Binance, the global blockchain ecosystem that powers the world’s biggest crypto exchange by trading volume and users, has announced the imminent launch of its Solana Staking product, Binance SOL Staking, which will go live later this September.
With Binance Staked SOL (BNSOL), users will be able to securely stake their Solana (SOL) tokens on Binance while still having complete control over their assets.
Users may effortlessly stake their SOL tokens using Binance SOL Staking, and in exchange they will obtain BNSOL, a liquid staking token that symbolizes their staked assets. With BNSOL, users may continue to get rewards for staking and still have the option to sell, lend, or spend their assets on other DeFi platforms and Binance products.
Vishal Sacheendran, Head of Regional Markets at Binance stated:
“As one of the first crypto exchanges to offer SOL liquid staking, Binance is providing a seamless and flexible way to earn rewards while allowing users to maintain full control over their staked asset. Unlike native staking, which locks up assets, BNSOL allows users to unlock liquidity, enjoy continuous reward accumulation, and seamlessly participate in both the Binance platform and the broader DeFi ecosystem, making it an ideal solution for those looking to maximize the potential of their staked Solana tokens.”
Binance SOL Staking enables users to take maximum use of the Solana tokens they have staked by providing:
Dynamic Rewards:
Staked SOL as well as the cumulative staking rewards over time will be represented by BNSOL. A dynamic APR that tracks commission-adjusted on-chain Solana staking rewards will be advantageous to users, guaranteeing competitive returns. Every Solana epoch, or approx every two days, the BNSOL:SOL conversion ratio will be changed to reflect the accumulated incentives and the growing value of BNSOL relative to SOL.
Expanded Liquidity:
BNSOL provides users with more freedom and usefulness by being able to be used not just within Binance’s ecosystem but also across a variety of DeFi apps. In accordance with their investment strategy, BNSOL holders will be free to trade, invest, farm, lend, and spend their tokens as they see fit.
Flexible Redemption:
Because of BNSOL’s flexibility, users may instantaneously redeem their tokens by trading them on the market or at any time, subject to a redemption waiting period.
User-Friendly Process:
With only one click, users may begin earning rewards using Binance’s simple and user-friendly staking process. Because of its simplicity, both inexperienced and seasoned users may utilize it.
Using the original Stake Pool Program, which is run by Solana Labs and is a solid structure that has undergone several security company audits to guarantee complete money protection, Binance developed its Solana Staking product. Further confirming the Stake Pool Program’s dependability and security is the extensive validation that it has received from several liquid staking token (LST) providers.
Users of Binance’s Solana Staking product may safely stake SOL tokens, get dynamic rewards, and utilize the flexible BNSOL token to unlock liquidity. Soon, Binance’s official social media channels and the Binance Announcement Channel will both reveal the official product launch date and further information.
