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Bybit is expanding yield opportunities for holders of its liquid staking token, bbSOL, by integrating several decentralized finance ecosystem.
The crypto exchange, the second-largest globally by trading volume, announced the initiative on Nov. 15, highlighting new DeFi yield opportunities made possible through strategic partnerships
According to the press release, Bybit is collaborating with platforms such as RateX, marginfi, and Save to bolster bbSOL, which recently reached an all-time high of $230 less than three months after its launch.
Bybit has partnered with leveraged yield exchange RateX to introduce synthetic yield farming for bbSOL holders. This product enables holders to trade synthetic yield tokens tied to various yield-bearing assets while benefiting from fixed yield conversion and liquidity provision.
Bybit’s is also eyeing bbSOL dominance with collaboration with leading Solana (SOL) lending and borrowing protocols Save and marginfi.
Together, the DeFi protocols bring a total value locked of $900 million in liquidity to bbSOL. DeFiLlama data shows Save has a TVL of $506 million, while marginfi’s currently stands at around $478 million.
Currently, bbSOL is available across eight DeFi projects on Solana and is increasingly adopted within centralized finance products on Bybit. Users can convert over 300 crypto assets on the exchange into bbSOL, enhancing its accessibility.
Bybit launched bbSOL, its first exchange-backed liquid staking token on Solana in September.
The ecosystem also boasts of another exchange-based Solana LST by Binance, bnSOL. Like bbSOL, Binance staked SOL allows holders to earn from their staked Solana coins as well as staking rewards from other Binance products.