Introducing bbSOL!

What is bbSOL?

bbSOL is a liquid staking token (LST) that represents SOL staked to Bybit’s validator.

Why bbSOL?

bbSOL is the world's first exchange-backed LST and bridges Bybit CEX, Web3, and Solana, offering stable, steady and real rewards. bbSOL unlocks earning opportunities across Bybit’s CEX and Web3 products, integrating on-chain and off-chain use cases for enhanced user benefits. It's an important milestone that moves to bridge both centralised and decentralised entities, enabling millions of new users to earn real yields on Solana in an easy manner.

In the future, Bybit can also expand to delegate SOL in bbSOL to multiple validators, further supporting the Solana network in decentralisation and to secure the network.

How does bbSOL work?

SOL that is deposited into bbSOL is staked. The staking rewards from that SOL accrue to the bbSOL token, which starts at 1:1 with SOL and grows in value over time. For example, if staking rewards are 10% p.a., then after a year, 1 bbSOL == 1.10 SOL. By simply holding bbSOL, you will earn staking rewards.

Where does the yield come from?

bbSOL earns staking yields from Bybit's Validator, and has no fees for now.

Is bbSOL safe?

bbSOL is powered by the SPL stake pool program. The SPL stake pool program is one of the safest programs in the world; it has been audited multiple times, is used by the largest stake pools like JitoSOL and bSOL, and has secured more than $2B of staked SOL over more than two years without an issue.

The program authority is secured by a multisig that includes, among others, members from Sanctum, Jupiter, Mango, marginfi, Jito and Kamino. Any changes to the program will have to be approved by a majority vote from this multisig. No single party can unilaterally change the program. We plan to significantly grow the size of the multisig and eventually freeze the program.

For more details, check out this post on Sanctum.

What are the fees on bbSOL?

bbSOL has the following fees:

• 0% management fee

• 0% validator commission

• 0% stake deposit fee

• 0.1% SOL deposit fee

• 0% withdraw fee

A small SOL deposit fee is charged to prevent an arbitrage attack on the pool.

Why should I buy and hold bbSOL?

Buying and holding bbSOL helps you earn native staking yields on your SOL; this is the “risk-free” rate of SOL. You'll be able to use bbSOL in various DeFi protocols such as Solayer, Kamino and Orca to start with. Most importantly, this is a historic partnership with symbolic meaning - this is a meaningful step to that merges both centralised and decentralised entities to build a powerful SOL economy together and empower the Solana ecosystem.

How can I deposit or withdraw from bbSOL?

The Sanctum Router, Sanctum Reserve pool and Infinity is supported on the Jupiter swap page, as well as on Sanctum's native page. This means that you can either use Sanctum's trade tab or the Jupiter UI to swap for and hold bbSOL natively on Jupiter’s UI, while tapping into Sanctum’s unified LST liquidity sources. You can also use Bybit's Web3 Wallet Earn - more instructions here. You will soon be able to trade bbSOL on Bybit and other CEXes.

How does Sanctum help Bybit?

Sanctum has been building liquidity infrastructure for LSTs since 2021. We have powered over $1.5BM of trading volume and power a large proportion of LST swaps on the Solana ecosystem. Sanctum helps provide large and deep liquidity to all LSTs, including bbSOL, which allows much cheaper swaps for LST holders.

Sanctum partnered with Bybit to deploy the bbSOL LST. We also run an automated crank for bbSOL: as soon as SOL is deposited into bbSOL, it’s picked up and staked immediately to the Bybit validator.