Binance, the world’s largest cryptocurrency exchange, has announced the much-anticipated listing of Binance Staked SOL (BNSOL). The trading pair BNSOL/SOL will officially be available on October 10, 2024, at 09:00 AM (UK).
How to Get Binance Staked SOL (BNSOL)
Binance shared three ways users can acquire BNSOL:
- Navigate to [Earn] > [SOL Staking] and click on [Stake SOL].
- Deposit SOL into Binance Web3 Wallet and convert it into BNSOL.
- Deposit BNSOL directly into your Binance account.
In addition to these options, Binance is also offering a promotional bonus to SOL stakers. According to the announcement, users can “stake SOL to receive BNSOL and enjoy an increased APR of up to 10%. Throughout the promotional period, both new and existing BNSOL holders will be eligible for an APR of up to 10%.”
What is Binance Staked SOL (BNSOL)?
Binance Staked SOL (BNSOL) is a token that represents your staked SOL and the staking rewards you’ve earned. Unlike traditional staking, where assets are locked and cannot be used for other purposes, BNSOL offers flexibility. You can trade, transfer, or use your staked SOL while still earning rewards.
Users can move BNSOL to personal wallets like Binance Web3 Wallet, allowing them to use the token outside of the Binance platform while continuing to accrue staking rewards. Even when used in other Binance products or external DeFi applications, BNSOL continues to accumulate rewards through the BNSOL
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