This is a general announcement. Products and services referred to here may not be available in your region.
Fellow Binancians,
Binance is excited to introduce BNSOL - Binance SOL Staking. Users can securely 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.
About Binance SOL Staking and BNSOL:
Binance SOL Staking lets users stake their SOL tokens and receive BNSOL, a liquid staking token. Unlike direct native staking on the Solana network where assets are locked, BNSOL enables users to unlock liquidity, giving them the flexibility to trade, lend, or utilize their staked assets, all while still earning staking rewards.
BNSOL accumulates staking rewards through the BNSOL:SOL conversion ratio, even when used in other products on Binance or externally on DeFi platforms. Each BNSOL represents 1 staked SOL plus the accumulated staking rewards. Over time, as SOL staking rewards accumulate, the value of 1 BNSOL progressively exceeds that of 1 SOL. BNSOL is redeemable at any time, either through the standard redemption process with a waiting period or instantly by trading BNSOL on the market.
How to Get Started with Binance SOL Staking:
Buy SOL on the Spot Market, or via the Buy Crypto page, which supports payment methods such as Visa and Mastercard cards, Apple Pay, Google Pay, and wallet balances. Users can also deposit SOL to their Binance account.
Navigate to the [Earn] section, select [Simple Earn] and click [SOL Staking].
Click [Stake SOL].
Enter the amount to stake. Read and agree to the terms and click [Confirm] to receive BNSOL in the Spot Wallet.
About BNSOL Web3 Wallet & DeFi Integrations:
BNSOL is also supported on the Binance Web3 Wallet. Users can withdraw their BNSOL to their Web3 Wallet and explore Solana protocols that have integrated with BNSOL, such as Kamino, Solayer, Drift, Orca, Meteora, MarginFi, Raydium, Sanctum, Save, Jupiter, and Pyth.
Further Information:
Notes:
Please refer to Binance SOL Staking Terms and Conditions and Risk Warning prior to using SOL Staking.
Each BNSOL token will accrue SOL Staking rewards every epoch, in accordance with the refreshed APR on SOL Staking. Users can redeem their BNSOL tokens for corresponding on-chain staking rewards in the form of SOL, based on the refreshed BNSOL:SOL conversion ratio.
Details on the BNSOL:SOL conversion ratio
The BNSOL:SOL conversion ratio is dynamic and will be updated per epoch on the Solana network (approximately every 2 - 3 days), starting from Epoch 661 at 2024-08-26 06:04 (UTC).
All updates to the BNSOL:SOL conversion ratio are dependent on the reference APR for each epoch, as indicated on the SOL Staking page.
The “Stake” and “Redeem” feature will be paused for approximately 10 minutes during the period when the BNSOL:SOL conversion rate is being updated after each Epoch.
BNSOL conversion at the SOL Staking page will be rounded down to eight decimal places.
Binance has opened deposits and withdrawals for BNSOL.
Users can view their staking positions by going to the SOL Staking page.
The redemption period for BNSOL is around 4 days. Potential processing limitations on the Solana network, such as network failure or congestion, may affect redemptions. In such extreme cases, redemptions may be subject to limitations set by Binance.
Users can refer to the following contract address for BNSOL on Solana Network.
Binance SOL Staking and BNSOL use the original Stake Pool Program maintained by Solana Labs, a framework audited by multiple security firms and validated by various liquid staking token (LST) providers to ensure the total safety of funds.
Please note that this project was created at the sole discretion of Binance’s business operations and is not a direct endorsement of Solana and other related projects involved, nor is it intended to serve as financial advice.
U.S. persons, entities, and individuals from sanctioned countries will not be able to use Binance SOL Staking. Additionally, users may face access restrictions to Binance SOL Staking due to prevailing product and/or regulatory limitations. For more information, please refer to Binance Terms of Use.
There may be discrepancies in the translated version of this original article in English. Please reference this original version for the latest or most accurate information where any discrepancies may arise.
Thank you for your support!
Binance Team
2024-09-12
