Binance has reached a remarkable milestone with BNSOL, its SOL liquid staking token, which has exceeded $1 billion in Total Value Locked (TVL) within just three months of its launch. This achievement accounts for over 10% of the total market capitalization of Solana’s liquid staking tokens, solidifying BNSOL’s position as a dominant force in the ecosystem. Solana’s liquid staking sector continues to expand rapidly, with a total market capitalization of $8 billion. With over 4.8 million SOL staked, BNSOL has emerged as the largest exchange-backed SOL liquid staking token and a favorite among Binance users due to its high rewards and versatile use cases.
A Milestone Reflecting Tremendous Demand
“Surpassing $1 billion in Total Value Locked in just three months reflects the tremendous demand for BNSOL,” said Jeff Li, VP of Product at Binance. “The integration of BNSOL with various products on the Binance platform and DeFi protocols has been a key driver of adoption, enabling SOL stakers to leverage the utility on the world’s largest exchange and the broader Web3 ecosystem.”
Key Features Driving BNSOL’s Success
Since its launch in September 2024, BNSOL has positioned itself as a cornerstone of the Solana liquid staking ecosystem. Its success is attributed to:
- Integration with Over 20 Web3 Projects: BNSOL is seamlessly integrated into Binance’s centralized exchange, Binance Wallet, and numerous DeFi protocols.
- Extensive Use Cases: Users can participate in trading, lending, liquidity farming, and collateral applications.
- Low Fees: BNSOL offers low gas fees and zero staking fees until the end of 2024.
- Enhanced Utility: Features such as Super Stake airdrops, APR boosting events, and ecosystem integrations provide added value to SOL stakers.
These features have not only elevated BNSOL’s appeal but also differentiated it as a premier solution for SOL staking.
Supporting Solana’s Ecosystem Growth
BNSOL’s success aligns with the growth of Solana’s ecosystem, which has seen its liquid staking ratio more than double in 2024. Solana continues to expand into areas like stablecoins, DeFi, and decentralized physical infrastructure networks (DePIN). Binance’s commitment to fostering innovation and providing advanced staking solutions like BNSOL underscores its support for this vibrant ecosystem.
“Liquid staking is a way to connect Binance’s strong community with the vibrant on-chain ecosystems being built on Solana,” said Lily Liu, President of the Solana Foundation. “Binance’s commitment to BNSOL and its integration into the Binance ecosystem is impressive. We look forward to more opportunities for our communities to collaborate.”
Looking Ahead: Innovations for 2025
Binance plans to further expand BNSOL’s role through strategic innovations and deeper collaboration with the Solana ecosystem. Upcoming developments include:
- Enhanced Rewards: Additional APR Boost Airdrop Rewards via BNSOL Super Stake.
- Expanded Protocol Integrations: Broader use across various Web3 platforms.
- Cutting-Edge Use Cases: New applications designed to redefine the potential of liquid staking tokens.
These initiatives aim to solidify BNSOL’s status as a leading solution in the liquid staking sector and offer users unparalleled benefits.
