The BNSOL token from Binance, representing liquid staking on Solana, has achieved a significant milestone by surpassing $1 billion in Total Value Locked (TVL) just three months after its launch.
This figure represents over 10% of the total market capitalization of liquid staking tokens on Solana, which currently stands at $9 billion.
BNSOL Stands Out as a Liquid Staking Powerhouse
With over 4.8 million SOL being staked, BNSOL has emerged as a key player in Solana's expanding liquid staking space. This token has become the largest liquid staking SOL token supported by an exchange and is the preferred choice of users on Binance.
Binance stated that the success of this token is due to its integration across the platform and DeFi protocols, thereby enhancing its utility in trading, lending, and liquidity farming.
Launched in September 2024, BNSOL has quickly been integrated into over 20 Web3 projects and protocols. These protocols include Binance's centralized exchange and Binance Wallet, providing users with the opportunity to trade and utilize collateral while enjoying low gas fees and free staking until the end of 2024.
Features such as the Super Stake airdrop and APR interest rate increase events have enhanced its appeal. The development of BNSOL coincides with the expansion of the Solana ecosystem, witnessing its liquid staking rate double in 2024.
"The adoption and utility of BNSOL, both within and outside the Binance ecosystem, remain a top priority. By partnering with over 20 protocols and serving a diverse range of users, from large institutions to retail customers, we have helped investors maximize their income potential," Jeff Li, Vice President of Product at Binance, said to TinTucBitcoin.
She mentioned the collaboration between the Binance community and Solana's on-chain ecosystems as a driving force for collective growth.
Wider Impact on the Solana Ecosystem
The growth of BNSOL reflects broader trends in the development of Solana. The network has expanded into areas such as stablecoins, DeFi, and decentralized physical infrastructure networks (DePIN). Binance's focus on supporting users with advanced staking solutions has positioned BNSOL as a leader in this ecosystem.
Looking to the future, Binance plans to build on the success of BNSOL by deepening collaboration with the Solana network. The company has announced plans for additional APR interest rate increase airdrops, expanding protocol integrations, and developing new use cases for liquid staking tokens in 2025.
The rise of BNSOL reflects the increasing demand for accessible and utility-driven staking solutions. By leveraging the Binance ecosystem and the Solana network, this token has set a new standard for liquid staking tokens. As the Solana ecosystem continues to grow, BNSOL's role in shaping the future of staking is likely to increase.
