Is There a Chance of Binance and Bybit Entering Solana's Liquid Staking Product?

Bittime - The Solana liquid staking market is buzzing with new teasers from major crypto trading platforms.  Two crypto exchanges, namely Binance and Bybit have hinted at the launch of new Solana-related products. 

This sparked speculation that they might enter the Solana liquid staking market.

Message from Binance and Bybit Social Media

On August 29, the official X Binance account posted the mysterious message "BNSOL" followed by "coming soon" in a subsequent comment.

Shortly after, Bybit announced the introduction of a new product, "bbSol," on its platform, stating:

"We welcome a new member of the #bbSOL family."

While neither exchange provided specific details about the product, the crypto community quickly speculated that this post indicated a move into Solana's liquid staking sector, possibly through a partnership with Solana-based liquid staking protocol Sanctum.

Neither Binance nor Bybit have responded to CryptoSlate's request for comment to date.

Read also: Cardano Hard Fork Chang: Everything You Need to Know

Liquid Staking Solana

Unlike traditional staking, liquid staking allows users to earn additional yield while maintaining liquidity through derivative tokens for DeFi activities. 

According to DefiLlama data, protocols in the sector collectively manage more than $42 billion (Rp. 645 trillion) in crypto, with Ethereum-focused Lido leading the market.

However, interest in Solana liquid staking has recently increased sharply, driven by increasing DeFi activity on the Solana blockchain.

Data from Dune Analytics shows that more than $4 billion (Rp. 61 trillion) of SOL tokens is currently staked via liquid staking platforms. 

However, this only represents around 7% of the total market capitalization of staked Solana tokens, which stands at $62 billion (Rp. 945 trillion) at the time of writing.

This gap shows significant growth potential in the Solana liquid staking market. If Binance and Bybit launch SOL-based liquid staking products, this could further accelerate the sector's expansion and drive retail access to the market.

Notably, Tom Wan, an analyst at 21Shares, previously noted that the sector's growth could have a broader impact on Solana's DeFi ecosystem. He stated that ESG boom could drive DeFi growth on Solana!

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Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.