Bybit Launches bbSOL Liquid Staking Token (LST) on the Solana Blockchain

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.

Bybit has announced the launch of bbSOL, a Liquid Staking Token (LST) on the Solana blockchain. The initiative, developed in collaboration with Sanctum, Kamino Finance, Orca, and Solayer, aims to bridge Bybit's centralized exchange (CEX) and Web3 platforms.

Users can now 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.

Furthermore, 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,” said Ben Zhou, co-founder and CEO of Bybit.

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.

The launch of bbSOL comes amid a growing demand for liquid staking solutions in the cryptocurrency market. These solutions, which allow users to stake their tokens without sacrificing liquidity, have seen increasing adoption, especially among users looking to generate passive income from their crypto holdings.

According to data from DefiLlama, the total value locked (TVL) in liquid staking protocols on Solana currently stands at nearly $4 billion. Lido, which offers stSOL, is the largest application of this kind in Solana's ecosystem, with over $2.7 billion in SOL staked through the protocol.

However, Sanctum'sが登場, which also offers a liquid staking solution for SOL, ranks third among such protocols in terms of TVL, with over 38.5 million SOL staked, valued at nearly $470 million at the time of writing.

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