Bybit is increasing yield alternatives for holders of its liquid staking token, bbSOL, by integrating a number of decentralized finance ecosystem.
The crypto trade, the second-largest globally by buying and selling quantity, introduced the initiative on Nov. 15, highlighting new DeFi yield alternatives made potential by means of strategic partnerships
Based on the press launch, Bybit is collaborating with platforms comparable to RateX, marginfi, and Save to bolster bbSOL, which lately reached an all-time excessive of $230 lower than three months after its launch.
Bybit has partnered with leveraged yield trade RateX to introduce artificial yield farming for bbSOL holders. This product allows holders to commerce artificial yield tokens tied to numerous yield-bearing property whereas benefiting from fastened yield conversion and liquidity provision.
Bybit’s can also be eyeing bbSOL dominance with collaboration with main Solana (SOL) lending and borrowing protocols Save and marginfi.
Collectively, the DeFi protocols carry a complete worth locked of $900 million in liquidity to bbSOL. DeFiLlama information exhibits Save has a TVL of $506 million, whereas marginfi’s at present stands at round $478 million.
At present, bbSOL is out there throughout eight DeFi tasks on Solana and is more and more adopted inside centralized finance merchandise on Bybit. Customers can convert over 300 crypto property on the trade into bbSOL, enhancing its accessibility.
Bybit launched bbSOL, its first exchange-backed liquid staking token on Solana in September.
The ecosystem additionally boasts of one other exchange-based Solana LST by Binance, bnSOL. Like bbSOL, Binance staked SOL permits holders to earn from their staked Solana cash in addition to staking rewards from different Binance merchandise.