# Binance, Bybit to Launch Solana Liquid Staking Tokens

*Author: David Christopher*
*Published: Aug 29, 2024*
*Source: https://www.bankless.com/binance-bybit-to-launch-solana-liquid-staking-tokens*

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Binance and Bybit are set to launch their proprietary Solana liquid staking tokens, BNSOL and bbSOL, via Sanctum.

## What’s the scoop?
- **Sanctum's Role:** The tokens will be deployed through Sanctum, a platform for whitelisted validators to launch LSTs, which introduced [Jupiter Exchange’s LST — JupSOL](https://www.bankless.com/getting-started-in-sanctum-wonderland).
- **Implications for SOL LST TVL:** While Solana has more of its native token staked than Ethereum, [it lacks in liquid staking](https://www.bankless.com/solanas-liquid-staking-landscape). Ethereum has ~65% of its staked ETH in liquid form, while Solana has only ~6% in liquid staking tokens (LSTs). BNSOL and bbSOL could change this.

### Bankless Take:
The launch of BNSOL and bbSOL via Sanctum marks a significant moment for Solana DeFi, potentially jumpstarting the expansion of Solana’s LSTs and marking further institutional interest in its ecosystem. This development also hints at a broader trend of major exchanges launching their own derivative assets. Following Binance and Bybit’s move with Solana, other exchanges like could follow suit – consider Coinbase's recent tease of their [version of wrapped BTC (cbBTC) recently](https://www.bankless.com/wbtc-gets-wrapped-in-controversy). While this trend can mean increasing capital in these ecosystems — a good thing — it is always important to remain wary of centralized actors pushing further into decentralized environments. 

> BNSOL— Binance (@binance) [August 29, 2024](https://twitter.com/binance/status/1829111814094741707?ref_src=twsrc%5Etfw)
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