Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is pleased to announce the successful completion of bbSOL’s first month, a significant milestone in the quest to improve token staking on the Solana blockchain. With its innovative marketing approach and smooth integration across centralized and decentralized platforms, bbSOL—the first exchange-backed liquid staking token (LST) on Solana—has quickly garnered traction.
Because of its distinct position at the nexus of decentralized finance (DeFi) and centralized finance (CeFi), bbSOL has been a standout in the Solana ecosystem since its introduction.
Key Milestones of bbSOL’s First Month:
TVL (total value locked) exceeds 85 million: The fact that bbSOL has outperformed other exchange-backed staking tokens in TVL demonstrates both its enormous user appeal and its expanding power inside the Solana ecosystem. This spike in TVL is a result of both Bybit’s dedication to provide outstanding staking possibilities and the token’s widespread acceptance.
Increased Accessibility: On October 10, 2024, at 10 AM UTC, bbSOL will be listed on Bybit Spot, giving users more access to trading possibilities and liquidity benefits across a variety of ecosystems. Token holders may benefit from a simplified experience thanks to bbSOL, which connects Bybit’s centralized exchange with the larger DeFi ecosystem.
Strategic Alliances: bbSOL has collaborated with Jupiter Exchange, the top swap aggregator in Solana, in addition to being available on Bybit Spot. This partnership improves liquidity options and expands bbSOL’s functionality for users who want to trade effectively inside the Solana ecosystem.
Emily Bao, Head of Spot and Web3 at Bybit stated:
“We are incredibly proud of the community’s enthusiastic response to bbSOL. bbSOL’s success in its first month is a testament to the power of combining Bybit’s global reach with the innovation and agility of decentralized platforms. With its listing, we’re further expanding accessibility and unlocking even more opportunities for our users to trade and benefit from bbSOL. We look forward to building on this momentum and bringing even more partners into the fold as we continue to shape the future of token staking.”
