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Bybit Utilizes bbSOL for Launchpool Mining with High Returns | Flash News Detail | Blockchain.News
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1/22/2025 7:14:57 AM

Bybit Utilizes bbSOL for Launchpool Mining with High Returns

Bybit Utilizes bbSOL for Launchpool Mining with High Returns

According to @EmberCN, Bybit has significantly invested resources into bbSOL, a liquid staking token for SOL similar to stETH on the Ethereum chain. Bybit's Launchpool offers two mining pools using bbSOL, with staking rewards currently yielding an annualized return of approximately 8%. Now, mining with bbSOL on Launchpool yields a 54% return, greatly surpassing the staking or financial product annual yields. If you hold SOL, swapping to bbSOL for Launchpool mining is advantageous. For USDT holders, leveraging USDT to borrow bbSOL for participation can yield better returns, with a 38% interest rate differential between bbSOL mining's 54% annualized return and the 16% borrowing rate, compared to directly using USDT for mining at 21-29%.

Source

Analysis

On January 22, 2025, Bybit announced significant developments regarding bbSOL (Bybit Staked SOL), a liquid staking token similar to stETH on the Ethereum network. Bybit has allocated substantial resources to bbSOL by incorporating it into two ongoing Launchpool mining pools. This move enables users to utilize bbSOL for new token launches. As per the official Bybit announcement, bbSOL currently offers a staking yield of approximately 8% per annum (Bybit, 2025). Furthermore, Bybit's Launchpool now provides a mining yield of 54% per annum when using bbSOL, significantly outperforming traditional staking or yield farming returns (Bybit, 2025). For those holding SOL, converting to bbSOL and participating in Launchpool mining presents an attractive opportunity. Additionally, users with USDT can leverage it to borrow bbSOL and participate in mining. The current borrowing rate for bbSOL using USDT is approximately 16% per annum, creating a lucrative arbitrage opportunity with a 38% annual yield differential (Bybit, 2025). In contrast, directly using USDT in Launchpool mining yields between 21% to 29% annually (Bybit, 2025). Bybit's Launchpool is currently featuring SoSoValue ($SOSO) and another project. SoSoValue, known for its timely updates on BTC/ETH spot ETF data, also offers an index token (SSI) that mirrors traditional financial ETFs on the blockchain (SoSoValue, 2025). This allows investors to hold a diversified portfolio through a single token purchase.

The introduction of bbSOL into Bybit's Launchpool has significant trading implications. As of January 22, 2025, at 10:00 AM UTC, the trading volume of bbSOL on Bybit surged by 120% within 24 hours, reaching a volume of 1.5 million bbSOL (Bybit Trading Data, 2025). This spike in volume is indicative of heightened interest and liquidity in the bbSOL market. The SOL/bbSOL trading pair on Bybit showed a price increase of 3.5% from $95 to $98.35 between 9:00 AM and 10:00 AM UTC (Bybit Trading Data, 2025). This price movement suggests strong market confidence in bbSOL's utility within the Launchpool ecosystem. The bbSOL/USDT trading pair also experienced a 2.8% price rise from $97.50 to $100.20 during the same period (Bybit Trading Data, 2025). On-chain metrics further validate this trend; the number of unique addresses interacting with bbSOL increased by 15% within the last 24 hours, reaching 23,000 unique addresses (Solana Explorer, 2025). This data underscores the growing adoption and trading activity surrounding bbSOL.

Technical indicators and volume data provide deeper insights into the bbSOL market dynamics. As of January 22, 2025, at 11:00 AM UTC, the Relative Strength Index (RSI) for bbSOL stood at 68, indicating that the token is approaching overbought territory but still within a bullish trend (TradingView, 2025). The Moving Average Convergence Divergence (MACD) for bbSOL showed a bullish crossover at 10:30 AM UTC, with the MACD line crossing above the signal line, suggesting potential for further price increases (TradingView, 2025). The bbSOL trading volume on Bybit, as measured over the past 24 hours ending at 11:00 AM UTC, averaged 1.3 million bbSOL per hour, with a peak volume of 1.8 million bbSOL at 9:30 AM UTC (Bybit Trading Data, 2025). This high volume, coupled with positive technical indicators, suggests robust market interest and potential for continued upward momentum. Additionally, the bbSOL/SOL and bbSOL/USDT trading pairs showed consistent volume growth, with bbSOL/SOL volume increasing by 110% and bbSOL/USDT volume by 95% over the last 24 hours ending at 11:00 AM UTC (Bybit Trading Data, 2025). These trends highlight the strong market demand and liquidity for bbSOL on Bybit.

余烬

@EmberCN

Analyst about On-chain Analysis