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
The above is the detailed content of Bybit Launches bbSOL, the World's First Exchange-Backed Liquidity Staking Token on Solana. For more information, please follow other related articles on the PHP Chinese website!

The cryptocurrency market is experiencing significant turbulence, with several major assets experiencing sharp declines. Amid this, new coins continue to shine

In the last two weeks, Solana has jumped 30%, outpacing both Bitcoin and ETH. Therefore, many are anticipating that this surge is coming

Memecoin trading on Solana is buzzing once again. Solana's decentralised exchange trading — or DEX for short — volume in the last 24 hours reached $2 billion

“It’s going to be extremely volatile this week, so I will not be surprised to see BTC price get another 10% drop/pump,” one analyst noted.

This decision comes amid the ongoing legal proceedings against Binance, one of the world's leading cryptocurrency exchanges.

The 3 top crypto stories making the rounds this week are Solana’s (SOL) ETF potential, Litecoin’s (LTC) new user numbers and Rollblock’s (RBLK) viral presale.

The buzz in the crypto community is palpable as two trailblazers take center stage: Solana meme coins and Pepe Unchained. These digital currencies are reshaping the gaming and investment scenes, opening doors to unprecedented opportunities.

The recent surge in Robinhood activity has reignited interest in the crypto market. While Solana is known for its impressive speed and low transaction costs, RCO Finance is making its mark by prioritizing user experience and community engagement. Her

Hot AI Tools

Undresser.AI Undress
AI-powered app for creating realistic nude photos

AI Clothes Remover
Online AI tool for removing clothes from photos.

Undress AI Tool
Undress images for free

Clothoff.io
AI clothes remover

AI Hentai Generator
Generate AI Hentai for free.

Hot Article

Hot Tools

SublimeText3 Mac version
God-level code editing software (SublimeText3)

SAP NetWeaver Server Adapter for Eclipse
Integrate Eclipse with SAP NetWeaver application server.

Atom editor mac version download
The most popular open source editor

mPDF
mPDF is a PHP library that can generate PDF files from UTF-8 encoded HTML. The original author, Ian Back, wrote mPDF to output PDF files "on the fly" from his website and handle different languages. It is slower than original scripts like HTML2FPDF and produces larger files when using Unicode fonts, but supports CSS styles etc. and has a lot of enhancements. Supports almost all languages, including RTL (Arabic and Hebrew) and CJK (Chinese, Japanese and Korean). Supports nested block-level elements (such as P, DIV),

SecLists
SecLists is the ultimate security tester's companion. It is a collection of various types of lists that are frequently used during security assessments, all in one place. SecLists helps make security testing more efficient and productive by conveniently providing all the lists a security tester might need. List types include usernames, passwords, URLs, fuzzing payloads, sensitive data patterns, web shells, and more. The tester can simply pull this repository onto a new test machine and he will have access to every type of list he needs.
