Cryptocurrency exchange Bybit has introduced Margin Staked SOL, a new product that allows users to enhance their earnings from SOL through leveraged borrowing and staking.
A New Product for Earning on SOL
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has introduced Margin Staked SOL, an innovative product for users looking to optimize their SOL earnings through leveraged borrowing and staking. The exchange notes that the net annual percentage rate (APR) for the product is over 13%.
How Margin Staked SOL Works
Users can stake SOL into Margin Staked SOL, enabling the platform to automatically borrow funds based on the selected leverage level. In return, users receive bbSOL as proof of the staked SOL. Yield potential is maximized through optimal rewards allocation managed by Sanctum’s smart contract.
Benefits for Users
The platform offers a seamless experience, allowing for borrowing, staking, and earning all in one place. Users can opt for instant redemption of bbSOL to receive SOL without a gas fee or for postponed redemption for a better exchange rate. These mechanisms provide asset control and strategic flexibility.
The launch of Margin Staked SOL offers Bybit users new avenues to maximize on-platform earnings, supporting the exchange's focus on simplifying the decentralized finance experience.
