Solana’s Liquid Staking Tokens Gain Momentum As Major Exchanges Announce New Offerings

Solana’s staking ecosystem is gaining significant attention, with several major exchanges announcing the launch of Liquid Staking Tokens (LSTs) on the Solana blockchain.

Bybit recently revealed the upcoming release of bbSOL, a liquid staking token that users can obtain by staking SOL on Bybit Web3. Following Bybit’s lead, both Bitget and Binance have hinted at launching their own LSTs, BGSOL and BNSOL, respectively.

Bitget’s tease of the BGSOL launch marks the third exchange in a single day to announce a liquid staking token on Solana.

Meanwhile, Binance has dropped hints about its upcoming BNSOL, further solidifying the growing interest in Solana’s staking capabilities across the exchange community.

Solana Ecosystem Experiences Massive Growth In Other Areas

Beyond the excitement surrounding LSTs, Solana’s ecosystem is also experiencing notable growth in other areas. The Solana-based prediction market, BET on DRIFT, developed by Drift Protocol, has recently surpassed Polymarket in 24-hour trading volume for the first time. BET on DRIFT recorded an impressive $20 million in volume, outperforming Polymarket, which managed $12.4 million in the same period.

This surge in activity is mirrored by Solana’s increasing user engagement. The number of Monthly Active Addresses on the Solana network recently reached a new all-time high, surpassing 35 million. This milestone reflects the platform’s expanding user base and growing influence in the blockchain space.

As Solana continues to attract attention with its innovative staking solutions and active user community, the introduction of new LSTs by major exchanges like Bybit, Bitget, and Binance is set to enhance the network’s appeal further. These developments indicate that Solana is not only maintaining its momentum but also laying the groundwork for sustained growth and adoption in the rapidly evolving crypto landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: alexandarilich/123RF // Image Effects by Colorcinch

Source: https://nulltx.com/solanas-liquid-staking-tokens-gain-momentum-as-major-exchanges-announce-new-offerings/