Bybit launches exchange-backed staking token on Solana

Bybit has launched bbSOL, the world’s first exchange-backed liquidity staking token on the Solana blockchain.

BbSOL allows users to stake their Solana (SOL) on Bybit’s Web3 platform in exchange for bbSOL tokens. These tokens provide access to earning opportunities across Bybit’s offerings, according to a Bybit press release. 

Crypto staking involves holding assets over a period of time on a blockchain to earn rewards, and bbSOL represents a new form of liquid staking.

The initiative comes in partnership with Sanctum, Kamino Finance, Orca, and Solayer.

Initiative partners 

Bybit partnered with several key players for this initiative: Sanctum ensures deep liquidity for SOL swaps, Orca facilitates bbSOL swaps and liquidity provision, Kamino Finance automates liquidity management, and Solayer supports bbSOL’s use as a liquid staking token eligible for restocking.

This collaboration strengthens Solana’s security and liquidity, benefiting the broader ecosystem.

Asset management via bbSOL

According to Bybit CEO Ben Zhou, bbSOL is designed to streamline asset management and maximize returns for token holders, developers, decentralized exchange operators, and liquidity providers.

BbSOL token holders can receive passive income, take part in network governance, and access a wider range of financial opportunities. Project developers have the chance to build and maintain a loyal user base, increase liquidity for their tokens, and benefit from greater market visibility. 

Decentralized exchange operators can use bbSOL to increase trading volume, enhance liquidity, and attract more users to their platform. Liquidity providers can earn competitive yields, contribute to the stability of the ecosystem, and support the growth of the Solana network.