Binance Launches SOL Staking with BNSOL Token in Rewards

Binance is thrilled to announce the launch of its new Binance SOL Staking product, designed to offer flexible returns and enhanced utility for SOL stakers. This innovative solution allows users to stake their SOL tokens and receive BNSOL, a liquid staking token (LST) that provides liquidity and utility while still earning staking rewards.

What is Binance SOL Staking?

Binance SOL Staking enables users to stake SOL tokens on Binance and receive BNSOL in return. BNSOL acts as a liquid staking token, which means you can use it for trading, lending, or providing liquidity without losing out on staking rewards.

Essentially, it unlocks the liquidity of your staked SOL, letting you benefit from staking rewards while engaging in various Binance and DeFi activities.

How Does It Work?

When you stake SOL, you’ll receive BNSOL in your Spot Wallet. The amount of BNSOL you get is based on the BNSOL:SOL conversion ratio, which updates approximately every two days. 

As rewards accumulate, the value of BNSOL increases compared to SOL. You can redeem BNSOL for SOL at the current conversion ratio, though there may be a processing wait of about four days.

Key Benefits

1. Unlock Liquidity: BNSOL allows you to use your staked assets for multiple activities, unlike traditional staking where your assets are locked.

2. Earn Rewards: BNSOL’s value grows as staking rewards accumulate, providing a continuous benefit.

3. Flexible Redemption: Redeem BNSOL for SOL whenever needed or trade it on the spot market.

4. Diverse Utility: Use BNSOL for various Binance products and DeFi protocols, including trading and borrowing.

5. One-Click Staking: The process is simple and user-friendly, making it accessible for all users.

6. Trusted Platform: Binance’s robust security and customer support ensure a safe staking experience.

Comparing Staking Options

Unlike Binance Earn’s locked products and native Solana staking, Binance SOL Staking offers high flexibility and utility with dynamic APR and no network fees, making it a standout choice for many users.

Also Read: Binance Futures Launches Rocket Pool RPL with 75x Leverage