SOL Staking with BNSOL Token in Rewards is Now Available on Binance 2024. With the goal of providing SOL stakers with more usefulness and flexible returns, Binance is excited to announce the debut of its new product, Binance SOL Staking.
With the help of this creative approach, users can earn staking incentives while staking their SOL tokens and receiving BNSOL, a liquid staking token (LST) that offers usefulness and liquidity.
Users can stake SOL tokens on Binance and get BNSOL in return through the Binance SOL Staking program.
Because BNSOL functions as a liquid staking token, users can trade, lend, or supply liquidity with it without forfeiting their right to staking rewards.
In essence, it allows you to take advantage of staking benefits while taking part in other Binance and DeFi events by unlocking the liquidity of your staked SOL.
Users will receive BNSOL in their Spot Wallets when staking SOL. Based on the BNSOL:SOL conversion ratio, which is updated roughly every two days, users will get BNSOL.
The value of BNSOL rises relative to SOL as incentives mount. At the current conversion ratio, BNSOL can be redeemed for SOL, however there might be a four-day processing delay.
Principal Advantages
- Unlock Liquidity: Unlike traditional staking, where your assets are locked, BNSOL enables you to use your staked assets for a variety of purposes.
- Earn Rewards: As staking rewards accrue, BNSOL’s value increases, offering a steady benefit.
- Flexible Redemption: Exchange BNSOL for SOL on the spot market or redeem it anytime needed.
- Diverse Utility: Trade, borrow, and use BNSOL for a range of Binance products and DeFi protocols.
- One-Click Staking: This method is easy to use and accessible to all people due to its simplicity.
- Reliable Platform: A secure staking experience is guaranteed by Binance’s strong security and customer assistance.
Binance SOL Staking is a popular option among users due to its dynamic APR, great flexibility, and lack of network costs, which sets it apart from Binance Earn’s locked products and native Solana staking.