The Binance Solana Liquid Staking Token, BNSOL, has achieved an important milestone by surpassing $1 billion in Total Value Locked (TVL) just 3 months after its launch.
This figure accounts for more than 10% of the current $900 million total market capitalization of Solana liquid staking tokens.
BNSOL, a Liquid Staking Powerhouse
With over 4.8 million SOL staked, BNSOL has emerged as a leader in the expanding Solana liquid staking space. The token has become the largest exchange-supported SOL liquid staking token and has gained popularity among Binance users.
Binance attributed the token's success to the integration across its platform and decentralized finance (DeFi) protocols, which enhances its utility for trading, lending, and liquidity farming.
Launched in September 2024, BNSOL has quickly integrated with over 20 Web3 projects and protocols, including Binance's centralized exchange and Binance Wallet, providing users with trading and collateral usage opportunities, and offering low gas fees and zero staking fees until the end of 2024.
Features like Super Stake Airdrops and APR Boosting events have further enhanced its appeal. BNSOL's growth is aligned with the expansion of the Solana ecosystem, with the liquid staking ratio doubling in 2024.
"The adoption and utility of BNSOL is a top priority both within and outside the Binance ecosystem. By collaborating with over 20 protocols and serving a diverse user base from large institutions to retail customers, we have enabled holders to maximize their earning potential." - Jeff Lee, VP of Product at Binance
She noted that the collaboration between the Binance community and the Solana on-chain ecosystem is a key driver of mutual growth.
Broader Impact on the Solana Ecosystem
The growth of BNSOL reflects the broader trends in Solana's development, with the network expanding into areas such as stablecoins, decentralized finance (DeFi), and decentralized physical infrastructure networks (DePIN). Binance's focus on supporting advanced staking solutions has positioned BNSOL as a leader in this ecosystem.
Going forward, Binance plans to deepen its collaboration with the Solana network, building on the success of BNSOL. The company has announced plans for additional APR Boosting Airdrops, further protocol integrations, and the development of new use cases for the liquid staking token by 2025.
The rise of BNSOL signifies the growing demand for accessible and utility-centric staking solutions. By leveraging Binance's ecosystem and the Solana network, this token has set a new standard for liquid staking tokens. As Solana's ecosystem continues to evolve, the role of BNSOL in shaping the future of staking will become increasingly significant.
