Bybit Announces Expansion of CeDeFi Partnership for bbSOL with RateX, Save and Marginfi

by
Alyssa Davidson

Posted: November 15, 2024 10:00 AM Updated: November 15, 2024 7:33 AM

by well

Correction and fact check date: November 15, 2024, 10:00 AM

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Cryptocurrency exchange Bybit has introduced new strategic integrations for its bbSOL product, aiming to expand decentralized finance (DeFi) yield opportunities for bbSOL holders. This expansion comes through a partnership with RateX, marginfi, and Save, who work together to increase the usability of bbSOL. This collaboration reflects Bybit’s commitment to provide innovative CeDeFi solutions and combine the advantages of centralized and decentralized finance to maximize revenue generation and drive asset growth.

“Bybit is excited to provide a CeDeFi solution that enables users to access, acquire, and grow assets through bbSOL on both centralized and decentralized platforms,” Emily, Bybit’s head of Web3 product development, said in a written statement. “I am proud.” “Our partnership with RateX provides bbSOL with innovative synthetic yield options, and our integrations with protocols like Save and marginfi expand flexible, high-value opportunities within the Web3 community. “Bybit remains committed to helping users maximize their returns through a variety of options that meet the evolving needs of today’s digital asset landscape,” he added.

Bybit has expanded bbSOL’s DeFi capabilities through strategic partnerships and integrations, providing users with innovative ways to grow their assets. The integration with RateX introduces a synthetic yield option, allowing bbSOL holders to trade synthetic yield tokens (YT) on a variety of yield holdings with leverage. This allows users to take advantage of fluctuations in returns more efficiently. RateX also offers features such as fixed yield earning and yield liquidity farming. Here, users can deposit bbSOL to convert floating yields to fixed yields, lock in future yields, trade yields or provide liquidity for yield trading.

To increase the utility of bbSOL within the DeFi ecosystem, Bybit has partnered with Solana’s two leading lending and lending platforms, Save and marginfi. Total savings of $379 million in Total Value Locked (TVL) and marginfi of $500 million in TVL, connecting bbSOL holders to broader Web3 opportunities and facilitating lending, borrowing and yield optimization through a decentralized platform .

bbSOL maintains a competitive APY of up to 22% by combining base and additional DeFi returns. It also outperforms traditional staking products by offering benefits such as no fees, flexible repayment options, and seamless access to CeFi and DeFi income streams.

Currently integrated with eight Solana DeFi projects including RateX, Save, and marginfi, bbSOL is also supported by eight Bybit CeFi products. Users can directly buy bbSOL with stablecoins, use it as collateral, convert 300+ assets to bbSOL for free, and trade bbSOL/USDT with up to 10x leverage in spot margin trading.

What is bbSOL?

Founded in 2018, Bybit is one of the world’s largest cryptocurrency exchanges by trading volume, with a user base of over 50 million. The platform is designed for both cryptocurrency investors and traders and offers a suite of features including a high-speed matching engine, 24-hour customer support, and multilingual support to cater to a diverse global community.

Last September, Bybit launched bbSOL, the first exchange-based Liquid Stake Token (LST) on the Solana blockchain. This token was introduced through partnerships with Sanctum, Kamino Finance, Orca, and Solayer. bbSOL connects Bybit’s centralized exchange (CEX) and the Web3 platform to provide users with a variety of rewards. By staking Solana through Bybit Web3, users will receive bbSOL, which provides access to opportunities across CEX and Web3 products.