Bybit Announces Growth Milestone for Liquid Staking Token bbSOL, Surpassing $100 Million in Locked Value

Dubai, United Arab Emirates, October 14th, 2024, Chainwire

Bybit, the world’s second-largest crypto exchange by trading volume, is thrilled to announce the continued growth and expansion of its innovative liquid staking token, bbSOL. As Bybit’s inaugural Liquid Staking Token (LST), bbSOL continues to offer users a seamless, secure way to stake SOL and earn competitive rewards.

The rapid adoption of bbSOL has propelled its total locked value beyond 100 million USD in a short span. Beyond staking rewards, bbSOL holders can now further enhance their earning potential through three key opportunities:

Providing Liquidity to bbSOL Trading Pairs: Users can earn trading fees by contributing liquidity on decentralized exchanges such as Orca, Raydium and Kamino.Utilizing bbSOL as Collateral: bbSOL can be used as collateral on partner platforms, including Drift, Kamino, marginfi, Save, enabling users to lend, borrow, and unlock higher returns.Restaking bbSOL for Additional Rewards: Through partner platforms like Solayer, users can restake bbSOL to generate extra rewards while supporting the Solana network's security and governance."We're excited to see bbSOL's continued growth and success. The increasing total locked value demonstrates the trust and confidence our users have in bbSOL as a reliable and rewarding digital asset,” added Emily Bao, Head of Spot and Web3 at Bybit.As bbSOL's reach extends across both centralized and decentralized exchanges, it solidifies its position as a premier liquid staking token. Bybit remains committed to offering innovative products and services that empower users to thrive in the digital asset space.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 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. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL ) Red Bull Racing team.

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This article was originally published on Chainwire

Source: Investing.com