Binance’s BNSOL token, which represents liquid staking on Solana, has achieved a major milestone, surpassing $1 billion in Total Locked Value (TVL) after just three months of launch.
This number accounts for more than 10% of the total market capitalization of Solana’s liquid staking tokens, currently reaching 9 billion USD.
BNSOL Stands Out as a Liquid Staking Powerhouse
With over 4.8 million SOL currently being staked, BNSOL has emerged as a key player in Solana’s expanding liquid staking sector. This token has become the largest SOL liquid staking token supported by the exchange and is a user favorite on Binance.
Binance attributes the Token’s success to its platform-wide integration with DeFi (DeFi) protocols, thereby enhancing its utility in trading, lending, and liquidity farming.
Launched in September 2024, BNSOL was quickly integrated into more than 20 Web3 projects and protocols. These protocols include Binance’s centralized exchange and Binance Wallet, which provide users with the opportunity to trade and use collateral while enjoying low gas fees and free staking until the end of 2024.
Features such as Super Stake airdrop issuance and APR increase events have enhanced its appeal. BNSOL’s growth goes hand in hand with the expansion of the Solana ecosystem, which will see its liquid staking rate double by 2024.
“The adoption and utility of BNSOL, both within and outside of Binance’s ecosystem, remains a top priority. By partnering with over 20 protocols and serving a diverse range of users, from large institutions to retail clients, we help investors maximize their income potential, ” Jeff Li, Vice President of Product at Binance told TinTucBitcoin.
She mentioned the synergy between the Binance community and Solana’s on-chain ecosystems as a driving force for overall development.
Wider Impact on the Solana Ecosystem
BNSOL’s growth reflects broader trends in Solana’s development. This network has expanded into areas such as stablecoins, DeFi (DeFi), and decentralized physical infrastructure networks (DePIN). Binance’s focus on supporting users with cutting-edge staking solutions has positioned BNSOL as a leader in this ecosystem.
Looking to the future, Binance plans to build on BNSOL’s success by deepening its collaboration with the Solana network. The company announced plans for additional APR airdrops, expanded protocol integration, and the development of new use cases for liquid staking tokens in 2025.
The rise of BNSOL demonstrates the growing demand for convenient and accessible staking solutions. By leveraging Binance’s ecosystem and the Solana network, the Token sets a new benchmark for liquid staking tokens. As Solana’s ecosystem continues to grow, BNSOL’s role in shaping the future of staking will likely increase.