Bybit's bbSOL follows the launch of Binance's BNSOL in a race to conquer Solana's liquid staking landscape.
Key Takeaways
- Bybit launches bbSOL, the first exchange-based Liquid Staking Token on Solana, bridging CEX and Web3 platforms.
- bbSOL offers staking rewards, liquidity benefits, and MEV opportunities to various participants in the Solana ecosystem.
Bybit has launched bbSOL, a Liquid Staking Token (LST) on the Solana blockchain. According to the announcement, this initiative, developed in collaboration with Sanctum, Kamino Finance, Orca, and Solayer, aims to bridge Bybit’s centralized exchange (CEX) and Web3 platforms.
Users can stake Solana on Bybit Web3 to receive bbSOL tokens, unlocking earning opportunities across Bybit’s CEX and Web3 products. The LST is already available on Sanctum and Solayer, allowing decentralized finance (DeFi) users to stake their SOL tokens with Bybit, acquire bbSOL, and restake their LST on Solayer.
Moreover, the bbSOL initiative involves collaborations with Orca for swaps and liquidity provision and Kamino Finance for automated liquidity provision.
“We are excited to introduce bbSOL, a groundbreaking liquid staking token designed to deliver substantial benefits across the Solana ecosystem,” Ben Zhou, co-founder and CEO of Bybit, stated.
Zhou added that bbSOL empowers token holders, project developers, decentralized exchange operators, and liquidity providers to contribute to the growth of the Solana network while maximizing their returns.
Lily Liu, President of the Solana Foundation, praised Bybit’s integration of SOL liquid staking, calling it a significant milestone.
FP Lee, Sanctum co-founder, added that the partnership with Bybit to launch bbSOL is “awesome,” stating that the partnership between centralized and decentralized entities is historical.
Addressing a $4 billion market
The liquid staking landscape on Solana has nearly $4 billion in total value locked (TVL), according to DefiLlama’s data. Sanctum is the third-largest liquid staking-related application in Solana’s ecosystem by TVL, inching closer to $500 million.
Notably, Solana’s liquid staking landscape grew 96% in 2024, attracting crypto entities’ attention. Along with Bybit, Binance announced a SOL-based LST called BNSOL on Sept. 4.
Despite not revealing details about the decentralized applications supporting its token, the largest exchange by trading volume’s interest in this DeFi sector is a sign of its potential.
Moreover, Bitget also hinted at the launch of its own LST for Solana’s decentralized ecosystem, called BGSOL.
