Binance is launching its new Solana Staking product, Binance SOL Staking, this September. This innovative offering lets users stake SOL tokens securely while retaining flexibility through Binance Staked SOL (BNSOL), a liquid staking token that provides continued liquidity and participation in DeFi platforms.
Binance, the global blockchain platform behind the largest cryptocurrency exchange by trading volume and user base, is set to launch its new Solana Staking product, Binance SOL Staking, later this September. This feature allows users to securely stake their Solana (SOL) tokens on Binance and manage their assets flexibly through Binance Staked SOL (BNSOL).
With Binance SOL Staking, users can stake their SOL tokens and receive BNSOL, a liquid staking token representing their staked assets. BNSOL offers the advantage of earning staking rewards while retaining the ability to trade, lend, or use assets across various Binance products and external DeFi platforms.
“As one of the first crypto exchanges to offer SOL liquid staking, Binance is providing a seamless and flexible way to earn rewards while allowing users to maintain full control over their staked assets,” said Vishal Sacheendran, Head of Regional Markets at Binance. “Unlike native staking, which locks up assets, BNSOL allows users to unlock liquidity, enjoy continuous reward accumulation, and seamlessly participate in both the Binance platform and the broader DeFi ecosystem, making it an ideal solution for those looking to maximize the potential of their staked Solana tokens.”
Key features of Binance SOL Staking include:
– Dynamic Rewards: BNSOL represents both staked SOL and accumulated rewards. Users will see a dynamic APR based on on-chain Solana staking rewards, adjusted for commissions. The BNSOL:SOL conversion ratio updates approximately every 2 days to reflect earned rewards and BNSOL’s value increase relative to SOL.
– Expanded Liquidity: BNSOL can be used within Binance and across various DeFi applications, enhancing its utility. Holders can trade, invest, farm, loan, and deploy their tokens according to their strategies.
– Flexible Redemption: Users can redeem BNSOL tokens anytime, subject to a redemption waiting period, or instantly by trading them on the market.
– User-Friendly Process: Binance’s staking process is designed for simplicity, allowing users to start earning rewards with just one click, making it accessible for both beginners and experienced users.
Binance’s Solana Staking product leverages the original Stake Pool Program maintained by Solana Labs, a secure and audited framework that ensures fund safety. This program has been validated by multiple liquid staking token (LST) providers, further reinforcing its reliability.
The official launch date and further details will be announced through the Binance Announcement Channel and Binance’s official social media channels.
About Binance
Binance is a top global blockchain platform and operates the largest cryptocurrency exchange by trading volume and user base. Trusted by over 200 million users across more than 100 countries, Binance is renowned for its leading security, transparency, fast trading engine, investor protections, and extensive range of digital asset products. The platform offers services across various sectors, including trading, finance, education, research, social impact, payments, institutional solutions, and Web3 innovations. Binance is committed to fostering an inclusive crypto ecosystem, enhancing financial freedom, and expanding global access to financial resources through cryptocurrency. For more details, visit: https://www.binance.com.
