Bybit Reports Milestones as bbSOL Concludes First Month on Solana Blockchain

Dubai, United Arab Emirates, October 9th, 2024, Chainwire

Bybit, the world’s second-largest crypto exchange by trading volume, is proud to announce the successful completion of bbSOL’s first month, marking a milestone in its mission to advance token staking on the Solana blockchain. As the first exchange-backed liquid staking token (LST) on Solana, bbSOL has gained momentum, attracting attention for its marketing strategies and integration across both centralized and decentralized platforms.

Since its launch, bbSOL has positioned itself as a noticeable figure in the Solana ecosystem due to its position at the intersection of centralized finance (CeFi) and decentralized finance (DeFi). 

Key Milestones of bbSOL’s First Month:

Total Value Locked (TVL) Surpasses 85 million: bbSOL has outpaced other exchange-backed staking tokens in TVL, underscoring its appeal to users and highlighting its growing influence within the Solana ecosystem. This surge in TVL reflects the token’s robust adoption and Bybit’s commitment to delivering staking opportunities for its users.

Expanded Accessibility: bbSOL will be listed on Bybit Spot on 10 Oct 2024, 10AM UTC broadening user access to both trading opportunities and liquidity rewards across multiple ecosystems. By bridging the gap between Bybit’s centralized exchange and the broader DeFi landscape, bbSOL offers a streamlined experience for token holders.

Strategic Partnerships: In addition to its availability on Bybit Spot, bbSOL has partnered with Jupiter Exchange, Solana’s leading swap aggregator, enhancing liquidity options and making bbSOL more versatile for users looking to trade efficiently within the Solana ecosystem.

“We are incredibly proud of the community’s enthusiastic response to bbSOL,” said Emily Bao, Head of Spot and Web3 at Bybit. “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.”

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

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Contact

Head of PR
Tony Au
Bybit
tony.au@bybit.com