What is Binance SOL Staking?
Binance SOL Staking involves staking your Solana (SOL) tokens to earn staking rewards.
Binance lowers the barriers for users to stake Solana, by offering a user-friendly liquid staking product that provides liquidity, lower minimum requirements, and enhanced security, making it easier and more convenient to stake SOL.
How to participate in Binance SOL Staking?
On the Binance website:
1. Log in to your Binance account and click [Earn]. Search for SOL and click [Subscribe] next to [SOL Staking].
2. Click [Stake SOL].
3. Enter the amount you want to stake. Read and agree to the terms and click [Confirm].
Note: The BNSOL:SOL ratio is not 1:1 because 1 BNSOL represents 1 staked SOL plus the staking rewards since 2024-08-26 06:04 (UTC). Due to the accumulation of staking rewards, the value of 1 BNSOL progressively exceeds that of 1 SOL. The ratio is updated per Epoch on Solana network (approximately 2-3 days) to reflect the rewards earned from the staked SOL.
Example*:
On 22 September 2024, the BNSOL:SOL conversion ratio was 1:1.01004105. When a user stakes 10 SOL, they would obtain 9.90058770 BNSOL based on the conversion ratio.
SOL staking rewards accumulate, and the user's BNSOL becomes worth more SOL. Three months later, on 23 December 2024, the BNSOL:SOL conversion ratio had grown to 1:1.01980774.
If the user redeems their BNSOL on that day, they would receive 10.09669596 SOL, which includes both their staked amount and the earned rewards.
*The numbers above are for illustrative purposes only. The actual scenario depends on the conversion rate at stake/redeem, the holding period of BNSOL, and on-chain SOL staking APR, etc.
4. A second confirmation window will pop up. Read and confirm the terms and conditions by checking the boxes. Click [Confirm].
5. You have successfully staked your SOL. You can view your staked assets and reward details on the SOL Staking page.
Please note that the SOL redemption amount will be based on your current BNSOL holdings instead of your initial staked assets. If you sell/transfer your BNSOL, then your redemption ability for the staked SOL and the corresponding rewards (rewards accrued and future rewards) is transferred to the new holder of the BNSOL. Hence, with this action, the beneficiary of your SOL staking goes to the purchasing party.
For more details about Binance SOL Staking, please refer to the FAQ section on the SOL Staking page.
When will I start receiving the staking rewards?
Holding BNSOL represents the staked SOL plus the staking rewards. Please note that rewards are not directly distributed to your Spot Wallet. Instead, the rewards earned are accrued and increase the value of BNSOL. This increased value is reflected by the BNSOL:SOL conversion ratio updated every Epoch on the Solana network (approximately 2-3 days).
You will be able to check the records of your earned rewards value in SOL on the BNSOL Reward History of Binance SOL Staking page.
How to redeem from Binance SOL Staking?
On the Binance website:
1. Go to [SOL Staking] and click [Redeem].
2. Enter the amount of BNSOL you would like to redeem from your BNSOL balance. Read and agree to the terms and click [Confirm].
Please note that the estimated SOL arrival date is indicated on the page. You cannot cancel your SOL redemption requests after submission.
SOL Redemption terms and definitions:
- Available Balance: The amount of BNSOL available in your Spot Wallet.
- Redeem Amount: The amount of BNSOL to be redeemed into SOL.
- Receive: The amount of SOL to be returned to you.
- Conversion Ratio: The ratio represents the current value of BNSOL versus SOL. The ratio is fixed at the point of redemption. Rewards will stop accruing during the redemption period.
- Est. Arrival Date: The expected date and time of SOL being returned to your Spot Wallet.
Subject to any processing limitations, you should receive the unstaked SOL in your Spot Wallet no more than 4 days after successfully submitting a redemption request. During the waiting period, you can check your redemption status and your frozen BNSOL in your Earn Wallet.
However, please note that potential processing limitations on the Solana network, such as network failure or congestion, may affect redemptions. In such cases, redemptions may be subject to limitations set by Binance. Should you need to obtain SOL liquidity immediately, you may trade BNSOL on the Binance Spot Market*.
*Applicable once BNSOL is listed on Binance Spot.
3. The redeemed SOL will be returned to your Spot Wallet when your SOL redemption request is fully processed.
Note: BNSOL under the redemption process will not generate any SOL Staking rewards.
Can I withdraw BNSOL to outside of Binance?
Yes, you can withdraw BNSOL to a personal wallet, such as Binance Web3 Wallet and use it outside the Binance platform whilst still earning rewards. BNSOL accumulates staking rewards through the BNSOL:SOL conversion rate, even when it is used in other Binance products or external DeFi applications for additional yield opportunities.
This document may have been translated and published in different languages. In the event of any inconsistency, misstatements, omissions, or errors appearing in any translated version, the English version shall prevail.
Disclaimer: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. For selected staking products, Binance takes on all slashing risk. This means that the same amount of Digital Assets staked will be returned to you, even if they are slashed. Not financial advice. For more information, see our Terms of Use and Risk Warning.