Binance announces the launch of BNSOL, allowing users to stake SOL tokens and receive BNSOL as a reward

ChainCatcher news, Binance has announced the launch of BNSOL (Binance SOL Staking) service. Users can earn the liquid staking token BNSOL after staking SOL, which allows them to earn staking rewards and use it flexibly on Binance products and external DeFi platforms.

BNSOL accumulates staking rewards through a conversion ratio, and over time its value will gradually exceed an equivalent amount of SOL. Users can redeem BNSOL at any time, supporting standard redemptions and market instant trading.

In addition, BNSOL is compatible with the Binance Web3 wallet and can be integrated with multiple Solana ecosystem projects such as Kamino, Drift, Orca, etc., aiming to provide users with more SOL staking options while increasing liquidity in the Solana ecosystem.