Bybit’s bbSOL Reaches $5 Million in Total Value Locked Within First 24 Hours, Gains APY Boost from Chainwire

Dubai, United Arab Emirates, September 19th, 2024 – Chainwire

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is making a significant impact with its own SOL-based Liquid Staking Token (LST) in the competitive landscape of yield innovation.

From September 19, Bybit Web3 announced a limited-time annual percentage yield (APY) boost of up to 20%. This cutting-edge liquid staking model, available exclusively on Bybit, allows users to easily tap into Solana’s rapidly growing ecosystem while earning staking rewards.

Since launching on September 5, the bbSOL has showcased the vast potential of this next-generation staking solution, connecting mainstream users on exchange platforms with the Solana ecosystem. It surpassed $5 million in Total Value Locked (TVL) within just 24 hours of its launch, and since then, the TVL has reached impressive figures in the eight digits.

Emily Bao, Web3 Evangelist at Bybit, expressed her enthusiasm, stating, “We are encouraged by the love for bbSOL. It truly speaks to the global crypto community’s excitement about the future of Solana. In the coming months, Bybit and our partners will be activating a series of campaigns, yield opportunities, and liquidity protocols to show our appreciation for the bbSOL community.”

Good for the Portfolio, Good for Solana

As a leader in CeDeFi connectivity, Bybit Web3 is leveraging its first-mover advantage to bridge centralized and decentralized finance for users worldwide. With bbSOL, Bybit is pushing the limits of financial freedom and inclusivity within the Web3 community.

Key Benefits of bbSOL:

• Effortless and seamless CeDeFi access from the security of Bybit’s exchange into Solana’s expanding DeFi ecosystem.
• Flexible, fuss-free access to liquidity with no lock-in: Users can maintain exposure to SOL while diversifying their portfolios.
• Strengthening the CeDeFi community with Solana: bbSOL offers users valuable opportunities to support security and decentralization on the Solana network while earning competitive rewards.

About Bybit Web3

Bybit Web3 is committed to redefining transparency in the decentralized world, fostering a simplified, open, and equitable ecosystem for all. The platform invites builders, creators, and partners in the blockchain space, welcoming both crypto enthusiasts and newcomers, with over 10 million wallet users and more than 20 major ecosystem partners.

Bybit Web3 offers a comprehensive suite of Web3 products designed to facilitate the access, exchange, collection, and growth of Web3 assets. All platforms, including wallets and marketplaces, are supported by the security and expertise that have established Bybit as one of the top global cryptocurrency exchanges, trusted by 40 million users.

About Bybit

Founded in 2018, Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. The platform provides an ultra-fast matching engine, 24/7 customer service, and multilingual community support, catering to the needs of crypto investors and traders. Bybit proudly partners with the reigning Constructors’ and Drivers’ champions of Formula One’s Oracle Red Bull Racing team.

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This article was originally published on Chainwire.