#BINANCE Exchange has announced the launch of its upcoming Solana staking product, Binance SOL Staking, which will launch later this September.
With Binance Staked SOL (BNSOL), users will be able to securely stake their Solana (SOL) tokens on Binance, while still having full control over their assets.
Users can easily stake their SOL tokens using Binance SOL Staking, and in return they will receive BNSOL, a liquid staking token representing their staked assets. With BNSOL, users can continue to earn staking rewards, and also have the option to sell, lend, or spend their assets on other DeFi platforms and Binance products.
Get ready to stake SOL on Binance with the new BNSOL token
Description đ
Storing SOL on Binance allows you to earn BNSOL, a liquid staking token that can be used across various Binance products and external DeFi applications.
The benefits of BNSOL include flexible returns, maintaining liquidity, and enjoying unparalleled benefits and security within the Binance ecosystem.
BNSOL holders can trade, stake, invest, borrow, and use their tokens in various ways to unlock stored SOL value and earn stored rewards at the same time.
Follow us for the product launch in September and get ready to enhance your SOL staking experience with Binance!
What is SOL staking on Binance and BNSOL?
Storing SOL on Binance allows you to earn BNSOL, a liquid staking token (LST). BNSOL can be used to trade, lend, or provide liquidity, while still earning staking rewards.
Simply put, staking SOL on Binance frees up the liquidity of your stored SOL tokens. BNSOL accrues rewards via the BNSOL conversion rate, even when used in other products on Binance or in external DeFi protocols.
Storage $SOL
When you stake SOL, you will receive BNSOL, a tokenized representation of the staked SOL, in your Spot Wallet. The amount of BNSOL you receive is determined by the BNSOL conversion ratio displayed on the SOL stake page on Binance.
BNSOL Value and Rewards
Each BNSOL represents 1 SOL staked plus the rewards accumulated since 2024-08-26. Over time, as stake rewards accumulate, the value of 1 BNSOL exceeds the value of 1 SOL.
Refund
You can redeem BNSOL for SOL based on the current conversion ratio at the time of redemption. There may be processing restrictions and a waiting period of up to about 4 days between submitting a redemption request and receiving the redeemed SOL.
Pull BNSOL to external platforms
BNSOL will continue to earn staking rewards even when used in other products on Binance or in third-party DeFi apps. You can withdraw BNSOL to another wallet, such as the Binance Web3 Wallet, via the usual process of withdrawing digital assets from your Binance account.
Benefits of Using SOL Staking on Binance
Liquidity Release: BNSOL can be used for trading, lending, or providing liquidity while still earning staking rewards.
Earning Rewards: The value of BNSOL relative to SOL increases as rewards accumulate.
Flexible redemption: You can redeem BNSOL to get SOL when needed or wait for the redemption period.
Diversity of Use: BNSOL can be used across various Binance products and DeFi protocols to further leverage the SOL stored.
One-click storage: Simple and easy-to-use process even for beginners.
Trusted Platform: Binance is a trusted platform known for its security and strong support.
Security: Binanceâs Solana staking product is developed using native staking pool software that has been audited to ensure the security of funds.
How can I participate in SOL staking on Binance?
Store SOL: Store SOL and get BNSOL as token representation.
Earn SOL: Earn SOL staking rewards by holding BNSOL.
Flexibility in SOL redemption: Redeem BNSOL to get SOL according to the specified conversion rate.
To be ready to launch SOL staking on Binance, head over to the platform to purchase SOL and get ready to stake!
Binance uses the native staking pool software, managed by Solana Labs, a robust structure that has been audited by multiple security firms to ensure that funds are fully protected. The extensive validation process the software has received from multiple Liquid Staking Token (LST) providers has also enhanced the reliability and security of the software.
Users of Binanceâs Solana Staking Product can securely store SOL tokens, earn dynamic rewards, and use the flexible BNSOL token to release liquidity. The official launch date and more information will be revealed soon by Binanceâs official channels and Binance Announcement Channel.
