What is Binance SOL Staked (BNSOL)?

The listing of Binance’s BNSOL and the open trading of the BNSOL/SOL trading pair has raised the question for crypto investors: “What is SOL Staked (BNSOL)?”

BNSOL represents the amount of staked SOL and the rewards accumulated on the Solana network. When you stake your SOL tokens through Binance, you receive BNSOL in return.

It is also possible to use BNSOL on platforms outside of Binance, which provides great flexibility for investors. Due to the staking rewards that accumulate over time, the value of 1 BNSOL may exceed 1 SOL.

Each SOL Staked (BNSOL) represents 1 SOL you have staked and includes the rewards accumulated during the epoch period on the Solana network. An epoch on the Solana network lasts approximately 2 days, and the value of BNSOL is updated at the end of each epoch. This way, the rewards for your staked assets accumulate and increase over time.

If you wish to redeem your BNSOL after staking your SOL tokens, you will receive SOL based on the conversion rate valid on Binance. There may be a waiting period of around 4 days during the unstaking process. However, you can also sell your BNSOL on the spot market for quicker access to liquidity.