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. According to a press release from Bybit, these tokens provide access to earning opportunities across Bybit’s offerings.

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

The initiative is a partnership between Sanctum, Kamino Finance, Orca and Solarier.

Venture partners

Bybit has partnered with several key players for this initiative: Sanctum provides deep liquidity for SOL swaps, Orca facilitates bbSOL swaps and liquidity provisioning, Kamino Finance automates liquidity management, and Solarier supports the use of bbSOL as a liquid staking token suitable 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 simplify asset management and maximize returns for token holders, developers, decentralized exchange operators, and liquidity providers.

BbSOL token holders can earn passive income, participate in network governance, and access a wider range of financial opportunities. Project developers have the opportunity 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, improve liquidity, and attract more users to their platforms. Liquidity providers can earn competitive returns, contribute to the stability of the ecosystem, and support the growth of the Solana network.