This announcement is general in nature. Products and services mentioned herein may not be available in your area.
Halo Binancian,
Binance is excited to introduce BNSOL - Binance SOL Staking. Users can securely stake SOL tokens and receive BNSOL in return, a liquid staking token representing their staked assets. BNSOL allows users to continue earning staking rewards while maintaining the flexibility to trade, lend, or leverage their assets across Binance products and external DeFi platforms.
About Binance SOL Staking and BNSOL:
Binance SOL Staking allows users to stake SOL tokens and receive BNSOL, a liquid staking token. Unlike native staking directly on the Solana network which locks up assets, BNSOL allows users to gain liquidity so they have the flexibility to trade, lend, or leverage their staked assets while still earning staking rewards.
BNSOL accumulates staking rewards through a BNSOL:SOL conversion ratio, even when used on other products on Binance or externally on DeFi platforms. Each BNSOL represents 1 SOL staked plus accumulated staking rewards. As time passes and SOL staking rewards accumulate, the value of 1 BNSOL will progressively exceed 1 SOL. BNSOL can be redeemed at any time, either through the standard redemption process with a waiting period or instantly by trading BNSOL on the market.
How to Start Staking SOL Binance:
Buy SOL on the Spot Market or via the Buy Crypto page which supports payment methods such as Visa and Mastercard, Apple Pay, Google Pay, and wallet balances. Users can also deposit SOL to their Binance account.
Head to the [Earn] section, select [Simple Earn], then click [Staking SOL].
Klik [Staking SOL].
Enter the desired staking amount. Read and agree to the terms, then click [Confirm] to receive BNSOL in your Spot Wallet.
About BNSOL Web3 Wallet & DeFi Integration:
BNSOL is also supported on the Binance Web3 Wallet. Users can withdraw BNSOL to the Web3 Wallet and explore Solana protocols that have integrated with BNSOL, such as Kamino, Solayer, Drift, Orca, Meteora, MarginFi, Raydium, Sanctum, Save, Jupiter, and Pyth.
Further information:
Notes:
Please read Binance SOL Staking Terms and Conditions and Risk Warning before using SOL Staking.
Each BNSOL token will collect SOL Staking rewards every epoch according to the refreshed APR on SOL Staking. Users can redeem their BNSOL tokens for the corresponding on-chain staking rewards in SOL based on the refreshed BNSOL:SOL conversion ratio.
BNSOL:SOL conversion ratio details
The BNSOL:SOL conversion ratio is dynamic and will be updated per epoch on the Solana network (approximately every 2 - 3 days) starting from Epoch 661 on 2024-08-26 at 13:04 UTC.
All BNSOL:SOL conversion ratio updates are dependent on the reference APR for each epoch, as shown on the Staking SOL page.
The “Staking” and “Redeem” features will be paused for approximately 10 minutes during the period when the BNSOL:SOL conversion rate is updated after each Epoch.
BNSOL conversions on the Staking SOL page will be rounded down to eight decimal places.
Binance has opened deposits and withdrawals for BNSOL.
Users can view their staking position by visiting the SOL Staking page.
The BNSOL redemption period is approximately 4 days. Potential processing restrictions on the Solana network, such as network failures or congestion, may impact redemptions. In such extreme cases, redemptions may be subject to restrictions set by Binance.
Users can refer to the following contract address for BNSOL on the Solana Network.
Binance and BNSOL Staking use the native Staking Pool Program managed by Solana Labs, a framework audited by multiple security firms and validated by multiple liquid staking token (LST) providers to ensure complete security of funds.
Please note that this project is based on the sole discretion of Binance's business operations and is not a direct endorsement of Solana and other related projects involved nor is it intended to serve as financial advice.
US citizens, entities, and individuals from sanctioned countries will not be able to use Binance SOL Staking. Additionally, users may face restrictions on access to Binance SOL Staking due to applicable product and/or regulatory restrictions. For more information, please read Binance Terms of Use.
There may be differences between the translated version and the original English version of this article. Please refer to this original version for the most current and accurate information if any differences arise.
Thank you for your support!
Tim Binance
12-09-2024
