Bybit Staked SOL
Crypto Overview
Overview
Bybit Staked SOL (BBSOL) is a liquid staking derivative token representing staked SOL on the Bybit cryptocurrency exchange. When users stake their SOL tokens through Bybit's staking service, they receive BBSOL tokens in return.
Purpose and Utility
The primary purpose of BBSOL is to provide liquidity to users who stake their SOL tokens. While their SOL is staked and earning rewards, users can still trade or utilize their BBSOL tokens in other ways. The token represents a claim on the underlying staked SOL plus accumulated staking rewards.
Business Model
The business model involves users depositing SOL tokens into Bybit's staking program. In return, they receive BBSOL tokens that can be traded or used while their original SOL remains staked. The staking rewards are automatically reflected in the BBSOL/SOL exchange rate.
Real-World Adoption
As this is a Bybit exchange-specific token, its usage is limited to Bybit's ecosystem. The token serves a clear purpose for SOL stakers on the platform who want liquidity while their assets are staked.
Development Activity
Since this is an exchange-issued token, development activity is primarily focused on Bybit's staking infrastructure rather than the token itself. The platform maintains and updates the staking system as needed.
Token Distribution
BBSOL tokens are minted when users stake SOL and burned when they unstake. The token supply is directly tied to the amount of SOL staked through Bybit's platform, making it a transparent and straightforward system.
Crypto Impact
To assign a comfort level investing in Bybit Staked SOL from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Bybit Staked SOL.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.