Yahya 
The largest bitcoin exchange globally, Binance, intends to provide a Solana staking product by the end of September so clients may get staking advantages while maintaining collateral liquidity. Made on Tuesday, the announcement introduces the BNSOL tool, a new product allowing users mint a liquid staking token and stake their SOL tokens, hence enabling continuous engagement in the larger decentralized finance (DeFi) ecosystem.
The implementation of BNSOL tool is going to bring better solution for the users as compared to native staking, where tokens are locked in for a particular period. Moreover, the platform’s new liquid staking token will surely make Binance users excited as it enables them to obtain SOL staking returns and immediate access to their tokens at the same time. Regarding those points, Vishal Sacheendran, the head of regional markets at Binance, said the following: “BNSOL opens an ability to unlock the liquidity, accumulate rewards non-stop, as well as engage with both the Binance ecosystem and DeFi system.”
Solana-based Approach DeFi’s success depends on BNSOL used in its design. Liquid staking tokens, which depict assets staked on proof-of-stake blockchains such as Solana or Ethereum—can be sold or accessed DeFi sites while the fundamental assets remain locked.
The dynamic annual percentage rate (APR) of the BNSOL currency will change with Solana staking level. Binance created this product in accordance with a commission ratio linked with the total benefits and the value of BNSOL with relation to SOL. Users will be allowed to redeem tokens even if a redemption waiting period would be applicable.
Binance’s BNSOL staking product is ready to provide an innovative alternative for investors looking to maximize the potential of their Solana holdings while maintaining liquidity throughout the DeFi market with the official release slated later this month.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.