Dubai, United Arab Emirates, September 12th, 2024,
Chainwire
A new report by Bybit, the
world’s second-largest cryptocurrency exchange by trading volume,
reveals the Solana blockchain is having a break-through moment
driven by its liquid staking model. This report examines the
current state of liquid staking on Solana—particularly
exchange-launched liquid-staked SOL, key players in the space, and
why and how the liquid staking model is poised to mobilize the
masses to the Solana ecosystem.
The leading proof-of-stake blockchain has been a popular
destination for memecoins, grassroot projects and other DeFi
protocols in 2024. However, limited by its current market cap and
reach, the mainstreaming of Solana is still underway. Bybit’s
report underscores the significance of liquid staking, particularly
led by the rise of exchange-backed liquid staking tokens (LST),
such as Bybit's own bbSOL, in driving the next chapter of growth on
Solana.
Key
takeaways:
- Guiding Retail Investors to Solana: Mainstream
exchange-backed LSTs will break down barriers and become the
de-facto bridge between casual users and the DeFi opportunities in
Solana. Bybit is first-in-market having recently launched bbSOL, the world’s first
exchange to launch a LST on Solana.
- Blending Growth and Potential: Report findings
show that Solana's innovative liquid staking model is a step ahead
of traditional staking with more flexibility and liquidity,
providing users with improved yield and access. Its potential also
speaks volume with a current liquid staking ratio of only 6.5%,
allowing significant room for growth. Additionally, various
projections see the market reaching $6-10 billion soon.
- The Power of Memecoin: The rise of
memecoins on Solana creates a space for retail investors and may
open up DeFi opportunities, potentially driving liquid staking
adoptions further upwards.
- Challenges Ahead: Sustaining growth in the
ecosystem will require better user education and addressing smart
contract risks.
Overall staking on Solana far
outpaces Ethereum with over $57 billion worth of SOL staked,
equivalent to a staking ratio of around 68%.
The report also offers an in-depth view
of the liquid staking landscape on Solana and the dynamics between
the driving forces.
Download the full
report: Solana Liquid Staking:
Driving Solana to the Next Phase of Mass Adoption
#Bybit / #TheCryptoArk
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.
For more details about Bybit, users can please visit Bybit Press.
For media inquiries, users can please contact: media@bybit.com
For more information, users can please visit: https://www.bybit.com
Contact
Head of PR
Tony
Au
Bybit
tony.au@bybit.com