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Binance allows you to stake SOL and receive BNSOL in exchange, a liquid staking token that can be used in various Binance products and external DeFi applications.
BNSOL provides flexible returns, maintains liquidity, and allows you to take advantage of the secure Binance ecosystem.
BNSOL holders can trade, stake, invest, lend, and use the tokens in other ways. This allows users to access their staked SOL while earning staking rewards.
Don't miss the launch in September and get ready to stake SOL on Binance!
Staking SOL on Binance is a chance to earn flexible liquid rewards in SOL with just one click.
Following our teaser at the end of August, we are excited to reveal more details about the upcoming SOL staking on Binance! This will allow you to earn flexible returns and benefit from the Binance ecosystem.
Let's take a look at what SOL staking on Binance is, what benefits it provides, and how to participate.
What is SOL Staking on Binance and BNSOL?
Binance allows you to stake SOL tokens in exchange for BNSOL, a liquid staking token (LST). BNSOL can be used for trading, borrowing, or providing liquidity while earning staking rewards.
Simply put, SOL staking on Binance allows you to earn extra profits on the SOL tokens that are staked. Staking rewards are calculated based on the BNSOL:SOL conversion rate, even if BNSOL is used in other Binance products or external DeFi applications.
SOL Staking on Binance: Staking, Rewards, Redemption, and Withdrawal
Let's dive into each of the main concepts: staking, rewards, redemption, and unstaking.
SOL Staking
When you stake SOL, your spot wallet will receive BNSOL, which is the tokenized representation of the staked SOL. The amount of BNSOL you receive depends on the BNSOL:SOL conversion rate, which is displayed on the SOL staking page on Binance.
BNSOL Cost and Rewards
Each BNSOL represents 1 SOL staked plus staking rewards accumulated since 2024-08-26 06:04:38 (UTC) at epoch 661 on the Solana network. As SOL staking rewards accumulate, the value of 1 BNSOL will increasingly exceed the value of 1 SOL.
The BNSOL:SOL conversion rate is updated every Solana epoch (approximately every 2 days) to reflect accumulated rewards.
Repayment
You can exchange BNSOL for SOL at the time of redemption based on the current BNSOL:SOL conversion rate.
Please note that there is a waiting period of approximately 4 days between submitting a redemption request and receiving the withdrawn SOLs and there may be processing limitations.
Bringing BNSOL to External Platforms
BNSOL will continue to earn staking rewards even if you use it in other Binance products or external DeFi applications. You can withdraw BNSOL to another wallet, such as Binance Web3 Wallet, through the normal process of withdrawing digital assets from a Binance account.
Let's look at how this process will work:
Stake SOL and find BNSOL tokens in the Binance spot wallet.
Create a backup of your Binance Web3 wallet if you haven't already.
Click “Transfer” in Binance Web3 Wallet to transfer BNSOL to the wallet.
Open the search section to find your favorite DApp and start using BNSOL.
Benefits of SOL Staking on Binance
1. Access to liquidity
SOL staking on Binance allows you to stake SOL and receive BNSOL, a liquid staking token, in return. BNSOL allows you to use your staked assets to trade, lend, or provide liquidity while earning staking rewards. Native staking on the Solana network typically doesn’t have this flexibility, as your tokens are simply locked up and remain inaccessible.
2. Staking rewards
As staking rewards accumulate, the value of BNSOL increasingly exceeds the value of SOL. However, native staking on Solana and Binance Earn products with fixed terms lock your tokens for a fixed period of time and limit your quick access to rewards.
3. Flexible repayment
SOL staking on Binance offers a flexible exit policy. You can:
Exchange BNSOL for SOL at any time by selling it on the spot market.
Unlock BNSOL at the conversion rate listed on the SOL staking on Binance page (when active) and wait for the redemption period.
4. Various use cases
In the near future, BNSOL will be available for use in Binance products and DeFi protocols, so you can get the most out of SOL in staking. Here are some scenarios where BNSOL can be used:
Staking in DeFi protocols, where you can engage in liquidity farming, lending and receiving loans, restaking and other activities.
Trading on the Binance spot market, as well as using BNSOL as collateral in margin and futures trading (these features will be available at a later date).
Using BNSOL as collateral for crypto loans. This strategy can significantly improve capital efficiency, as it allows you to simultaneously earn rewards for staking SOL and borrow funds for other strategies.
Increased liquidity of staking assets, reduced opportunity costs from native staking, and capital efficiency benefits.
5. One-click staking
Staking is easy and convenient to use, even for beginners: with just one click you can stake your SOL and start earning rewards.
6. Reliable platform
Binance is a world-renowned platform with a good reputation. Binance staking users are protected by robust security measures and customer support.
7. Security
SOL staking on Binance was built on the original staking pool program powered by Solana Labs, a solid foundation that has been audited by multiple industry peers to ensure the safety of funds. This staking pool program has also been thoroughly audited by various Liquid Staking Token (LST) providers, further validating its reliability and security.
The Difference Between Binance SOL Staking, Earn's Fixed-Term Products, and Solana's Native Staking
To find out if Binance SOL staking is right for you, we compared it to two other popular options: Earn's locked-term products and Solana's native staking.
How to participate in SOL staking on Binance?
Our users will be able to participate in SOL staking on Binance in just three simple steps:
Start staking: stake SOL and receive BNSOL as a tokenized representation of the staked SOL.
Earn SOL: Earn SOL staking rewards by holding BNSOL.
Redeem SOL: Exchange BNSOL for SOL at the specified conversion rate.
To prepare for the launch of SOL staking on Binance, head to the exchange and buy SOL!
Stay tuned for Binance's SOL staking launch in September
Our community will soon be able to take advantage of the benefits described above. Stay tuned for more information and announcements as we get closer to the launch of SOL staking!
Additional materials
Disclaimer: Prices of digital assets may be volatile. The value of your investments may go up or down, and you may not get back the amount you invested. You are solely responsible for your investment decisions. Binance is not liable for any losses that may arise. APR is an estimate of the reward you will earn in cryptocurrency over a specified period of time. It does not represent actual or projected returns in fiat currency. APY changes daily. Calculated rewards may differ from actual rewards. This content does not constitute financial advice. Please read our Terms of Use and Risk Disclosure for more information.
