What is Binance Staked SOL (BNSOL) and what can I do with it?
Binance Staked SOL (BNSOL) represents your staked SOL plus the staking rewards received, in a tradable and transferable form. Ordinary staking would lock up your staked assets, which means you cannot use them for other purposes – it increases a user's opportunity cost. In contrast, BNSOL provides flexibility to sell, transfer, or use the staked SOL position. You can even move 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.
Key differences between SOL Locked Products and Binance SOL Staking
| SOL Locked Products | Binance SOL Staking | |
| Utility Tokens | N/A | BNSOL |
| APR | Locked APR | Dynamic APR calculated based on the onchain Solana staking rewards (less commission) |
| Rewards Calculation & Distribution | You will receive SOL rewards based on the amount of SOL that you subscribed and the APR. The rewards will be distributed to your Spot Wallet daily. | Rewards are compounded to increase the value of your BNSOL. Please note that rewards are not directly distributed to your Spot Wallet. Instead, The BNSOL:SOL conversion ratio is updated every Epoch (approximately 2-3 days) to reflect the rewards earned from the staked SOL. |
| Utilities | Earn APR rewards, which will be distributed daily to your Spot Wallet. | - Earn SOL Staking rewards, which is compounded to increase the value of each BNSOL. - Flexibility to access DeFi protocols and services outside Binance while still remaining eligible to earn SOL Staking rewards through your BNSOL holdings. |
| How to Obtain | Subscribe to SOL Locked product on Simple Earn’s page. | Stake SOL on the Binance SOL Staking page. |
How to stake SOL to BNSOL?
Please refer to the Binance SOL Staking FAQ for more details.
How to redeem BNSOL to SOL?
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].
3. The redeemed SOL will be returned to your Spot Wallet when your SOL redemption request is fully processed.
For more details, please visit the Binance SOL Staking FAQ.
What can I do with BNSOL?
For more details on BNSOL, please visit BNSOL Use Cases & Frequently Asked Questions.
Risk Warning: 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. APR is an estimate of rewards you will earn in cryptocurrency over the selected timeframe. It does not display the actual or predicted returns/yield in any fiat currency. APR is adjusted daily and the estimated rewards may differ from the actual rewards generated. Not financial advice. For more information, see our Terms of Use and Risk Warning.