How Bybit’s liquid staking token boosts Solana ecosystem
Bybit launches bbSOL, a liquid staking token on Solana, enabling users to earn staking rewards while maintaining liquidity and maximizing returns.
Bybit, the cryptocurrency exchange, has announced the launch of its exchange-backed liquid staking token, bbSOL, on the Solana blockchain. This initiative aims to provide tokenholders with broader financial opportunities.
To facilitate this, Bybit has partnered with four key collaborators: Sanctum, Kamino Finance, Orca, and Solayer.
According to Bybit, bbSOL allows users to earn staking rewards on Solana while retaining liquidity. Staking involves locking up cryptocurrency for a specified period to help maintain a blockchain’s operations. This process allows long-term crypto investors to earn passive income by supporting the network.
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Author: Pradipta Mukherjee
