Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has launched a limited-time campaign, offering a 50,000 USDT prize pool in bbSOL on Bybit On-Chain Earn. The campaign runs from now until November 28, providing users with an opportunity to earn rewards by staking bbSOL.
To participate, eligible users need to stake bbSOL on Bybit’s On-Chain Earn platform and hold their positions for the duration of the campaign. Successful participants will receive a share of the prize pool in SOL, proportional to their bbSOL holdings.
Since its launch, bbSOL has garnered attention as the first exchange-backed liquid staking token on the Solana blockchain. The token has demonstrated strong returns and successfully bridges the gap between on-chain and off-chain rewards, amassing over 120 million USDT in total value locked as of November 2024.
Bybit Expands Access to DeFi with On-Chain Earn
“On-Chain Earn provides Bybit users with a fast, seamless entry into decentralized earning opportunities,” said Jerry Li, Head of Financial Products at Bybit. “While we expect users to explore a wide range of innovative DeFi projects, we’ve also focused on offering the most in-demand blockchain solutions, like Solana, to meet user needs.”
Bybit’s On-Chain Earn feature offers a user-friendly solution for staking various tokens, including bbSOL. This new offering simplifies access to decentralized finance (DeFi), enabling users to stake popular cryptocurrencies like Ethereum (ETH) and Solana (SOL) with competitive annual percentage rates (APR). On-Chain Earn handles the technical complexities of traditional staking, such as gas fees and node management, while allowing users the flexibility to unstake at any time.
With its innovative staking solutions and the addition of bbSOL, Bybit aims to provide users with a streamlined way to participate in Web3 and maximize returns in the rapidly growing crypto ecosystem.
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