Bybit Unlocks 50,000 USDT bbSOL Staking Rewards on On-Chain Earn

/EIN News/ -- DUBAI, United Arab Emirates, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has unlocked a fresh prize pool of 50,000 USDT in bbSOL on Bybit On-Chain Earn for a limited time only. From now to Nov. 28, users looking to get the most out of staking bbSOL have the opportunity to earn rewards with Bybit On-Chain Earn.

Bybit users stand to share a rewards chest worth 50,000 USDT in ten days by simply staking bbSOL on On-Chain Earn. Eligible users only need to take two steps: staking bbSOL, and holding for the duration of the campaign. Successful participants will take home a share of the prize pool in SOL in accordance with the corresponding bbSOL holdings. 

Since its launch, bbSOL has been making waves in Web3 staking as the first exchange-backed liquid staking token on the Solana blockchain. The trailblazing SOL staking solution has shown demonstrably healthy returns, while bridging on-chain and off-chain rewards between Bybit’s exchange and Web3 offerings, recording over 120 million USDT in total value locked as of Nov. 2024.

“On-Chain Earn gives Bybit users a fast and hassle-free channel to decentralized earning opportunities. While we expect users to be dazzled by a wide array of innovative projects in the DeFi universe, we have also prioritized user demands for the most sought-after blockchains such as Solana,” said Jerry Li, Head of Financial Products at Bybit. “As we welcome bbSOL to On-Chain Earn, we hope users will get to experience the full potential of the digital asset space with ease at Bybit,” he added. 

Bybit’s recently released On-Chain Earn feature offers a user-friendly solution for staking tokens including bbSOL. It fast-tracks access to Web3 and gives users easy access to Proof-of-Stake earning models, allowing them to stake popular cryptocurrencies like ETH and SOL for competitive APR. While users contribute liquidity to the ecosystem, On-Chain Earn takes care of all the technicalities and complexities associated with traditional staking—everything from gas fees to node management is managed by the platform. It also affords users the flexibility to unstake any time. 

Find out more about SOL staking on Bybit On-Chain Earn. 

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 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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Head of PR

Tony Au

Bybit

tony.au@bybit.com