Bybit Expands DeFi Opportunities with Strategic Integrations for bbSOL
Dubai, United Arab Emirates, November 15th, 2024, Chainwire
Bybit, the world’s second-largest crypto exchange by trading volume, has exciting news for investors and traders alike. The platform is thrilled 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 are aligned with Bybit’s mission to provide innovative CeDeFi solutions that combine the benefits of centralized and decentralized finance to optimize yield generation and asset growth.
Key Highlights of the Announcement
- Bybit’s bbSOL hits an all-time high (ATH) at $230 in its 3rd month.
- Launches its First Synthetic Yield Farming Offering with RateX.
- Adds Nearly $900M TVL in Liquidity to bbSOL with Save and marginfi.
- Offers a highly competitive 22% APY with no commission.
- Now available via 16 CeDeFi partners with a variety of yield earning and farming methods.
Integration with RateX for Synthetic Yield Options
Bybit’s integration with RateX introduces synthetic yield options for bbSOL holders, providing a unique way to grow assets. Through RateX, bbSOL holders can trade synthetic Yield Tokens (YT) of various yield-bearing assets with leverage, allowing them to capitalize on yield movements in a cost-effective manner. RateX’s platform also includes features like Earn Fixed Yield and Yield Liquidity Farming, offering bbSOL holders additional avenues to optimize their yield generation.
Partnerships with Save and marginfi for Liquidity Enhancement
Bybit’s collaboration with Save and marginfi aims to enhance bbSOL’s DeFi utility by adding nearly $900M in Total Value Locked (TVL) in liquidity. Save, with $379M 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.
Competitive APY and Seamless Access
bbSOL continues to offer a highly competitive APY of up to 22% with no commission fees. With flexible instant or delayed redemption options, bbSOL gives users seamless and cost-effective access to both CeFi and DeFi earnings, surpassing other staking products in the market.
Diversified Options and Web3 Community Engagement
By integrating with eight Solana DeFi projects, including RateX, Save, and marginfi, and being available across eight Bybit CeFi products, bbSOL offers users a wide range of options to enhance yield potential. 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’s Commitment to CeDeFi Innovation
Bybit’s Head of Web3 Product Development, Emily, highlighted the company’s dedication to providing innovative solutions that empower users to access, earn, and grow their assets with bbSOL across both centralized and decentralized platforms. This expansion solidifies Bybit’s position as a leader in CeDeFi innovation, offering bbSOL holders diversified and flexible options to enhance yield potential in the evolving digital asset landscape.
#Bybit / #bbSOL / #BybitWeb3
About Bybit Web3
Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. With a community of over 130 million wallet addresses across over 30 major ecosystem partners, Bybit Web3 provides a comprehensive suite of products designed to make accessing, swapping, collecting, and growing Web3 assets as open and simple as possible.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume with 50 million users. Established in 2018, Bybit offers a professional platform for crypto investors and traders, featuring 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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Contact Head of PR, Tony Au, at tony.au@bybit.com for further inquiries.