Dubai, United Arab Emirates, September 12th, 2024, Chainwire

A new report by Bybit, the world’s second-largest cryptocurrency exchange by trading volume, reveals that the Solana blockchain is experiencing a breakthrough moment driven by its liquid staking model. This report examines the current state of liquid staking on Solana, focusing on exchange-launched liquid-staked SOL, key players in the space, and how the liquid staking model aims to mobilize the masses to the Solana ecosystem.

Solana, a leading proof-of-stake blockchain, has become a popular destination for memecoins, grassroots projects, and other DeFi protocols in 2024. However, its current market cap and reach limit its mainstream adoption. Bybit’s report underscores the significance of liquid staking, particularly with the rise of exchange-backed liquid staking tokens (LST) like Bybit’s own bbSOL, in driving the next phase of growth on Solana.

Key Takeaways:

• Guiding Retail Investors to Solana: Mainstream exchange-backed LSTs are set to break down barriers, serving as a bridge between casual users and DeFi opportunities on Solana. Bybit is at the forefront, having launched bbSOL, the world’s first exchange-backed LST on Solana.
• Blending Growth and Potential: The report shows Solana’s innovative liquid staking model offers more flexibility and liquidity compared to traditional staking, providing users with improved yield and access. Currently, with a liquid staking ratio of only 6.5%, there is significant room for growth, with projections suggesting the market could reach $6-10 billion soon.
• The Power of Memecoins: The rise of memecoins on Solana creates opportunities for retail investors and may further drive liquid staking adoptions.
• Challenges Ahead: To sustain growth, better user education and addressing smart contract risks are essential.

Overall, staking on Solana significantly outpaces Ethereum, with over $57 billion worth of SOL staked, equivalent to a staking ratio of around 68%.

The report provides an in-depth view of the liquid staking landscape on Solana and the dynamics at play.

Download the full report:

• Title: 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 offers a professional platform where crypto investors and traders can access 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 (NYSE:ORCL) Red Bull Racing team.

For more details about Bybit, visit Bybit Press. For media inquiries, contact media@bybit.com. For more information, visit Bybit. Follow updates on Bybit’s Communities and Social Media:
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Contact

Head of PR
Tony Au
Bybit
tony.au@bybit.com

This article was originally published on Chainwire.