Main conclusions
Staking SOL on Binance allows you to stake SOL tokens against BNSOL, a liquidity storage token that can be used in various Binance products and external DeFi applications.
The benefits of BNSOL include earning flexible returns, maintaining liquidity, and enjoying unparalleled interest and security in the Binance ecosystem.
BNSOL holders can trade, stake, invest, lend, and use their tokens in various ways to gain value in their staked SOL tokens while earning staked rewards at the same time.
Stay tuned for its launch in September and get ready to enhance your SOL staking experience with Binance!
Storing SOL on Binance is your chance to earn flexible SOL liquidity rewards with a simple click.
Following our teaser announcement at the end of August, we are now excited to reveal more details about our upcoming Binance SOL staking product! The staking solution will allow you to earn flexible returns and enjoy unparalleled utility in the Binance ecosystem for SOL staking.
Let's take a look at what SOL staking on Binance is, the benefits you can expect, and how you can get involved yourself.
What is SOL staking on Binance and BNSOL?
Staking SOL on Binance allows you to stake your SOL tokens on Binance in exchange for BNSOL, a liquidity staking token (LST). BNSOL can be used for trading, lending, or providing liquidity, while still earning staking rewards.
In simple terms, staking SOL on Binance provides liquidity for the staking 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.
SOL Staking on Binance: Staking, Rewards, Redemption, Withdrawal
Let's dive a little deeper into each of the basic concepts of staking, rewards, redemptions, and withdrawals when using SOL staking on Binance.
SOL storage
When you stake SOL, you will receive BNSOL, a tokenized representation of your staked SOL tokens, in your spot wallet. The amount of BNSOL you will receive is determined by the BNSOL:SOL conversion rate displayed on the SOL stake page on Binance.
BNSOL Value and Rewards
Each BNSOL token represents one SOL token staked plus the staking rewards accumulated since 2024-08-26, 06:04:38 (UTC) in round 661 on the Solana network. Over time, as SOL staking rewards accumulate, the value of one BNSOL token gradually exceeds the value of one SOL token.
The rate is updated every round on Solana (approximately 2 days) to reflect the rewards accumulated via the BNSOL:SOL conversion rate.
Refund
You can redeem BNSOL for SOL based on the current BNSOL:SOL conversion rate at the time of redemption.
Please be aware that there may be processing restrictions and a waiting period of approximately 4 days between submitting a refund request and receiving your refunded SOL codes.
Withdraw BNSOL to external platforms
BNSOL tokens will continue to earn staking rewards even when used in other Binance products or external DeFi applications. You can withdraw your BNSOL tokens to another wallet, such as the Binance Web3 Wallet, via the usual process for withdrawing digital assets from your Binance account.
Let's take a quick look at how the process works:
Store your SOL tokens and you will 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 tokens to the wallet.
Head over to [Discover] to find your favorite decentralized app to start using your BNSOL tokens.
What are the advantages of using SOL storage on Binance?
1. Get liquidity
SOL staking on Binance allows you to store your SOL tokens and earn BNSOL, a liquidity storage token. Unlike native staking on the Solana network where your assets are locked up, BNSOL tokens allow you to use your stored assets to trade, lend, or provide liquidity, while still earning staking rewards. This flexibility is not often available with native staking.
2. Earn storage rewards
The value of BNSOL increases relative to SOL as staking rewards accumulate. Native staking on Solana and Binance Earnâs SOL products require you to lock up your tokens for a set period of time, limiting your ability to access your reward value immediately.
3. Flexible recovery
Storing SOL on Binance offers a flexible exit policy. You can either:
Redeem your BNSOL tokens for SOL anytime you need by selling them on the spot trading market, giving you easy access to your stored assets.
Unstake your BNSOL tokens at the conversion rate specified on the Staking SOL on Binance page (when it is live) and wait for the redemption waiting period to end.
4. Various services
BNSOL tokens will be available for use and supported across many Binance products and DeFi protocols in the near future, allowing you to maximize the utility of your SOL tokens. For example, you may want to use your BNSOL tokens for:
Staking on DeFi protocols, where you can participate in liquidity mining, lending, borrowing, re-staking, and other activities.
Trade on the Binance spot market and use it as collateral in margin trading and futures trading. Note that these features will only be available after the release at a later date.
Borrowing using tokens as effective collateral for crypto loans. This strategy can greatly improve the efficiency of your capital and allow you to earn SOL staking rewards and borrow funds for other strategies at the same time.
Enhance the liquidity of your stored assets, reduce the opportunity cost of original storage, and provide a significant advantage in terms of capital efficiency.
5. One-click storage
The process is simple and easy to use. With just one click, you can store your SOL tokens and start earning rewards, making it accessible even to beginners.
6. Trusted platform
Binance is a globally recognized and trusted platform with a strong reputation for security and reliability. When you store your SOL tokens on Binance, you benefit from the platformâs strong security measures and customer support.
7. Security
Binance has developed its Solana staking product using the native staking pool software managed by Solana Labs, a robust framework that has been audited by multiple security firms to ensure the safety of funds. This staking pool software has also been thoroughly audited by multiple liquidity staking providers, further enhancing its reliability and security.
What are the differences between SOL staking on Binance, Earn staked products, and native staking on Solana?
To see if staking SOL on Binance is a right product for you, we've listed the differences compared to two other popular options: Binance Earn staked products and native staking on Solana.
How can I participate in SOL staking on Binance?
Our users will be able to stake SOL on Binance in just three simple steps:
Store SOL tokens: Store SOL tokens and get BNSOL as a token representation of the stored SOL tokens.
Earn SOL Tokens: Earn SOL staking rewards by holding BNSOL.
Flexibility in SOL redemption: Redeem BNSOL for SOL at the specified conversion rate.
To make sure you're ready to launch SOL staking on Binance, head over to the platform to purchase SOL tokens and get ready to stake!
SOL Staking to Launch on Binance This September
It wonât be long before our community can soon enjoy the benefits described above with our new liquidity staking product. Be sure to stay tuned for more information and announcements soon as we get closer to launch day!
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Disclaimer: Cryptocurrency prices are subject to fluctuations. The value of your investment may go down as well as up, and you may not get back the amount you invested. You are solely responsible for your investment decisions, and Binance is not responsible for any losses you may incur. The Annual Percentage Rate (APR) is an estimate of the rewards you will earn in cryptocurrencies over the specified time frame. It does not reflect actual or expected returns in any supported local currency. The APR is adjusted daily, and estimated rewards may differ from actual rewards achieved. This information does not constitute financial advice. For more information, see the Terms of Use and Risk Warning.
