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Alisa Davidson
Published: November 15, 2024 at 10:00 am Updated: November 15, 2024 at 7:33 am
Edited and fact-checked:
November 15, 2024 at 10:00 am
In Brief
Bybit introduces strategic integrations with RateX, Marginfi, and Save for bbSOL, aiming to expand DeFi yield opportunities for bbSOL holders.
Cryptocurrency exchange Bybit introduced new strategic integrations for its bbSOL offering, aiming to broaden decentralized finance (DeFi) yield opportunities for bbSOL holders. This expansion comes through partnerships with RateX, marginfi, and Save, which work together to enhance the utility of bbSOL. These collaborations reflect Bybit’s commitment to delivering innovative CeDeFi solutions, merging the strengths of centralized and decentralized finance to maximize yield generation and promote asset growth.
“Bybit is proud to provide CeDeFi solutions that empower our users to access, earn, and grow their assets with bbSOL across both centralized and decentralized platforms,” said Emily, Head of Web3 Product Development at Bybit, in a written statement. “Our partnership with RateX brings an innovative synthetic yield option to bbSOL, and integrations with protocols like Save and marginfi extend flexible, high-value opportunities within the Web3 community. Bybit remains committed to supporting users in maximizing yield with versatile options that meet the evolving needs of today’s digital asset landscape,” she added.
Bybit has expanded bbSOL’s DeFi capabilities through strategic partnerships and integrations, offering users innovative ways to grow their assets. The integration with RateX introduces synthetic yield options, enabling bbSOL holders to trade synthetic Yield Tokens (YT) of various yield-bearing assets with leverage. This allows users to capitalize on yield movements more efficiently. Additionally, RateX offers features like Earn Fixed Yield and Yield Liquidity Farming, where users can deposit bbSOL to convert floating yields into fixed yields, secure future returns, trade yield, or provide liquidity for yield trading.
In order to enhance bbSOL’s utility within the DeFi ecosystem, Bybit has partnered with Save and marginfi, two leading lending and borrowing platforms on Solana. Save, with $379M in Total Value Locked (TVL), and marginfi, with $500M TVL, connect bbSOL holders to broader Web3 opportunities, facilitating lending, borrowing, and yield optimization through decentralized platforms.
bbSOL maintains a competitive APY of up to 22%, combining base yield with additional DeFi earnings. It also offers benefits such as zero commission fees, flexible redemption options, and seamless access to both CeFi and DeFi income streams, outperforming traditional staking products.
Currently integrated with eight Solana DeFi projects, including RateX, Save, and marginfi, bbSOL is also supported across eight Bybit CeFi products. Users can purchase bbSOL directly with stablecoins, use it as collateral, convert over 300 assets to bbSOL at no cost, and trade bbSOL/USDT with up to 10x leverage on spot margin trading.
What Is bbSOL?
Established in 2018, Bybit is among the largest cryptocurrency exchanges globally by trading volume, catering to a user base exceeding 50 million. The platform is designed for both cryptocurrency investors and traders, offering a suite of features, including a high-speed matching engine, round-the-clock customer support, and multilingual assistance to accommodate its diverse global community.
In September, Bybit launched bbSOL, its first exchange-based Liquid Staking Token (LST) on the Solana blockchain. This token was introduced in partnership with Sanctum, Kamino Finance, Orca, and Solayer. bbSOL bridges Bybit’s centralized exchange (CEX) with Web3 platforms, offering users various rewards. By staking Solana via Bybit Web3, users will be able to receive bbSOL, which provides access to opportunities across both the CEX and Web3 products.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa Davidson
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
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