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Home»ALTCOIN NEWS»Bybit Claims Solana’s Liquid Staking Is Key to Price Rise
ALTCOIN NEWS

Bybit Claims Solana’s Liquid Staking Is Key to Price Rise

By Crypto FlexsSeptember 20, 20243 Mins Read
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Bybit Claims Solana’s Liquid Staking Is Key to Price Rise
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  • Solana’s liquid staking could increase significantly.
  • Bybit Launches bbSOL for Liquid Staking
  • Liquid staking could drive Solana’s price.

Solana has been growing rapidly this year in terms of network volume and price, but its liquid staking utilization remains relatively immature compared to Ethereum.

Bybit claims that this has huge potential for the network and the price of SOL. The report comes just weeks after the major exchange teased a Solana liquidity staking program.

Liquid Staking is a Billion Dollar Opportunity for Solana

Solana may be preparing an event that could significantly increase its appeal to investors. On Thursday, September 12, Bybit released a report detailing Solana’s liquid staking opportunities. The report comes a few weeks after Binance, Bitget, and Bybit teased their own staking products for Solana.

Solana and Ethereum staking ratio comparison chart.
Source: Bybit

Liquid staking allows users to maintain liquidity while earning staking rewards on a proof-of-stake (PoS) network. However, as of 2024, Solana’s Liquid staking is relatively underutilized. For example, 68% of Solana’s total supply, or $57 billion, is staked. However, only 6.5% of that is in Liquid staking. This compares to 32.2% of Ethereum’s total staking tokens.

This is a significant opportunity as liquidity staking makes holding tokens more attractive to investors. If liquidity staking becomes more popular, it will have a positive impact on the price of SOL. In particular, Bybit expects the liquidity staking market to grow to $6-10 billion soon.

Bybit, Binance and Bitget Teaser Staking Products

The DeFi market on Solana has seen significant growth in 2024, especially due to the rise of Mimecoin. The total value locked (TVL) on the Solana DeFi protocol has more than tripled to $4.8 billion. This activity has attracted major players to the market, including exchanges Bybit, Binance, and Bitget.

The exchange announced its own liquidity staking product two weeks ago in a series of crypto tweets. Specifically, Bybit shared details about its own liquidity staking token, BBSOL, which allows traders to earn staking rewards while engaging in DeFi operations, including providing liquidity, trading, or borrowing.

This means that traders will have access to more profit opportunities when they hold SOL. Making SOL more attractive for passive income is expected to increase demand, which will have a positive impact on the price.

On the other side

  • Despite the benefits, liquid staking is not without its risks. Users are exposed to counterparty risk on exchanges. Furthermore, liquid staking contracts rely on protocols that can be exploited by hackers.
  • Solana’s network volume is several times larger than Ethereum’s, but its TVL of $4.6 still falls short of Ethereum’s $44 billion.

Why this matters

As liquidity staking becomes more popular on Solana, investors will have more incentive to hold SOL, which, all else being equal, should have a positive impact on the price.

Learn more about Liquid Staking on Solana:
Binance, Bitget, Bybit Tease Solana Liquid Staking – Here’s What We Know

Learn more about decentralized cloud.
The decentralized cloud is Web3’s answer to big tech monopolies.

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