Bybit Launches bbSOL, the World's First Exchange-Backed Liquidity Staking Token on Solana

DUBAI, UAE, Sept. 5, 2024 /PRNewswire/ -- Bybit, the world's second-largest crypto exchange by trading volume, proudly announces the launch of bbSOL

Bybit, the world's second-largest crypto exchange by trading volume, has announced the launch of bbSOL, its first exchange-based Liquid Staking Token (LST), in collaboration with Sanctum, Kamino Finance, Orca and Solayer, on the Solana (SOL) blockchain. This marks the first time a major centralized crypto exchange has launched an LST on a Web3 chain.

The move is set to have a transformative impact on the Solana ecosystem, with all participants set to benefit from greater earning potential, seamless cross-chain asset management and an enhanced user experience.

As part of this initiative, users staking Solana on Bybit Web3 will receive bbSOL tokens, which can then be utilized across Bybit's centralized and Web3 products to access a wide range of earning opportunities. This initiative is designed to maximize the earning potential of Solana token holders and contribute to the growth of the Solana network.

“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. “By facilitating seamless asset management and unlocking new earning potential, 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.”

bbSOL will serve as a bridge between Bybit's centralized exchange (CEX) and Web3 platforms, providing users with consistent and reliable rewards. By staking Solana on Bybit Web3, users will receive bbSOL tokens, unlocking many earning opportunities across Bybit's CEX and Web3 products.

As part of this initiative, Bybit will collaborate with four key partners to maximize the potential of bbSOL:

"Bybit's launch of bbSOL marks a significant milestone,” said Lily Liu, President of the Solana Foundation. “Their collaboration with other key players exemplifies Bybit's commitment to innovation and supports the ongoing development of the Solana ecosystem."

"It's awesome that Bybit is launching bbSOL together with Sanctum. This will allow millions of new users to earn real yields on Solana more easily and tap into the entire DeFi ecosystem. This is a historic partnership between centralized and decentralized entities - a big step for the entire ecosystem,” said FP Lee, Sanctum Co-Founder.

"It's great to see a leading industry figure like Bybit actively participating in Solana DeFi. It's rare for an exchange to go beyond listing ecosystem assets and directly engage with DeFi on chain,” said Nathan Davis, Orca CEO.

"The launch of bbSOL is the perfect chance to bring together the power of Bybit's user base with the opportunities provided by Solana DeFi. We're excited to onboard bbSOL to Kamino and support its utility & growth in the ecosystem,” said Thomas, Kamino Finance Project Co-Lead.

"Solayer is incredibly excited to launch bbSOL with Bybit, and as the first restaking protocol to integrate a centralized exchange LST on Solana, we aim to foster a deepened relationship to bring the Solana ecosystem forward in the most integrated way,” said Jason Li, Solayer Co- Founder.

Key Benefits and Rewards of bbSOL

Participants in the bbSOL ecosystem will enjoy a wide range of benefits and rewards, including:

As the world's first crypto exchange to announce the listing of Sanctum's $CLOUD token, which has increased by 15%, Bybit continues bringing new and innovative results to the industry. The launch of bbSOL underscores its continuous commitment to innovation in the cryptocurrency space and its support for the growth of the broader ecosystem.

For more information, please visit: Bybit Web3 - bbSOL

#Bybit / #TheCryptoArk / #BybitWeb3

About Bybit Web3

Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 10 million wallet users, over 20 major ecosystem partners, and counting.

Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as a top 3 global crypto exchange, trusted by 40 million users globally.

Join the revolution now and open the door to your Web3 future with Bybit.

For more details about Bybit, please visit Bybit Web3.

About Bybit

Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support

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