Binance Staking Launches BNSOL Liquid Staking Solution and Introduces Boosted APR Promotion

Global leading crypto exchange Binance has recently launched Binance Staked SOL (BNSOL), a liquid staking solution for SOL users on the platform.

Binance Staked SOL (BNSOL) is now listed on Binance, and users can enjoy the boosted APR promotion when staking SOL to get BNSOL.

Binance has launched Binance Staked SOL (BNSOL), a liquid staking solution for SOL users on the platform. In addition to this new listing, Binance is offering a boosted APR promotion to incentivize stakers' participation in staking SOL. Here's a closer look at these developments.

Binance Staked SOL (BNSOL)

Binance Staked SOL (BNSOL) is a tokenized representation of users' staked SOL. When users stake their SOL tokens on Binance, they will receive an equivalent amount of BNSOL tokens. These BNSOL tokens can be used to trade on the exchange, participate in DeFi protocols, or further stake to earn rewards.

For example, if a user stakes 10 SOL tokens, they will receive 10 BNSOL tokens, which will also include all the staking rewards that have accrued on the staked SOL. This provides users with a way to access the liquidity of their staked assets while still benefiting from staking yields.

Binance Boosted APR Promotion

To celebrate the launch of BNSOL, Binance is offering a Boosted APR promotion for stakers. This promotion will increase the gains possible by staking SOL and getting BNSOL in return. The percentage of the boost will be calculated on each epoch, which spans two to three days on the Solana network.

This promotion will begin with Solana Epoch 685 at approximately 00:40 UTC on October 16, 2024. Stakers who join this program from that epoch onward will enjoy the increased APR.

Getting Started with BNSOL Staking

Users who wish to participate in the Binance SOL staking program can simply purchase SOLs on the Binance spot market or deposit their existing SOLs. Once users have SOL in their wallets, they can navigate to the Earn tab and, under Simple Earn, select SOL staking.

After staking their SOL tokens, users will receive Binance Staked SOL tokens, which they can then utilize within Binance's products or on other DeFi protocols. With Binance Staked SOL, Binance is enabling Solana holders to stake their tokens and simultaneously retain the transactional capability to accrue earnings. An additional layer to this is the Boosted APR promotion, which could make it an interesting prospect for SOL holders.

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