Bybit is increasing yield choices for holders of its liquid staking token, bbSOL, by integrating a number of decentralized monetary ecosystems.
The crypto trade, the second largest on the planet by buying and selling quantity, introduced the initiative on November 15, highlighting new DeFi income alternatives enabled by strategic partnerships.
In keeping with the press launch, Bybit is partnering with platforms resembling RateX, marginfi and Save to strengthen bbSOL, which lately reached an all-time excessive of $230 lower than three months after launch.
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Bybit has partnered with leveraged yield trade RateX to introduce artificial yield farming for bbSOL holders. This product permits holders to commerce artificial yield tokens linked to numerous yield-bearing belongings, whereas benefiting from mounted yield conversion and liquidity provision.
Bybit’s additionally retains a watch on bbSOL’s dominance by partnering with main Solana (SOL) lending and lending protocols Save and marginfi.
Collectively, the DeFi protocols deliver a complete of $900 million in liquidity to bbSOL. DeFiLlama information exhibits that Save has a TVL of $506 million, whereas marginfis presently stands at round $478 million.
Presently, bbSOL is out there in eight DeFi initiatives on Solana and is more and more being adopted inside centralized monetary merchandise on Bybit. Customers can convert greater than 300 crypto belongings on the trade into bbSOL, bettering its accessibility.
Bybit launched bbSOL, its first exchange-backed liquid staking token on Solana in September.
The ecosystem additionally options one other exchange-based Solana LST from Binance, bnSOL. Like bbSOL, Binance Staked holders can earn SOL from their staked Solana cash and stake rewards from different Binance merchandise.
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