Main Takeaways
Binance SOL Staking lets you stake SOL tokens in return for BNSOL, a liquid staking token usable across various Binance products and external DeFi applications.
BNSOL benefits include earning flexible returns, maintaining liquidity, and enjoying unparalleled utility and security within the Binance ecosystem.
BNSOL holders can trade, stake, invest, loan, and use their tokens in various ways to unlock the value of their staked SOL while simultaneously accruing staked rewards.
Stay tuned for the launch in September and get ready to enhance your SOL staking experience with Binance!
Binance SOL Staking is your chance to earn flexible, liquid SOL rewards with just one simple click.
After our teaser at the end of August, we’re now excited to reveal more details about our upcoming Binance SOL Staking product! Our staking solution will allow you to earn flexible returns and enjoy unparalleled utility within the Binance ecosystem for SOL stakers.
Let’s take a look at what Binance SOL Staking is, the benefits you can expect, and how you can get involved yourself.
What Are Binance SOL Staking and BNSOL?
Binance SOL Staking allows you to stake your SOL tokens on Binance in return for BNSOL, a liquid staking token (LST). BNSOL can be used for trading, lending, or providing liquidity, all while still earning staking rewards.
In simple terms, Binance SOL Staking unlocks the liquidity of your staked SOL tokens. BNSOL accumulates staking rewards through the BNSOL:SOL conversion rate, even when used in other products on Binance or externally on DeFi protocols.
Binance SOL Staking: Staking, Rewards, Redemption, & Withdrawing
Let’s dive a little deeper into each of the basic concepts of staking, rewards, redemption, and withdrawing when using Binance SOL Staking.
Staking SOL
When you stake SOL, you will receive BNSOL, a tokenized representation of your staked SOL, in your Spot Wallet. The amount of BNSOL you receive is determined by the BNSOL:SOL conversion ratio displayed on the Binance SOL Staking page.
BNSOL’s value & rewards
Each BNSOL represents 1 staked SOL plus the accumulated staking rewards since 2024-08-26, 06:04:38 (UTC) at epoch 661 on Solana network. Over time, as SOL Staking rewards accumulate, the value of 1 BNSOL progressively exceeds that of 1 SOL.
The ratio is updated every Solana epoch (approximately 2 days) to reflect the accrued rewards via the BNSOL:SOL conversion ratio.
Redemption
You can redeem BNSOL for SOL based on the current BNSOL:SOL conversion ratio at redemption time.
Please note that there may be processing restrictions and a waiting period of approximately 4 days between submitting a redemption request and receiving the redeemed SOL.
Withdrawing BNSOL to external platforms
Your BNSOL will continue to earn staking rewards even when used in other Binance products or external DeFi applications. You can withdraw your BNSOL to another wallet, such as the Binance Web3 Wallet, via the typical process for withdrawing digital assets from your Binance account.
Let’s quickly look at how the process would work:
Stake your SOL and find your BNSOL tokens in your Binance Spot Wallet.
Create and backup your Binance Web3 Wallet if you haven't already.
Click [Transfer] in your Binance Web3 Wallet to transfer your BNSOL over to the wallet.
Head to [Discover] to find your favorite dApp to start utilizing your BNSOL.
What Are the Benefits of Using Binance SOL Staking?
1. Unlock liquidity
Binance SOL Staking allows you to stake your SOL tokens and receive BNSOL, a liquid staking token. Unlike direct native staking on Solana network where your assets are locked, BNSOL enables you to use your staked assets for trading, lending, or providing liquidity, all while still earning staking rewards. This flexibility is often not available with native staking.
2. Earn staking rewards
The value of BNSOL increases relative to SOL as staking rewards accumulate. Native staking on Solana and Binance Earn’s SOL Locked Products require you to lock your tokens for a fixed period, limiting your ability to access your reward’s value promptly.
3. Flexible redemption
Binance SOL Staking offers a flexible exit policy. You can either:
Redeem your BNSOL for SOL whenever you need by selling it on the spot market, providing you with easy access to your staked assets.
Unlock your BNSOL at the given conversion ratio on the Binance SOL Staking page (when live) and wait out the redemption waiting period.
4. Diverse utility
BNSOL will be available for use and supported across various Binance products and DeFi protocols in the near future, allowing you to maximize the utility of your staked SOL. For example, you may want to use your BNSOL for:
Staking on DeFi protocols, where you can engage in liquidity farming, lending, borrowing, restaking, and more activities.
Trading on the Binance spot market and using it as collateral in margin and futures trading. Note, these features will only be available post release at a later date.
Borrowing by using the token as effective collateral for crypto loans. This strategy can significantly boost your capital efficiency and allow you to earn SOL staking rewards and borrow funds for other strategies at the same time.
Enhancing the liquidity of your staked assets, reducing the opportunity cost of native staking, and offering a significant advantage in terms of capital efficiency..
5. One-click staking
The process is straightforward and user-friendly. With just one click, you can stake your SOL and start earning rewards, making it accessible even for beginners.
6. Trusted platform
Binance is a globally recognized and trusted platform with a strong reputation for security and reliability. When you stake your SOL on Binance, you benefit from the platform's robust security measures and customer support.
7. Security
Binance has developed its Solana Staking product using the original Stake Pool Program maintained by Solana Labs, a robust framework that has been audited by multiple security firms to ensure the safety of funds. This Stake Pool Program has also been thoroughly validated by various LST providers, further reinforcing its reliability and security.
What Are the Differences Between Binance SOL Staking, Earn Locked Products, & Solana Native Staking?
To figure out whether Binance SOL Staking is a suitable product for you, we’ve listed the differences compared to two other popular options: Binance Earn locked products and Solana Native staking.
How Can I Take Part in Binance SOL Staking?
Our users will be able to take part in Binance SOL Staking with just three simple steps:
Stake SOL: Stake SOL and get BNSOL as the tokenized representation on your staked SOL.
Earn SOL: Accrue SOL staking rewards by holding BNSOL.
Flexibility to Redeem SOL: Redeem BNSOL for SOL at the given conversion rate.
To make sure you’re prepared for our Binance SOL Staking launch, head to the exchange to purchase SOL and get ready to stake!
Keep Your Eyes Peeled for the Binance SOL Staking Launch this September
It won’t be long until our community will soon be able to enjoy the benefits outlined above with our new liquid staking product. Make sure to look out for more information and announcements coming soon as we get closer to launch day!
Further Reading
Disclaimer: 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.
