Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships
DUBAI, United Arab Emirates, Nov. 15, 2024 — Bybit, the world’s second-largest crypto exchange by trading volume, is excited to announce new strategic integrations for its bbSOL offering, expanding decentralized finance (DeFi) yield opportunities for bbSOL holders through partnerships with RateX, marginfi and Save. Through partnerships with RateX, marginfi, and Save, Bybit aims to enhance access to diversified yield opportunities for bbSOL holders, reflecting its commitment to providing integrated solutions that leverage the strengths of both centralized and decentralized financial platforms.
bbSOL hits ATH at $230 in its 3rd month
Source: https://www.bybit.com/en/coin-price/bybit-staked-sol/
Launches its First Synthetic Yield Farming Offering with RateX
Bybit’s integration with RateX introduces synthetic yield options for bbSOL holders, offering a unique way to grow assets. On RateX, bbSOL holders can trade synthetic Yield Tokens (YT) of various yield-bearing assets with leverage, capitalizing on yield movements in a cost-effective manner. Additional features include fixed yield conversion, yield trading, and liquidity provision, enabling users to customize strategies for predictable returns.
Adds Nearly $900M TVL in Liquidity to bbSOL with Save and marginfi
In line with enhancing bbSOL’s DeFi utility, Bybit is also partnering with Save and marginfi, two prominent lending and borrowing protocols on Solana. Save, with $379M in Total Value Locked (TVL), and marginfi, with $500M TVL, connect bbSOL holders to a growing Web3 community, providing opportunities to lend, borrow, and optimize yields through decentralized mechanisms.
Offers a highly competitive up to 22% APY with no commission
bbSOL continues to offer a highly competitive APY of up to 22%, a combination of base yield and additional DeFi yields. With no commission fees, users benefit from flexible redemption options and streamlined access to both centralized and decentralized platforms.
Broad Integration Across CeDeFi Products
bbSOL integrates with eight Solana DeFi projects, including RateX, Save, and marginfi, and is available across eight Bybit CeFi products. Users can directly purchase bbSOL with stablecoins, use bbSOL as collateral, convert over 300 assets to bbSOL at no extra cost, and trade bbSOL/USDT with up to 10x leverage on spot margin trading.
“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. “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.”
With this expansion, Bybit reinforces its position as a leader in CeDeFi innovation, offering bbSOL holders diversified, flexible options to enhance yield potential across a broad range of financial products.
#Bybit / #bbSOL / #BybitWeb3
About Bybit Web3
Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.
Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 50 million users globally.
For more details about Bybit Web3, please visit Bybit Web3.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume with 50 million users. Established in 2018, it offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
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