Global leading crypto exchange Binance has recently launched Binance Staked SOL (BNSOL), a liquid staking solution for SOL users on the platform. In addition to this new listing, BINANCE has provided the boost Annual Percentage Rate (APR) offer to incentivize the stakeholder’s participation in staking.
What is Binance Staked SOL (BNSOL)?
For instance, if a user intends to stake their SOL token but also wants to retain flexibility in how they manage those staked assets, Binance Staked SOL or BNSOL provides exactly that. Traditional staking means you cannot use the staked coins for a set period, whereas BNSOL gives users a tokenized version of the staked SOL. This token can be traded, used within DeFi protocols, or used for staking to gain rewards.
There is 1 BNSOL for every staked SOL plus all the staking rewards that came with it. This is an interesting option that enables stakers to access the liquidity of their assets while still benefitting from staking yields.
Binance’s Boosted APR Promotion
To celebrate the launch of BNSOL, Binance is giving away Boosted APR promotion for now. This promotion increases the gains possible by stake SOL and getting BNSOL in return. The percentage of the boost will be calculated on each epoch, between two to three days on the Solana network.
According to Binance, 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.
How to Get Started with BNSOL Staking
Those who wants to participate under the Binance SOL staking program can simply buy SOLs on the Binance spot market or deposit existing SOLs. If users have SOL in their wallet, they can go to the Earn tab, and then under Simple Earn, they can select SOL staking. Following staking, the users will get Binance Staked SOL tokens and they can use them on products that belong to Binance or on other DeFi protocols.
With the Binance Staked SOL, Binance is allowing Solana holders to stake their tokens and, at the same time, have the transactional ability to receive earnings. The additional layer that Boosted APR brings in the promotion makes it an interesting prospect for SOL holders.
