BNSOL Receives Major Backing, What It Means For Binance Staked SOL?

BNSOL, a token representing staked SOL and staking rewards in a tradable and transferable form on Binance, recently marked a landmark achievement. The token secured listing on the abovementioned crypto exchange, primarily with enhanced user offerings. This listing has ignited an optimistic torrent for the staked Solana token’s future, as one of the top exchanges extends backing for it.

BNSOL Secures Binance Listing With Boosted APR Promotion

As per an official announcement by Binance dated October 9, the staked Solana and rewards token will be listed and available for trading on the exchange starting October 10 at 08:00 UTC. The trading pair to be listed remains BNSOL/SOL. Further, the exchange revealed vital details on the token’s promotion period and APR (annual percentage rate) in its announcement.

The promotion period for the token set by the exchange is 8-10 days from October 16 (UTC). Further, all new and existing token holders stand poised to get up to 10% in APR during the promotion period. However, the APR is likely to fluctuate between 8-10% based on the total value locked each epoch, i.e., 2-3 days. Subsequently, the APR will stabilize and revert to normal after the promotion period concludes. One can refer to the exchange’s staking page for further details on the matter.

This announcement by the top crypto exchange has gained substantial traction across the broader industry, bringing noteworthy attention to staked SOL product. Market participants can get the Binance staked Solana token by staking SOL on the exchange’s Web3 wallet and also by navigating to ‘staking SOL’ on the platform’s earn page.

More About The Staked SOL Token

As mentioned above, Binance staked SOL is a token reflecting staked SOL and the staking rewards altogether in a tradable and transferable form. Contrary to ordinary staking that locks assets, the new staked token is aimed at offering users flexibility. Users can sell, transfer, or even move the staked SOL to their personal wallets and use it anywhere apart from the platform.

CoinMarketCap data illustrated that BNSOL price today traded at $143, down nearly 1% over the past day. Simultaneously, even SOL price traded at $143, noting a 1% dip, intraday. Nevertheless, renowned crypto influencer BitBoy took to X today, stating, “Big moves are coming in the SOL ecosystem.” This announcement further aligns with the abovementioned development, sparking optimism for the broader Solana ecosystem globally.

Meanwhile, in another saga, the crypto exchange also listed Scroll (SCR) recently, underscoring efforts to offer enhanced offerings with crypto project backings.