Crypto Exchange Binance Unveils BNSOL For Flexible And Secure Staking On Solana
In Brief
Binance’s Solana Staking product allows users to securely stake SOL tokens, earn dynamic rewards, and unlock liquidity with the BNSOL token.
Blockchain ecosystem behind the cryptocurrency exchange Binance, announced the forthcoming launch of its Solana Staking product, Binance SOL Staking, scheduled to go live later this September. This new service will allow users to stake their Solana (SOL) tokens on Binance while retaining control and flexibility through Binance Staked SOL (BNSOL), a liquid staking token that represents their staked assets.
“As one of the first crypto exchanges to offer SOL liquid staking, Binance is providing a seamless and flexible way to earn rewards while allowing users to maintain full control over their staked assets,” said Vishal Sacheendran, Head of Regional Markets at Binance, in a written statement. “Unlike native staking, which locks up assets, BNSOL allows users to unlock liquidity, enjoy continuous reward accumulation, and seamlessly participate in both the Binance platform and the broader DeFi ecosystem, making it an ideal solution for those looking to maximize the potential of their staked Solana tokens,” he added.
With Binance SOL Staking, users will stake SOL and receive BNSOL tokens in exchange. BNSOL enables users to earn staking rewards continuously while maintaining the flexibility to trade, lend, or use their assets across Binance’s offerings and various external DeFi platforms.
Binance SOL Staking allows users to maximize the potential of their staked Solana tokens by offering features such as dynamic rewards, enhanced liquidity, flexible redemption options, and a user-friendly experience.
The BNSOL token represents both staked SOL and the rewards accumulated over time. Users will benefit from a variable annual percentage rate (APR) that adjusts based on on-chain Solana staking rewards adjusted for commission, ensuring competitive returns. The conversion ratio between BNSOL and SOL will be updated with each Solana epoch, which takes approximately every two days, to account for earned rewards and changes in BNSOL’s value relative to SOL.
Furthermore, BNSOL can be used within Binance’s ecosystem and across various decentralizd finance (DeFi) platforms, providing users with increased flexibility. Token holders will be able to trade, invest, farm, loan, or use their BNSOL according to their investment strategies. Additionally, users will be able to redeem their tokens at any time, either after a waiting period or instantly by trading BNSOL on the market.
Binance Launches BNSOL Leveraging Solana’s Stake Pool Program
Binance is a leading cryptocurrency exchange, supporting transactions involving more than 350 cryptocurrencies and digital tokens. It is recognized for its competitive transaction fees and robust liquidity options, serving a diverse user base.
The exchange has created its Solana Staking product using the original Stake Pool Program developed by Solana Labs. This framework, which has undergone audits by several security firms, is designed to ensure the safety of funds. Additionally, the Stake Pool Program has been validated by various liquid staking token (LST) providers, further reinforcing its reliability and security.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
