Binance has officially launched Binance SOL Staking (BNSOL), which lets users stake their Solana (SOL) tokens and earn rewards through a liquid staking token, BNSOL. This token lets users trade, lend or use staked assets across Binance's product suite and decentralized finance platforms without losing staking rewards.
Built on Solana's Stake Pool Program, BNSOL has lots of security features, including multiple audits, so investors can rest easy.
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What's more, the BNSOL token has a conversion ratio that is updated at each Solana epoch, so it reflects accumulated staking rewards over time. If you want to withdraw your stakes, Binance has you covered with both a standard redemption process and the option to instantly redeem BNSOL on the open market.
This adds an extra layer of liquidity and flexibility that was not always easy to find in the world of crypto staking.
#Binance launches BNSOL, a new way to stake SOL.Stake your $SOL, receive BNSOL, and unlock the flexibility to trade or lend.Keep earning rewards and using your assets across Binance products, @Web3WithBinance and DeFi, all while staking securely.Get started here 👉… pic.twitter.com/j2Y9Q5HhdP
— Binance (@binance) September 12, 2024
Binance is no stranger to staking. It is one of the largest platforms to offer such services. But the launch of BNSOL is a notable change, first of all for Solana. It is a crypto asset that ranks as the third largest by market capitalization when stablecoins are excluded.
Before, Solana holders could not use their tokens on Binance, but now they can earn rewards and benefit from one of the largest platforms out there with BNSOL.
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With $103.49 billion in assets, Binance's move into the Solana ecosystem could bring even more liquidity to SOL and drive further investor interest. And while Solana has already gained a lot of traction in this altcoin cycle, Binance's participation could help accelerate the network's growth in new and unexpected ways.
