Bybit Pronounces Progress Milestone for Liquid Staking Token bbSOL, Surpassing $100 Million in Locked Worth

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

Bybit, the world’s second-largest crypto change by buying and selling quantity, is thrilled to announce the continued development and enlargement of its modern liquid staking token, bbSOL. As Bybit’s inaugural Liquid Staking Token (LST), bbSOL continues to supply customers a seamless, safe approach to stake SOL and earn aggressive rewards.

The fast adoption of bbSOL has propelled its whole locked worth past 100 million USD in a brief span. Past staking rewards, bbSOL holders can now additional improve their incomes potential by way of three key alternatives:

• Offering Liquidity to bbSOL Buying and selling Pairs: Customers can earn buying and selling charges by contributing liquidity on decentralized exchanges corresponding to Orca, Raydium and Kamino.
• Using bbSOL as Collateral: bbSOL can be utilized as collateral on companion platforms, together with Drift, Kamino, marginfi, Save, enabling customers to lend, borrow, and unlock greater returns.
• Restaking bbSOL for Further Rewards: Via companion platforms like Solayer, customers can restake bbSOL to generate further rewards whereas supporting the community’s safety and governance.

“We’re excited to see bbSOL’s continued development and success. The rising whole locked worth demonstrates the belief and confidence our customers have in bbSOL as a dependable and rewarding digital asset,” added Emily Bao, Head of Spot and Web3 at Bybit.

As bbSOL’s attain extends throughout each centralized and decentralized exchanges, it solidifies its place as a premier liquid staking token. Bybit stays dedicated to providing modern services that empower customers to thrive within the digital asset area.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency change by buying and selling quantity, serving over 50 million customers. Established in 2018, Bybit offers knowledgeable platform the place crypto buyers and merchants can discover an ultra-fast matching engine, 24/7 customer support, and multilingual group assist. Bybit is a proud companion of Components One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:) Purple Bull Racing crew.

For extra particulars about Bybit, customers can go to Bybit Press.

For media inquiries, customers can contact: media@bybit.com

For extra data, customers can go to: https://www.bybit.com

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ContactHead of PRTony AuBybittony.au@bybit.com

This text was initially revealed on Chainwire