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Binance Announces BNSOL, Enabling Staking of SOL Tokens for BNSOL Rewards

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September 12, 2024
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Binance Launches BNSOL (Binance SOL Staking)

ChainCatcher reports that Binance has announced the launch of BNSOL (Binance SOL Staking). Users can stake SOL and receive BNSOL, a liquid staking token. This allows users to earn staking rewards while also using their tokens flexibly across Binance products and external DeFi platforms.

BNSOL accumulates staking rewards through a conversion rate, meaning its value gradually surpasses the equivalent amount of SOL over time. Users can redeem BNSOL at any time through standard redemption or market trading.

Additionally, BNSOL is compatible with the Binance Web3 Wallet, allowing integration with various Solana ecosystem projects like Kamino, Drift, Orca, etc. This aims to provide users with more SOL staking options while simultaneously enhancing the liquidity of the Solana ecosystem.

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