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Exploring the use of Bybit’s bbSOL within the Raydium ecosystem can significantly enhance the way you manage and grow your digital assets. This guide details how to effectively use bbSOL, a liquid staking token for Solana, on Raydium’s cutting-edge decentralized exchange (DEX).
Key Takeaways:
Raydium is an automated market maker (AMM) and a key component of the DeFi landscape on the Solana blockchain.
Explore our step-by-step guide to find out how you can use bbSOL on Raydium.
Raydium is an automated market maker (AMM) that operates on the Solana blockchain, renowned for its rapid transaction capabilities and innovative yield-generation features.
It’s unique among AMMs for its initial design as a hybrid model that can efficiently manage liquidity not just within its own pools, but across a broader ecosystem.
Although originally intended to share liquidity with external order books, Raydium's pools now operate under a "Swap Only" model, focusing entirely on internal liquidity to optimize trading conditions within the platform.
Raydium stands out in the DeFi landscape for several reasons:
It utilizes Solana’s high-speed blockchain technology, which allows for much faster and cost-effective transactions than Ethereum’s. This results in lower gas fees and quicker trade execution, enhancing user experience.
Raydium empowers users with the ability to create liquidity pools without needing permission. This open model supports the creation of concentrated liquidity (CLMM)/constant product (CPMM) pools for any asset, providing significant flexibility and encouraging diverse participation.
The platform also enriches the liquidity provision experience by enabling ecosystem rewards. Users and projects can attach additional token incentives to pools, increasing their appeal and liquidity.
Step 1: Navigate to the Raydium homepage and select Liquidity from the navigation menu.
Step 2: Connect your wallet by clicking on the Connect Wallet button at the top right corner of the page.
Step 3: Input a token mint/pool address/ticker in the search bar or browse the pool list, then click on Deposit for the desired pool.
Step 4: Look for the bbSOL/SOL pool by using the search field.
Step 5: Click on the bbSOL/SOL pool to deposit.
Step 6: Set your ideal price range which will decide the deposit ratio.
Step 7: Enter the amount you want to deposit in one of the highlighted fields. The other values will automatically adjust to match the deposit ratio you set.
Step 8: Once done, click on Deposit. Then you can check your positions and harvest your yield!
bbSOL offers a versatile approach to earning staking rewards on Solana while maintaining liquidity. By using bbSOL, you can optimally manage your assets and enhance your potential returns. This guide provides the foundational steps to effectively utilize bbSOL on Raydium, ensuring you’re well-equipped to navigate this dynamic segment of the DeFi ecosystem.
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