Bybit Report Highlights Liquid Staking as a Catalyst for Solana’s Growth

A report released by Bybit indicates that the introduction of liquid staking models is marking a pivotal moment for the Solana blockchain. The report analyzes the current state of liquid staking and its key drivers, emphasizing that exchange-supported liquid staking tokens (LSTs), such as Bybit’s bbSOL, are becoming a bridge for ordinary users to access Solana’s DeFi ecosystem. Although Solana’s current staking rate is only 6.5%, its flexibility and potential returns compared to traditional staking models suggest significant growth potential, with the market expected to reach $6 to $10 billion. The report also highlights challenges such as user education and smart contract risks for future development.

In 2024, leading proof-of-stake blockchains have become popular destinations for memecoins, grassroots projects, and other DeFi protocols. However, due to its current market cap and influence, Solana’s mainstream adoption is still in progress. Bybit’s report underscores the importance of liquid staking, especially the rise of exchange-backed liquid staking tokens (LSTs) like Bybit’s own bbSOL, in driving the next chapter of growth for Solana.

The total staking volume on Solana far exceeds that of Ethereum, with over $57 billion worth of SOL staked, equating to a staking ratio of around 68%.

Sentiment: Positive