Solana Liquid Storage
December 19, 2024
Binance’s Solana liquid staking token, BNSOL, has achieved a major milestone, surpassing $1 billion in total value locked (TVL) just three months after its launch.
This figure represents more than 10% of the total market cap of Solana’s liquid storage tokens, which currently stands at $9 billion.
BNSOL emerges as a force in liquid storage
With over 4.8 million SOL staked, BNSOL has emerged as a prominent player in Solana’s expanding liquid staking segment. The token has become the largest exchange-backed liquid staking token and is favored by Binance users.
Binance attributes the token’s success to its integration across its platform and decentralized finance (DeFi) protocols, enhancing its utility for trading, lending, and liquidity farming.
Launched in September 2024, BNSOL quickly integrated into over 20 Web3 projects and protocols. These include the Binance Central Exchange and Binance Wallet, providing users with opportunities to trade and use collateral while enjoying low gas fees and zero storage fees until the end of 2024.
Features like Super Stake drops and APR boost events have added to its appeal. BNSOL’s growth coincides with the expansion of the Solana ecosystem, which saw its liquid staking ratio double in 2024.
“The adoption and utility of BNSOL, both within and outside the Binance ecosystem, remains a top priority,” Jeff Lee, VP of Product at Binance, told BeInCrypto. “By partnering with over 20 protocols and serving a diverse user base, from large institutions to individual clients, we have enabled holders to maximize their earning potential.”
She pointed to the collaboration between the Binance community and the Solana on-chain ecosystem as a key driver of mutual growth.
BNSOL’s growth reflects broader trends in Solana’s development. The network has expanded into areas such as stablecoins, decentralized finance (DeFi), and decentralized physical infrastructure networks (DePIN). Binance’s focus on supporting users with advanced storage solutions has positioned BNSOL as a leader in this ecosystem.
Binance plans to build on BNSOL’s success by deepening its collaboration with the Solana network. The company announced plans for additional airdrops to increase APR, expand protocol integration, and develop new use cases for Liquid Staking tokens in 2025.
The rise of BNSOL signals a growing demand for easy, interest-oriented staking solutions. By leveraging the Binance ecosystem and the Solana network, the token has set a new standard for liquid staking tokens. As the Solana ecosystem continues to evolve, BNSOL’s role in shaping the future of staking is likely to grow.
