Binance Staked SOL (BNSOL) Gains Strong Support – Here’s What It Means for SOL Holders
The post Binance Staked SOL (BNSOL) Gains Strong Support – Here’s What It Means for SOL Holders appeared on BitcoinEthereumNews.com.
Binance has listed BNSOL, a token representing staked Solana and rewards, with trading starting on October 10. The listing gives users more flexibility with their staked assets, allowing them to trade, transfer, or move their tokens. The Binance staked Solana (BNSOL) token, representing staked SOL and rewards, recently achieved a major milestone. The token was officially launched on Binance, one of the largest cryptocurrency exchanges through which users can trade and transfer the token. This is expected to greatly affect the Solana ecosystem, especially with the support from Binance and the boosted APR promotion. On October 9, Binance announced that BNSOL would be listed for trading effective October 10 with the trading pair BNSOL/SOL. This is crucial for the staked Solana token since users will have more control over their staked assets. The listing raises the possibility of the advantages of owning BNSOL for investors who want to avoid traditional staking methods that tether assets. Binance also pointed to a promotional period for BNSOL holders. From October 16, both new and existing users can get an annual percentage rate (APR) of 8 – 10%. This promotion allows users to get a higher yield on their staked Solana assets, thus potentially bringing more users to the product. Market Reacts to BNSOL Listing The listing announcement has caught the attention of the cryptocurrency community. Nonetheless, according to CoinMarketCap data, the BNSOL token was trading at $143 by October 9, which is 1% lower than the previous day. Similarly, the native token of the Solana network, SOL, also went down by 1% within the same period and was traded at $143. The volatility remains the key driver of price dynamics, but sentiments are still mostly positive. Crypto influencer BitBoy shared his positive outlook on the Solana ecosystem on social media, suggesting the network…
Filed under: News - @ October 11, 2024 3:28 am