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Crypto exchanges Binance and Bybit have hinted at launching a brand new Solana-related product, sparking hypothesis that they might enter the Solana liquid staking market.
On Aug. 13, Binance’s official X account posted a cryptic “BNSOL” message adopted by “coming quickly” in a subsequent remark.
Shortly after, Bybit introduced the introduction of a brand new product, “bbSol,” on its platform, stating:
“We’re welcoming a brand new 👶 to the household #bbSOL.”
Though neither change supplied particular particulars concerning the product, the crypto neighborhood shortly speculated that these posts point out a transfer into Solana’s liquid staking sector, doubtlessly via a partnership with the Solana-based liquid staking protocol Sanctum.
Neither Binance nor Bybit has responded to starcrypto’s request for remark as of press time.
Liquid staking
Not like conventional staking, liquid staking permits customers to earn extra yield whereas sustaining liquidity via a spinoff token for DeFi actions. In line with DefiLlama knowledge, protocols on this sector collectively handle over $42 billion in crypto, with Ethereum-focused Lido main the market.
Nonetheless, curiosity in Solana liquid staking has lately surged, pushed by the rising DeFi actions on the Solana blockchain.
Information from Dune Analytics exhibits that greater than $4 billion of SOL tokens are at present staked through liquid staking platforms. Nonetheless, this accounts for under about 7% of the whole market cap of staked Solana tokens, which stood at $62 billion on the time of writing.
This hole suggests vital progress potential in Solana’s liquid staking market. If Binance and Bybit launch SOL-based liquid staking merchandise, it might additional speed up the sector’s enlargement and drive retail entry to the market.
Notably, Tom Wan, an analyst at 21Shares, beforehand famous that the sector’s progress might have a broader influence on Solana’s DeFi ecosystem. He acknowledged:
“The increase in LSTs can positively gas the DeFi progress on Solana!”