Bybits claims the potential for a significant increase in liquid steak rates in Solana.
Bybits claims the potential for a significant increase in liquid steak rates in #Solana .
Bybits presents a bbSOL for liquid steaks.
Liquid steaks could lead to price growth in Solana.
This year, Solana has grown rapidly in both network volume and price. However, compared to #Ethereum , the use of liquid stablecoins is underdeveloped.
Bybit claims that therein lies a lot of potential for the SOL network and price. Bybit's report comes just weeks after the major exchanges announced their liquid staking programs for Solana.
Bybit may be preparing for an event that could significantly increase its appeal to investors: on Thursday, September 12, Bybit published a report detailing Solana's liquid staking capabilities. The report was published a few weeks after Binance, Bitget, and Bybit announced Solana's betting products.
Comparison table of betting odds between Solana and Ethereum.
Liquid betting allows users to maintain liquidity by being rewarded for bets from the Proof of Stake (PoS) network. However, as of 2024, liquid stakes in Solana are relatively underutilized. For example, 68% of Solana's total supply, or $57 billion, is already placed as stakes. However, only 6.5% of these are liquid bets. That equates to 32.2% of Ethereum's total #token supply.
This is a huge opportunity, as liquid staking makes token ownership more attractive to investors. If liquid staking becomes more prevalent, it will have a positive impact on the price of SOL. Notably, Bybit predicts that the liquid staking market will soon grow to $6-10 billion.
The Solana #DeFi market is expected to grow significantly in 2024, especially due to the growing popularity of memcoin. The total block value (TVL) of the Solana DeFi protocol has more than tripled to US$4.8 billion.
Despite its benefits, liquid staking carries risks.
Read us at: Compass Investments
