Bybit Launches bbSOL, the World's First Exchange-Backed Liquidity Staking Token on Solana

DUBAI, UAE, Sept. 5, 2024 /PRNewswire/ -- Bybit, the world's second-largest crypto exchange by trading volume, proudly announces the launch of bbSOL, its first exchange-based Liquid Staking Token (LST), in collaboration with Sanctum, Kamino Finance, Orca and Solayer, on the Solana (SOL) blockchain. This innovative initiative is set to transform the Solana ecosystem, offering significant advantages to all its participants.

bbSOL bridges Bybit's centralized exchange (CEX) and Web3 platforms, providing users with consistent and reliable rewards. By staking Solana on Bybit Web3, users receive bbSOL tokens, unlocking many earning opportunities across Bybit's CEX and Web3 products.

"We are excited to introduce bbSOL, a groundbreaking liquid staking token designed to deliver substantial benefits across the Solana ecosystem," said Ben Zhou, Co-founder and CEO of Bybit. "By facilitating seamless asset management and unlocking new earning potential, bbSOL empowers token holders, project developers, decentralized exchange operators, and liquidity providers to contribute to the growth of the Solana network while maximizing their returns."

As part of this initiative, Bybit is planning to collaborate with four key partners to maximize the potential of bbSOL:

"Bybit's launch of bbSOL marks a significant milestone," said Lily Liu, President of the Solana Foundation. "Their collaboration with other key players exemplifies Bybit's commitment to innovation and supports the ongoing development of the Solana ecosystem."

"It's awesome that Bybit is launching bbSOL together with Sanctum. This will allow millions of new users to earn real yields on Solana more easily and tap into the entire DeFi ecosystem. This is a historic partnership between centralized and decentralized entities -  a big step for the entire ecosystem," said FP Lee, Sanctum Co-Founder.

"It's great to see a leading industry figure like Bybit actively participating in Solana DeFi. It's rare for an exchange to go beyond listing ecosystem assets and directly engage with DeFi on chain," said Nathan Davis, Orca CEO.

"The launch of bbSOL is the perfect chance to bring together the power of Bybit's user base with the opportunities provided by Solana DeFi. We're excited to onboard bbSOL to Kamino and support its utility & growth in the ecosystem," said Thomas, Kamino Finance Project Co-Lead.

"Solayer is incredibly excited to launch bbSOL with Bybit, and as the first restaking protocol to integrate a centralized exchange LST on Solana, we aim to foster a deepened relationship to bring the Solana ecosystem forward in the most integrated way," said Jason Li, Solayer Co- Founder.

Key Benefits and Rewards of bbSOL

bbSOL offers a multitude of benefits and rewards to its participants.

Additionally, participants can earn staking rewards by securing the network, liquidity rewards by providing liquidity to bbSOL trading pairs, and even MEV (Miner Extractable Value) rewards by capitalizing on market inefficiencies.

As the world's first crypto exchange to announce the listing of Sanctum's $CLOUD token, which has increased by 15%, Bybit continues bringing new and innovative results to the industry. The launch of bbSOL underscores its continuous commitment to innovation in the cryptocurrency space and its support for the growth of the broader ecosystem.

For more information, please visit: Bybit Web3 - bbSOL

#Bybit / #TheCryptoArk / #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 10 million wallet users, over 20 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 a top 3 global crypto exchange, trusted by 40 million users globally.

Join the revolution now and open the door to your Web3 future with Bybit.

For more details about Bybit, please visit Bybit Web3.

About Bybit

Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides 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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** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Bybit Launches bbSOL, the World's First Exchange-Backed Liquidity Staking Token on Solana

TAIPEI, Sept. 16, 2024 /PRNewswire/ -- The Asia Pacific Enterprise Awards (APEA), one of the region's most prestigious recognitions for business leadership, held its 2024 awards ceremony on September 13 in Taipei. After rigorous evaluation, leaders demonstrating exceptional contributions and management skills across the Asia Pacific were selected. Dr. Y.C. Chang, Managing Director of FETC International, was recognized for his visionary leadership in driving Taiwan's electronic toll collection (ETC) system and smart parking services through digital transformation and green mobility. This marks another global recognition after receiving the Hall of Fame Lifetime Achievement Award at the 2023 ITS World Congress.

Dr. Chang, upon receiving the award, emphasized the significance of green and smart transportation as a global trend for sustainability. He highlighted FETC's commitment to implementing Chairman Douglas Hsu's vision of making Taiwan's transportation systems more user-friendly and eco-conscious, contributing to energy efficiency and carbon reduction. FETC's recent expansion of ETC services into parking solutions is a testament to this commitment, as it integrates driving, parking, and vehicle use, benefiting millions of drivers across Taiwan.

Furthermore, Dr. Chang shared FETC's internal transformation journey, emphasizing the shift in talent development, from operational to entrepreneurial and service-oriented teams. This strategic talent shift has become a cornerstone of FETC's success, creating a culture of innovation within the company.

He stated, "In this era of digital transformation, where businesses strive to stand out, this award is not just a recognition of individual leadership, but a testament to the nearly 20-year journey of the entire FETC team and our collaborative partnerships with the government."

The APEA jury commended Taiwan's Multi-Lane Free-Flow (MLFF) ETC system as a model of intelligent transportation in Asia, praising Dr. Chang's foresight in expanding ETC services beyond highways and spearheading the export of Taiwan's ITS technology to countries like Thailand, Malaysia, and India, creating sustainable green transportation solutions across Southeast Asia.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

FETC International's MD Dr. Y.C. Chang Honored with the "Master Entrepreneur Award" at APEA 2024