Binance has achieved a significant milestone with BNSOL, its Solana liquid staking token, as it surpasses $1 billion in total value locked (TVL). This remarkable achievement represents over 10% of the market capitalization of all Solana liquid staking tokens.
The success of BNSOL can be attributed to the rapid expansion of Solana’s ecosystem, which has witnessed its liquid staking ratio more than double in 2024, reaching an estimated market valuation of $8 billion.
BNSOL’s popularity among Binance users stems from its high returns and versatile applications, solidifying its position as a leading player in the liquid staking ecosystem. With over 4.8 million SOL staked, BNSOL has also become the largest exchange-backed SOL liquid staking token, setting itself apart in the market.
Jeff Li, Binance’s Vice President of Product, expressed his excitement about the milestone, stating that BNSOL enables users to explore trading, lending, liquidity farming, and collateral usage. Additionally, the token offers low gas fees and zero staking fees until the end of 2024.
BNSOL is integrated with over 20 Web3 projects and protocols, including Binance’s centralized exchange and Binance Wallet. Features such as annual percentage rate (APR) boosting events and super stake airdrops further enhance its appeal.
“Liquid staking bridges Binance’s strong community with the dynamic on-chain ecosystems being developed on Solana,” said Lily Liu, President of the Solana Foundation. “We are excited about the opportunities for collaboration between these communities.”
Looking ahead to 2025, Binance plans to strengthen BNSOL’s position by expanding protocol integrations and introducing innovative use cases, further solidifying its role in the Solana ecosystem.
