Bybit brings bbSOL yield to more users via key DeFi integrations

Bybit expands return opportunities for holders of its liquid staking token bbSOL by integrating various decentralized finance ecosystems.

The crypto exchange, the world’s second-largest exchange by trading volume, announced the initiative on November 15, highlighting new DeFi yield opportunities possible through strategic partnerships.

According to the press release, Bybit is collaborating with platforms like RateX, marjinfi, and Save to support bbSOL, which reached an all-time high of $230 less than three months after its launch.

Bybit has partnered with leveraged yield exchange RateX to introduce synthetic yield farming for bbSOL holders. This product allows holders to trade synthetic yield tokens tied to a variety of yield-generating assets while benefiting from fixed yield conversion and liquidity provision.

Bybit is also eyeing bbSOL dominance by collaborating with leading Solana (SOL) lending and borrowing protocols Save and Marginfi.

Together, the DeFi protocols bring a total liquidity value of $900 million to bbSOL. DeFiLlama data shows Save’s TVL is $506 million, while marjfi is currently around $478 million.

Currently, bbSOL is available in eight DeFi projects on Solana and is increasingly being adopted within centralized finance products at Bybit. Users can increase the accessibility of over 300 crypto assets on the exchange by converting them to bbSOL.

Bybit launched bbSOL, the first exchange-backed liquid staking token, on Solana in September.

The ecosystem also includes bnSOL, another exchange-based Solana LST from Binance. Like BbSOL, Binance staked SOL allows holders to earn from staked Solana coins as well as staking rewards from other Binance products.