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Hello Binance members,
Binance is excited to introduce BNSOL - SOL Staking on Binance. Users can securely stake their SOL tokens and in return receive BNSOL, a liquidity staking token that represents your staked assets. BNSOL allows users to continue earning staking rewards while maintaining the flexibility to trade, lend, or leverage their assets across Binance’s various products and external DeFi platforms.
About BNSOL and SOL storage on Binance:
SOL staking on Binance allows users to stake their SOL tokens and earn BNSOL, a liquidity staking token. Unlike native staking on the Solana network, where assets are locked up, BNSOL tokens allow users to free up liquidity, giving them the flexibility to trade, lend, or leverage their staked assets, all while still earning staking rewards.
BNSOL accumulates staking rewards via the BNSOL:SOL conversion rate, even when used in other products on Binance or external DeFi platforms. Each BNSOL token represents 1 SOL staked in addition to the accumulated staking rewards. Over time, as SOL staking rewards accumulate, the value of 1 BNSOL gradually increases to exceed the value of 1 SOL. BNSOL tokens are redeemable at any time, either via the standard redemption process with a waiting period or immediately through BNSOL trading on the market.
How to get started with SOL staking on Binance:
Buy SOL from the Spot Market, or via the Buy Crypto page, which supports payment methods including Visa, Mastercard, Apple Pay, Google Pay, and wallet balances. Users can also Deposit SOL into their Binance accounts.
Go to the [Earn] section, select [Simple Earn] and click [SOL Storage].
Click [SOL Store].
Enter the amount you want to store, read and agree to the terms, and click [Confirm] to receive BNSOL in your instant wallet.
About BNSOL’s integration with Web3 Wallet and DeFi:
BNSOL tokens are also supported on the Binance Web3 Wallet. Users can withdraw their BNSOL tokens to the Web3 Wallet and explore Solana protocols that have integrated with BNSOL, such as Kamino, Solayer, Drift, Orca, Meteora, MarginFi, Raydium, Sanctum, Save, Jupiter, and Python.
More information:
comments:
Please refer to the Binance SOL Storage Terms and Conditions and Risk Warning before using SOL Storage.
Each BNSOL token will receive SOL staking rewards in each round, according to the updated annual percentage rate on SOL staking. Users can redeem their BNSOL tokens for staking rewards on the relevant chain in the form of SOL tokens, based on the updated BNSOL:SOL conversion rate.
BNSOL:SOL conversion rate details
The BNSOL:SOL conversion rate is dynamic and will be updated every round on the Solana network (roughly every 2-3 days), as of round 661 on 2024-08-26 06:04 (UTC).
All BNSOL:SOL conversion rate updates are based on the reference annual percentage rate for each round, as described on the SOL Storage page.
The "Store" and "Recovery" features will be paused for approximately 10 minutes during the BNSOL:SOL conversion rate refresh period after each round.
The BNSOL conversion rate on the Storing SOL page will be rounded to eight decimal places.
Binance has now opened BNSOL deposits and withdrawals.
Users can view their storage deals by going to the SOL Storage page.
The BNSOL refund period is approximately 4 days. Potential processing limitations on the Solana network, such as network failure or congestion, may impact refund requests. In such cases, refunds may be subject to the limits set by Binance.
Users can refer to the following contract address for BNSOL tokens on the Solana network.
BNSOL tokens and SOL storage on Binance use the native Storage Pool Software operated by Solana Labs, a framework that has been audited by multiple security firms and approved by multiple liquidity storage token providers to ensure the overall safety of funds.
Please note that this project has been created at Binance's own discretion and is not a direct endorsement of the Solana network or other related projects, nor is it intended to serve as financial advice.
US persons, US companies, and individuals from sanctioned countries will not be able to use SOL storage on Binance. Additionally, users may face restrictions on access to SOL storage on Binance due to prevailing product restrictions and/or regulatory restrictions. For more information, please refer to the Binance Terms of Use.
There may be a conflict between the translated version and this original article in English. In this case, please refer to the original version for the most current or accurate information on the aspects that give rise to any conflict.
Thank you for your support!
Binance Team
2024-09-12
