- Summary:
- With Binance SOL Staking, users can stake their SOL tokens and receive BNSOL, a liquid staking token that represents their staked assets.
Binance, the global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and users, has announced the upcoming launch of its Solana Staking product, Binance SOL Staking, set to go live later this September. This new offering will enable users to stake their Solana (SOL) tokens securely on Binance while maintaining full control over their assets and flexibility through Binance Staked SOL (BNSOL).
With Binance SOL Staking, users can easily stake their SOL tokens and receive BNSOL in return, a liquid staking token that represents their staked assets. BNSOL allows users to continue earning staking rewards while keeping the flexibility to trade, lend, or utilize their 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.”
Binance SOL Staking empowers users to fully leverage their staked Solana tokens by offering:
- Dynamic rewards: BNSOL will represent both staked SOL and the accumulated staking rewards over time. Users will benefit from a dynamic APR that follows on-chain Solana staking rewards, adjusted for commission, ensuring competitive returns. The BNSOL:SOL conversion ratio will be updated every Solana epoch (approximately every 2 days) to reflect the accrued rewards and the increasing value of BNSOL relative to SOL.
- Expanded Liquidity: BNSOL can be utilized not only within Binance’s ecosystem but also across various DeFi applications, offering users greater utility and flexibility. BNSOL holders will be able to trade, invest, farm, loan, and use their tokens as they wish according to their investment strategies.
- Flexible Redemption: The flexibility of BNSOL enables users to redeem their tokens at any time, subject to a redemption waiting period, or instantly by trading BNSOL on the market.
- User-Friendly Process: The staking process on Binance is designed to be user-friendly and straightforward, requiring just one click to start earning rewards. This simplicity makes it accessible to both novice and experienced users.
Binance has developed its Solana Staking product using the original Stake Pool Program maintained by Solana Labs, a robust framework that has been audited by multiple security firms to ensure the total safety of funds. This Stake Pool Program has also been thoroughly validated by various liquid staking token (LST) providers, further reinforcing its reliability and security.
The official product launch date and additional details will be announced soon through the Binance Announcement Channel and across Binance’s official social media channels.
About Binance
Binance is a leading global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and registered users. Binance is trusted by more than 200 million people in 100+ countries for its industry-leading security, transparency, trading engine speed, protections for investors, and unmatched portfolio of digital asset products and offerings from trading and finance to education, research, social good, payments, institutional services, and Web3 features. Binance is devoted to building an inclusive crypto ecosystem to increase the freedom of money and financial access for people around the world with crypto as the fundamental means. For more information, visit: https://www.binance.com