Binance, the world’s largest crypto exchange, plans to unveil a Solana staking product by the end of September, according to an announcement on Tuesday.
The so-called BNSOL tool will enable users to stake SOL tokens to earn a portion of fees paid out by the network and mint a liquid staking token that can be used while those underlying tokens are locked up.
“Unlike native staking, which locks up assets, BNSOL allows users to unlock liquidity, enjoy continuous reward accumulation, and seamlessly participate in both the Binance platform and the broader DeFi ecosystem, making it an ideal solution for those looking to maximize the potential of their staked Solana tokens,” Vishal Sacheendran, head of regional markets at Binance, said in a statement.
The utility of the liquid BNSOL token will ultimately rely on its adoption across the Solana-based decentralized finance sector.
