bbSOL hits $230 ATH, Offers 22% Yield, Deepens CeDeFi Offerings with RateX, Save and marginfi

Dubai, United Arab Emirates, November 15th, 2024, Chainwire

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. These partnerships align with Bybit’s mission to provide innovative CeDeFi solutions, combining the benefits of centralized and decentralized finance to optimize yield generation and asset growth.

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. Additionally, RateX’s platform includes features like Earn Fixed Yield and Yield Liquidity Farming. By depositing bbSOL into RateX, users can convert floating yield into fixed yield, secure future returns, trade yield, or provide liquidity for yield trading.

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 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 and flexible instant or delayed redemption options, bbSOL gives users seamless, cost-effective access to both CeFi and DeFi earnings, surpassing other staking products.

Now available via 16 CeDeFi partners with a variety of yield earning and farming methods

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. Their 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.

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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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Tony Au
Bybit
tony.au@bybit.com