Bybit, the world's second-largest cryptocurrency exchange by trading volume, has partnered with Sanctum, Kamino Finance, Orca, and Solayer to introduce bbSOL—the first exchange-backed Liquid Staking Token (LST) on the Solana (SOL) blockchain. This groundbreaking innovation aims to transform the Solana ecosystem by offering seamless staking rewards and unlocking new financial opportunities.
Bridging CEX and Web3 with bbSOL
bbSOL acts as a bridge between Bybit’s centralized exchange (CEX) and Web3 platforms, enabling users to stake SOL tokens via Bybit Web3 and earn bbSOL—a versatile asset that unlocks multiple yield-generating opportunities across Bybit’s ecosystem.
"bbSOL empowers token holders, developers, and liquidity providers to contribute to Solana’s growth while maximizing returns," said Ben Zhou, Co-Founder and CEO of Bybit.
Strategic Partnerships Enhancing bbSOL’s Utility
Bybit collaborates with four key partners to optimize bbSOL’s potential:
- Sanctum: Ensures deep liquidity for seamless SOL swaps and withdrawals.
- Orca: Facilitates bbSOL trading and liquidity provision.
- Kamino Finance: Automates liquidity provision via its Liquidity Vault.
- Solayer: Enables bbSOL restaking to bolster Solana’s security.
Industry Leaders Weigh In
- Lily Liu, Solana Foundation: "bbSOL marks a pivotal step for Solana’s ecosystem growth."
- FP Lee, Sanctum: "A historic collaboration bridging CeFi and DeFi."
- Nathan Davis, Orca: "Bybit’s direct engagement with Solana DeFi sets a new standard."
Key Benefits of bbSOL
| Participant | Advantages |
|---|---|
| Token Holders | Passive income, governance participation, and expanded financial access. |
| Developers | Increased token liquidity and market visibility. |
| DEX Operators | Higher trading volume and user engagement. |
| Liquidity Providers | Competitive yields and ecosystem stability. |
Additional rewards include:
- Staking rewards for network security.
- Liquidity incentives for bbSOL trading pairs.
- MEV (Miner Extractable Value) opportunities.
👉 Discover how bbSOL can amplify your Solana staking strategy
FAQs
1. What is bbSOL?
bbSOL is a liquid staking token backed by Bybit, allowing SOL holders to stake tokens while maintaining liquidity.
2. How do I earn rewards with bbSOL?
Stake SOL via Bybit Web3 to receive bbSOL, which can be used across Bybit’s CEX and DeFi platforms for yield farming.
3. Which platforms support bbSOL?
Sanctum, Orca, Kamino Finance, and Solayer integrate bbSOL for swaps, liquidity provision, and restaking.
4. Is bbSOL secure?
Yes, bbSOL leverages Solana’s robust blockchain and Bybit’s exchange-backed reliability.
5. Can I unstake bbSOL anytime?
Yes, bbSOL offers flexible unstaking via Sanctum’s liquidity pools.
6. What’s next for bbSOL?
Bybit plans to expand bbSOL’s utility across more DeFi protocols and partnerships.
Bybit’s Commitment to Innovation
Bybit continues to pioneer crypto innovations, as seen with its early listing of Sanctum’s $CLOUD token (which surged 15%). The launch of bbSOL underscores its dedication to advancing blockchain ecosystems.
👉 Explore bbSOL staking on Bybit Web3 today
About Bybit Web3
Bybit Web3 fosters an open, equitable decentralized ecosystem with over 10 million wallet users and 20+ ecosystem partners. Its suite of products simplifies Web3 access, trading, and asset growth.
About Bybit
Founded in 2018, Bybit serves 40M+ users globally, offering a professional trading platform and partnerships with Oracle Red Bull Racing.
For details, visit:
Bybit Web3 | Bybit Press