Solana staking is coming to Binance

-

Binance is preparing to introduce its staking service for Solana by the end of September, allowing users to stake their SOL tokens and earn rewards through Binance’s liquid staking token, known as Binance Staked SOL, or BNSOL.

Yield from the crypto assets

This new staking option is long-awaited by users because it offers a flexible way for users to earn rewards without losing access to their assets.

solana
X

Vishal Sacheendran, the Head of Regional Markets at Binance, explained that unlike traditional staking, which locks up cryptocurrencies, BNSOL enables users to maintain liquidity while still accumulating rewards.

This means that users can engage with both the Binance platform and the wider DeFi ecosystem without restrictions.

Solana staking trends

The trend of staking Solana tokens is gaining momentum, with 65% of SOL’s total supply, around 383.5 million tokens, are already staked.

Data from Staking Rewards shows that nearly 10 million SOL tokens were staked in late August alone.

Source: Staking Rewards

This undeniable growing interest in staking could accelerate further as Binance and other exchanges launch their liquid staking services.

Interestingly, SOL’s price didn’t react immediately after the announcement, but it saw a strong rebound against Bitcoin and Ethereum during the Asia trading session on September 4.

If Bitcoin continues to struggle, and many thinks it will, the updates from Binance could start a more sustained rally for SOL.

Have you read it yet? WazirX hacker launders $6.5M through Tornado Cash

LATEST POSTS

North Korean hackers pull off Hollywood-style crypto heist

Let’s say you’re a crypto developer, minding your own business, looking for your next gig. You see a job post from a legit-sounding company, like...

Cash ban looms in Russia

So, picture this, you’re in Moscow, maybe sipping a coffee, minding your own business in the glitzy International Business Center, Moscow City, as the locals...

Gold is on fire, so gold-backed stablecoins too

Let’s talk about gold-backed tokens, guys. You know, those coins on the blockchain that say, hey, I’m worth my weight in gold, literally! Now, with...

Nigerian Court Orders Arrest of CBEX Promoters in ₦1 Billion Crypto Fraud Case

A Federal High Court in Abuja approved the Economic and Financial Crimes Commission’s (EFCC) request to arrest six individuals involved with Crypto Bridge Exchange (CBEX)....

Most Popular

Guest posts