Crypto exchanges Binance and Bybit have hinted on the launch of a brand new Solana-related product, sparking hypothesis that they might enter the Solana liquid staking market.
On August 13, Binance's official X account posted the cryptic message “BNSOL” adopted by “coming quickly” in a follow-up remark.
Shortly after, Bybit introduced the launch of a brand new product “bbSol” on its platform, stating:
“Welcome a brand new 👶 to the #bbSOL household.”
Though no trade supplied particular particulars in regards to the product, the crypto neighborhood was fast to take a position that the posts indicated a transfer into Solana's liquid staking sector, probably by means of a partnership with Solana's liquid staking protocol Sanctum.
Neither Binance nor Bybit responded fromcrypto's request for remark at press time.
Liquid staging
In contrast to conventional staking, liquid staking permits customers to earn further income whereas sustaining liquidity by means of a spinoff token for DeFi actions. Based on DefiLlam information, protocols within the sector collectively handle over $42 billion in cryptocurrency, with Ethereum-focused Lido main the market.
Nonetheless, curiosity in Solana liquid staking has lately surged as a result of rising DeFi actions on the Solana blockchain.
Knowledge from Dune Analytics reveals that greater than $4 billion in SOL tokens are at the moment wagered by means of liquid betting platforms. Nonetheless, this solely represents about 7% of Solana's whole staked token market cap, which on the time of writing was $62 billion.
This hole suggests vital progress potential in Solana's liquid betting market. If Binance and Bybit launch SOL-based liquid staking merchandise, this might additional speed up the enlargement of the sector and help retail entry to the market.
Particularly, Tom Wan, an analyst at 21Shares, beforehand famous that the expansion of the sector may have a wider influence on Solana's DeFi ecosystem. acknowledged:
“Growth in LST can undoubtedly enhance the expansion of DeFi on Solana!”
