Cryptocurrency exchanges Binance and Bybit have hinted on the launch of recent Solana-related merchandise, spurring hypothesis that the 2 corporations might enter the Solana liquidity staking market.
On Aug. 13, the official Binance X account posted the cryptic “BNSOL” message, adopted by a remark saying it was “Coming quickly.”
Shortly thereafter, Bybit introduced the launch of a brand new product on its platform, “bbSol,” stating:
“We're welcoming a brand new 👶 to our household #bbSOL.”
Whereas neither alternate shared particular particulars about their merchandise, the crypto group was fast to take a position that these posts signaled Solana’s entry into the liquidity staking sector, presumably by means of a partnership with Sanctum, a Solana-based liquidity staking protocol.
Neither Binance nor Bybit have responded nft-cryptocurrency Feedback had been being solicited on the time of publication.
Liquid Staking
Not like conventional staking, liquid staking means that you can earn extra yields whereas sustaining liquidity by means of spinoff tokens for DeFi exercise. In response to information from DefiLlama, protocols within the area collectively handle over $42 billion in cryptocurrency, with Ethereum-focused Lido main the market.
Nevertheless, curiosity in Solana liquidity staking has surged lately on account of elevated DeFi exercise on the Solana blockchain.
In response to information from Dune Analytics, there’s at present over $4 billion in SOL tokens staked by means of liquidity staking platforms. Nevertheless, this solely represents round 7% of the entire market capitalization of staked Solana tokens, which stands at $62 billion on the time of writing.
This hole alerts large progress potential within the Solana liquidity staking market. If Binance and Bybit had been to launch SOL-based liquidity staking merchandise, this might additional speed up the enlargement of the area and facilitate retail entry to the market.
Notably, 21Shares analyst Tom Wang beforehand famous that progress on this area may have broader implications for Solana's DeFi ecosystem.
“The LST increase will certainly assist gasoline DeFi progress on Solana!”
