Bybit unveils SOL-based liquid stake token bbSOL, partner with Solana dApps

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Bybit launched bbSOL, a Liquid Staking Token (LST) on the Solana blockchain. According to the announcement, this initiative, developed in collaboration with Sanctum, Kamino Finance, Orca and Solayer, aims to create a bridge between the Bybit (CEX) and Web3 platforms.

Users can stake Solana on Bybit Web3 to receive bbSOL tokens, unlocking earning opportunities through CEX and Web3 Bybit products. LST is already available on Sanctum and Solayer, allowing decentralized finance (DeFi) users to stake their SOL tokens with Bybit, purchase bbSOL, and repurchase their LST on Solayer.

Furthermore, the bbSOL initiative involves collaborations with Orca for swaps and liquidity provision and Kamino Finance for automated liquidity provision.

“We are excited to introduce bbSOL, a revolutionary liquid token designed to deliver substantial benefits in the Solana ecosystem,” said Ben Zhou, co-founder and CEO of Bybit.

Zhou added that bbSOL empowers token holders, project developers, decentralized exchange operators and liquidity providers to contribute to the growth of the Solana network while maximizing their returns.

Lily Liu, president of the Solana Foundation, praised Bybit’s integration of SOL liquid staking, calling it a significant milestone.

FP Lee, co-founder of Sanctum, added that the partnership with Bybit to launch bbSOL is “amazing”, stating that the partnership between centralized and decentralized entities is historic.

Addressing a $4 billion market

The liquid staking landscape on Solana has nearly $4 billion in total locked-in value (TVL), according to DefiLlama data. Sanctum is the third largest liquid staking application in the Solana ecosystem by TVL, approaching $500 million.

Notably, Solana’s liquid staking landscape grew by 96% in 2024, attracting the attention of crypto entities. Together with Bybit, Binance announced a SOL-based LST called BNSOL on September 4th.

Despite not revealing details about the decentralized applications backing its token, the interest of the largest exchange by trading volume in this DeFi sector is a sign of its potential.

Moreover, Bitget also hinted about launching its own LST for Solana’s decentralized ecosystem called BGSOL.

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