Binance, Bybit, Bitget Plan to Launch Liquid Staking Tokens (LSTs) on Solana Blockchain

This move comes as Solana's liquid staking ecosystem continues to grow, attracting interest from major industry players.

Binance, Bybit, and Bitget are preparing to launch liquid staking tokens (LSTs) on the Solana blockchain.

These tokens will enable holders to participate in decentralized finance (DeFi) activities and earn yield on their Solana (SOL) holdings.

Binance will use BNSOL as the symbol for its LST, while Bybit’s will carry the ticker BBSOL. Bitget's token will be denoted by BGSOL.

According to BeInCrypto, these LSTs are likely being built on Sanctum, a liquid staking layer on Solana.

“BBSOL will serve as a bridge between Bybit’s CEX and Web3 platforms, providing users with consistent and reliable rewards. By staking Solana (SOL) on Bybit Web3, users will receive BBSOL tokens, unlocking a world of earning opportunities across Bybit’s CEX and Web3 products,” Bybit told BeInCrypto.

The news comes as Solana's liquid staking ecosystem continues to grow, attracting interest from major industry players.

According to DefiLlama, Solana's liquid staking TVL has more than doubled in 2024, rising from $1.9 billion to $3.94 billion. The sector has seen rapid development since its inception in 2021, with a large number of participants joining the space.

However, the $3.9 billion TVL still represents only 9.6% of the $42.5 billion locked across all liquid staking protocols. Ethereum still dominates the sector, holding 83% of the total market share.

Solana’s liquid staking market is expanding quickly. In addition to Sanctum, other staking layers on Solana include Jito, Marinade, Jupiter, and Blaze.

Solana's liquid staking ecosystem is set to benefit from the introduction of LSTs by major exchanges.

Liquid staking protocols are gaining popularity due to their ability to combine security contributions to network consensus with financial flexibility, making them an attractive option for savvy investors aiming to maximize profits.

For exchanges, introducing LSTs adds a new revenue stream, as these tokens expand their product offerings. Stakers earn rewards, while exchanges collect fees.

For example, Binance, which offers BETH — the third-largest LST by market capitalization — charges a 10% fee on Ethereum (ETH) staking rewards.

According to Binance’s support page, this 10% fee covers operational costs, including hardware and network maintenance for validator nodes.

Additionally, LSTs like BNSOL, BBSOL, and BGSOL will allow exchanges to retain Solana balances on their platforms.