KEY TAKEAWAYS
- Bybit launches a 50,000 USDT prize pool in bbSOL on its On-Chain Earn platform, available until November 28, 2024.
- Participants can earn a share of the prize pool by staking bbSOL, with rewards distributed in SOL based on holdings.
- bbSOL, the first exchange-backed liquid staking token on Solana, has over 120 million USDT in total value locked.
- Bybit’s On-Chain Earn simplifies staking with features like gas fee management and flexible unstaking options.
Bybit, recognized as the world’s second-largest cryptocurrency exchange by trading volume, has announced the release of a 50,000 USDT prize pool in bbSOL on its On-Chain Earn platform. This opportunity is available for a limited time, running until November 28, 2024. Users interested in maximizing their staking returns can participate by staking bbSOL through Bybit’s On-Chain Earn.
The rewards pool, valued at 50,000 USDT, will be distributed among participants who stake bbSOL during the campaign period. Eligible users are required to stake bbSOL and hold it for the duration of the campaign to earn a share of the prize pool, which will be distributed in SOL based on their bbSOL holdings.
Bybit’s Innovative Staking Solution
Since its introduction, bbSOL has gained attention as the first exchange-backed liquid staking token on the Solana blockchain. This staking solution has demonstrated strong returns and effectively bridges on-chain and off-chain rewards, integrating Bybit’s exchange offerings with Web3 opportunities. As of November 2024, bbSOL has recorded over 120 million USDT in total value locked.
Jerry Li, Head of Financial Products at Bybit, highlighted the benefits of On-Chain Earn, stating, “On-Chain Earn gives Bybit users a fast and hassle-free channel to decentralized earning opportunities.” He expressed the company’s commitment to meeting user demands for popular blockchains like Solana, as they introduce bbSOL to the platform.
Features of Bybit’s On-Chain Earn
Bybit’s On-Chain Earn feature offers a user-friendly solution for staking tokens, including bbSOL. It simplifies access to Web3 and Proof-of-Stake earning models, allowing users to stake popular cryptocurrencies like ETH and SOL for competitive annual percentage rates (APR). The platform manages technical aspects such as gas fees and node management, providing users with the flexibility to unstake at any time.
For more information on SOL staking with Bybit On-Chain Earn, visit the official announcement here.
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