Binance, the world’s largest cryptocurrency exchange, has introduced a new liquid staking token for Solana stakers. The token, dubbed Binance SOL Staking (BNSOL), allows users to earn staking rewards on their Solana (SOL) tokens while maintaining liquidity.
What is BNSOL?
BNSOL is a 1:1 representation of staked SOL tokens on Binance. This means that for every SOL token staked, users will receive one BNSOL. Unlike traditional staking methods, BNSOL provides users with flexibility, allowing them to trade, lend, and use their assets on Binance and other DeFi platforms.
Benefits of BNSOL
- Liquidity: BNSOL gives stakers the ability to trade and use their staked SOL tokens, unlike native staking on the Solana network.
- Staking rewards: Users can earn staking rewards on their BNSOL tokens, just like they would with native staking.
- Ease of use: The staking process is simple and straightforward, requiring no special expertise.
How to Stake SOL on Binance
- Deposit SOL: Deposit SOL to your Binance spot wallet or purchase it directly from the exchange.
- Navigate to Earn: Go to the Earn section of Binance and select “Simple Earn.”
- Choose SOL staking: Select “Stake SOL” and enter the amount you want to stake.
- Confirm: Review the terms and conditions and click “Stake SOL.”
Using BNSOL
Once you have staked your SOL, you will receive BNSOL in your spot wallet. You can use BNSOL to trade for other assets, withdraw it to your Binance Web3 Wallet, or explore Solana-based protocols that support the token.
Also Read: Solana Defies FTX Sell-Off Fears – 77% Of Community Remains Bullish As $23.75M SOL Unstaked
Binance’s launch of BNSOL offers Solana stakers a new and innovative way to earn staking rewards while maintaining liquidity. By providing flexibility and ease of use, BNSOL could attract more users to the Solana ecosystem and boost the token’s value.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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