Binance plans to launch a Solana (SOL) staking product by the end of September, according to an announcement on Tuesday. The tool, called BNSOL, will allow users to stake SOL tokens to receive part of the fees paid by the network and mint a liquidity staking token that can be used when these underlying tokens are locked. "Unlike native staking, BNSOL allows users to unlock liquidity, enjoy continuous reward accumulation, and seamlessly participate in the Binance platform and the broader DeFi ecosystem, which is an ideal solution for those who want to maximize the potential of their staked Solana tokens," said Vishal Sacheendran, head of regional markets at Binance, in a statement. Binance is writing a "dynamic annualized rate of return" (APR) for these tokens, which will be adjusted based on the current Solana staking income and follow a commission rate related to the amount of accrued rewards and the value of BNSOL relative to SOL. Users will be subject to a redemption waiting period when redeeming their tokens. Binance will officially announce the launch of the protocol later this month. (TheBlock)