Binance is preparing to introduce its staking service for Solana by the end of September, allowing users to stake their SOL tokens and earn rewards through Binance’s liquid staking token, known as Binance Staked SOL, or BNSOL.
Yield from the crypto assets
This new staking option is long-awaited by users because it offers a flexible way for users to earn rewards without losing access to their assets.
Vishal Sacheendran, the Head of Regional Markets at Binance, explained that unlike traditional staking, which locks up cryptocurrencies, BNSOL enables users to maintain liquidity while still accumulating rewards.
This means that users can engage with both the Binance platform and the wider DeFi ecosystem without restrictions.
Solana staking trends
The trend of staking Solana tokens is gaining momentum, with 65% of SOL’s total supply, around 383.5 million tokens, are already staked.
Data from Staking Rewards shows that nearly 10 million SOL tokens were staked in late August alone.
This undeniable growing interest in staking could accelerate further as Binance and other exchanges launch their liquid staking services.
Interestingly, SOL’s price didn’t react immediately after the announcement, but it saw a strong rebound against Bitcoin and Ethereum during the Asia trading session on September 4.
If Bitcoin continues to struggle, and many thinks it will, the updates from Binance could start a more sustained rally for SOL.
