- BNSOL from Binance Exchange just joined the $1 billion TVL club.
- Launch incentives and expanded integrations helped chart BNSOL’s success.
Binance, the world’s largest crypto exchange, has reached a new milestone with its Solana liquid staking token, BNSOL. In just three months after launching, BNSOL has surpassed $1 billion in Total Value Locked (TVL). This milestone demonstrates the token’s increasing adoption and relevance in the Decentralized Finance (DeFi) ecosystem.
Binance Exchange’s BNSOL Dominates the Liquid Staking Sector
BNSOL has emerged as a key player in the Solana liquid staking sector, with over 4.8 million SOL staked. BNSOL has become the largest exchange-backed SOL liquid staking token and a favorite among Binance users.
Binance attributes the token’s success to its integration with the exchange and DeFi protocols. These integrations have enhanced the token’s utility for trading, lending, and liquidity farming.
BNSOL, which began trading on October 10, is a liquid staking derivative. CNF reported that the token allows SOL holders to stake while retaining liquidity.
Since launching, BNSOL has quickly integrated with over 20 Web3 projects and protocols. Among these are Binance’s centralized exchange and Binance Wallet, offering users opportunities for trading and collateral use. At the same time, users also enjoy low gas fees and zero staking fees until the end of 2024.
Other features that have increased BNSOL’s attractiveness include the APR-boosting events and Super Stake airdrops. Upon launching, Binance introduced an Annual Percentage Rate (APR) promotion of 8-10% for new and old users. Through this promotion, users get a higher yield on their staked Solana tokens, thus attracting new users to the product.
Notably, BNSOL’s growth coincides with the expansion of Solana’s ecosystem, which saw its liquid staking ratio double in 2024. In a recent interview, Jeff Li, VP of Product at Binance, said the adoption and utility of BNSOL within and outside Binance’s ecosystem remain top priorities.
BSOL’s Impact on Solana’s Ecosystem
BNSOL’s latest milestone comes amid positive sentiments and achievements in the Solana ecosystem. Per a CNF report, Solana’s first Layer-2 protocol, Solaxy has raised almost $3 million in its ongoing token presale event. Solana has expanded to other areas like stablecoins, Non-Fungible Tokens (NFT), and Decentralized Physical Infrastructure Networks (DePIN).
The Solana network already delivers what users and developers crave: fast transaction speeds, low fees, and an expanding ecosystem of developers. Therefore, Binance’s focus on supporting users with advanced staking solutions has positioned BNSOL as a leader in this ecosystem.
Binance has announced intentions to capitalize on BNSOL’s success and strengthen its partnership with Solana. In the future, Binance plans to introduce additional APR-boosting airdrops and expanded protocol integrations. The exchange plans to create new use cases for liquid staking tokens in 2025.
Overall, BNSOL’s success reflects a growing desire for user-friendly, utility-driven staking solutions. Leveraging Binance’s ecosystem and Solana’s network, the token has established a new benchmark for liquid staking. BNSOL’s role in influencing the future of staking is expected to rise in tandem with Solana’s ecosystem growth.
Currently, Solana’s native token, SOL, trades at $208, down 4.09% in the last 24 hours. Similarly, BNSOL has decreased by 4.5% within the same time frame to trade at $211.50.
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