Binance plans to launch the Solana liquid staking token BNSOL by the end of September

2024-09-04 08:36:22

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ChainCatcher news, according to an announcement on Tuesday, Binance plans to launch a Solana (SOL) staking product by the end of September.

This tool, named BNSOL, will allow users to stake SOL tokens to earn a portion of the fees paid by the network and mint a liquid staking token that can be used while these underlying tokens are locked. "Unlike native staking, BNSOL allows users to unlock liquidity, enjoy continuous reward accumulation, and seamlessly participate in the Binance platform and the broader DeFi ecosystem. This is an ideal solution for those looking to maximize the potential of their staked Solana tokens," said Vishal Sacheendran, head of Binance's regional markets, in a statement.

Binance is writing a "dynamic annual percentage rate" (APR) for these tokens, which will be adjusted based on the current staking yield of Solana and follow a commission rate related to the accrued reward amount and the value of BNSOL relative to SOL. Users will be subject to a redemption waiting period when redeeming their tokens. Binance will officially announce the launch of the protocol later this month.

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Binance Solana BNSOL

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