s commitment to innovation. Sanctum’s FP Lee noted that the partnership opens new avenues for users to earn money on Solana.
Orca’s Nathan Davis appreciated Bybit’s deep engagement with Solana DeFi, while Kamino’s Thomas and Solayer’s Jason Li highlighted the exciting potential of integrating bbSOL into their platforms.
bbSOL promises substantial rewards to its users: token holders can earn passive income and engage in governance; project developers can attract loyal users and improve liquidity; decentralized exchanges can increase trading volume and liquidity; and liquidity providers can earn competitive yields and support network growth. Additionally, participants can benefit from staking rewards, liquidity rewards, and potential miner extractable value (MEV) opportunities.
This launch further solidifies Bybit’s role in driving innovation in the crypto space, following the recent listing of Sanctum’s $CLOUD token, which saw a 15% increase. With bbSOL, Bybit continues to push the boundaries and support the growth of the broader crypto ecosystem.
Also read: Bybit offers exclusive rewards to Visa and Mastercard users
