Bybit expands bbSOL yield opportunities through strategic DeFi partnerships
Bybit, the second-largest crypto exchange by volume, is broadening access to yield opportunities for its bbSOL liquid staking token through key DeFi integrations. The exchange has partnered with prominent platforms including RateX, marginfi, and Save, bringing nearly $1 billion in total value locked to the bbSOL ecosystem.
Bybit expands bbSOL yield opportunities through strategic DeFi partnerships
Bybit is enhancing yield potential for its liquid staking token bbSOL holders through integration with multiple decentralized finance protocols.
The crypto exchange powerhouse, ranking second globally in trading volume, revealed the initiative on Nov. 15, showcasing new DeFi yield opportunities enabled through key strategic collaborations.
The announcement detailed Bybit's partnerships with prominent platforms including RateX, marginfi, and Save to strengthen bbSOL, which recently achieved a record high of $230 in under three months post-launch.
Through its alliance with leveraged yield exchange RateX, Bybit has introduced synthetic yield farming capabilities for bbSOL holders. This innovative offering allows users to engage with synthetic yield tokens connected to various yield-generating assets, providing benefits through fixed yield conversion and liquidity provision.
Bybit's strategic push for bbSOL dominance continues with partnerships alongside leading Solana sol-1.41%Solana lending and borrowing protocols Save and marginfi.
These DeFi protocol partnerships collectively contribute $900 million in total value locked to bbSOL's ecosystem. According to DeFiLlama data, Save commands a TVL of $506 million, while marginfi maintains approximately $478 million.
The bbSOL token has established presence across eight Solana DeFi projects and continues to gain traction within Bybit's centralized finance offerings. The exchange facilitates conversion of over 300 crypto assets into bbSOL, significantly improving its accessibility.
Bybit introduced bbSOL as its inaugural exchange-backed liquid staking token on Solana this September.
The Solana ecosystem features another notable exchange-based LST from Binance, bnSOL. Similar to bbSOL, Binance's staked SOL enables users to benefit from both staked Solana returns and additional staking rewards through various Binance products.
Jonathan Reed
Jonathan has over 20 years of experience in business management and entrepreneurship. He started his career in traditional industries, such as retail and manufacturing, and gradually transitioned into tech startups and cryptocurrency investment in the last decade. With a Bachelor's degree in Business Administration, he combines formal education with hands-on experience in managing successful ventures.
Jonathan is deeply familiar with market trends, risk management, and investment strategies. Over the past five years, he has developed a strong portfolio in cryptocurrency, stocks, and real estate.