What is BybitSOL (BBSOL)?

Quick Facts

  • Token name: BybitSOL (BBSOL)
  • Blockchain: Solana (SPL token)
  • Type: Liquid Staking Token (LST)
  • Issued by: Bybit, a leading global crypto exchange
  • Launch year: 2024
  • Key partners: Sanctum, Kamino Finance, Orca, Solayer
  • Institutional custody: Supported by Anchorage Digital

Introduction

BybitSOL (BBSOL) is the official liquid staking token (LST) for Solana issued by Bybit. It allows users to stake their SOL and receive BBSOL in return, maintaining full liquidity while earning staking rewards automatically.

BBSOL is recognized as the world's first exchange-backed LST on Solana, bridging the gap between centralized finance (CeFi) and decentralized finance (DeFi).

History & Background

Bybit launched BBSOL in September 2024 in collaboration with prominent Solana DeFi protocols — Sanctum, Kamino Finance, Orca, and Solayer. The launch positioned Bybit as one of the first major centralized exchanges to offer a native LST on the Solana network.

In late 2025, BBSOL gained institutional custody support from Anchorage Digital, the first federally chartered crypto bank in the United States, further cementing its institutional-grade credentials.

How BybitSOL Works

The mechanics of BBSOL are straightforward. Users deposit SOL into Bybit's staking pool — either via Bybit's centralized exchange or the Bybit Web3 platform. The deposited SOL is then delegated to Solana validators, and users receive BBSOL tokens proportional to their stake.

Staking rewards are automatically reflected in the value of BBSOL over time, meaning holders do not need to manually claim rewards. When users wish to exit, they can redeem BBSOL for the underlying SOL plus accumulated rewards.

Tokenomics

BBSOL is not pre-mined or distributed through an ICO. Tokens are minted on demand when users stake SOL and burned when they unstake. The token's value is directly tied to the underlying staked SOL pool, appreciating relative to SOL as staking rewards accumulate. This design makes BBSOL a yield-bearing asset rather than a static token.

Circulating supply ? 1.05 million BBSOL
Total supply ? 1.05 million BBSOL
Max supply ? -- BBSOL
Updated 9h ago

Ecosystem & Use Cases

BBSOL is usable across a wide range of CeFi and DeFi products. Within Bybit's ecosystem, it can be used for spot trading, margin trading, lending, and borrowing. On-chain, it integrates with Solana DeFi protocols for liquidity provision, restaking on Solayer, and automated yield strategies via Kamino Finance.

Bybit states that BBSOL is supported across 8 Bybit exchange products and 8 Solana DeFi projects, offering broad utility for yield optimization.

Team, Governance & Community

BBSOL is developed and maintained by Bybit, one of the world's largest cryptocurrency exchanges by trading volume. The product is led by Bybit's Web3 division and supported by key figures such as Emily Bao, Head of Spot at Bybit. Governance decisions are centralized within Bybit, given its nature as an exchange-backed product.

Advantages

  • Liquidity preservation: Stake SOL without locking assets; BBSOL remains tradeable.
  • Passive yield: Staking rewards accumulate automatically in the token's value.
  • CeFi + DeFi access: Usable across Bybit's CEX suite and Solana DeFi protocols.
  • Low technical barrier: No need to manage validators or delegate manually.
  • Institutional support: Custody available via Anchorage Digital for regulated entities.

Risks & Challenges

  • Centralization risk: BBSOL relies on Bybit's infrastructure, introducing counterparty dependency.
  • Smart contract risk: Bugs or exploits in the staking protocol could affect user funds.
  • Slashing risk: Validator misbehavior on Solana could reduce the underlying staked SOL.
  • Regulatory risk: As an exchange-backed product, BBSOL is subject to evolving regulatory scrutiny.

Long-Term Vision

Bybit aims to position BBSOL as a cornerstone of the Solana liquid staking landscape, appealing to both retail and institutional participants. By combining exchange-grade reliability with deep DeFi integrations, BBSOL is designed to be a versatile, yield-generating asset. The addition of institutional custody signals Bybit's intention to grow BBSOL beyond retail users and into regulated financial environments.

Frequently Asked Questions

BBSOL (BybitSOL) is a liquid staking token issued by Bybit on the Solana blockchain. It represents SOL that has been staked through Bybit's platform, allowing users to earn staking rewards while retaining liquidity.

You can acquire BBSOL by staking SOL through Bybit's centralized exchange or the Bybit Web3 platform. Upon staking, BBSOL tokens are minted and sent to your wallet at the current exchange rate.

Staking rewards are automatically reflected in the value of BBSOL over time. As the underlying SOL pool earns rewards, each BBSOL token becomes redeemable for a progressively larger amount of SOL.

Yes. BBSOL integrates with multiple Solana DeFi protocols including Sanctum, Kamino Finance, Orca, and Solayer. Users can provide liquidity, restake, or use BBSOL as collateral within these ecosystems.

BBSOL is recognized as the world's first exchange-backed liquid staking token on Solana, issued directly by Bybit. This gives it access to both CeFi and DeFi environments, setting it apart from purely on-chain LSTs.

Yes. Anchorage Digital, the first federally chartered crypto bank in the US, provides institutional custody for BBSOL. This makes it accessible to funds, asset managers, and enterprises seeking regulated exposure to Solana staking.

Key risks include counterparty dependency on Bybit, smart contract vulnerabilities, validator slashing on the Solana network, and potential regulatory changes affecting exchange-backed products.

Yes. Users can redeem their BBSOL for the underlying SOL plus any accumulated staking rewards at any time, subject to standard network unstaking periods on Solana.