Bitget Partners with Solayer to Launch Solana Liquid Staking for Increased Flexibility
The post Bitget Partners with Solayer to Launch Solana Liquid Staking for Increased Flexibility appeared on BitcoinEthereumNews.com.
Bitget collaborates with Solayer to launch SOL liquid staking with BGSOL. BGSOL allows stakers to earn rewards while maintaining liquidity. The latest yield for BGSOL is approximately 8.15%. Crypto exchange Bitget has teamed up with Solayer, a Solana staking network, to launch liquid staking for Solana (SOL). The new service uses BGSOL, a token that lets users stake SOL without locking up their assets. With BGSOL, SOL holders can earn staking rewards while keeping the flexibility to trade or lend their assets. Unlike traditional staking, where assets are locked, this new service keeps users’ funds accessible for decentralized finance (DeFi) activities, including trading and lending. “With BGSOL, Bitget is offering users a more versatile financial solution. By maintaining liquidity while earning rewards, we’re opening up new possibilities within the DeFi ecosystem,” said Gracy Chen, CEO at Bitget. BGSOL: Yield, Exchange Rate, and Redemption Details The yield for BGSOL currently stands at around 8.15%, though it fluctuates depending on market conditions and overall staking participation across the Solana network. Meanwhile, staking rewards accumulate over time, increasing the value of BGSOL. Additionally, the exchange rate between SOL and BGSOL updates every two to three days, giving users full transparency on their asset’s value progression. “BGSOL brings flexibility and innovation to Solana staking. This is just the first step in building a blue-chip infrastructure on Solana,” said Rachel Chu, co-founder of Solayer. Users can redeem BGSOL for SOL at any time, with a four-day processing period depending on network congestion. Once redeemed, the SOL will be available in the user’s account, though it will no longer accumulate staking rewards after the redemption process begins. BGSOL Joins the Growing Trend of Liquid Restaking Tokens BGSOL is part of a broader trend in liquid restaking tokens (LRTs), building on the success of Binance’s BNSOL and…
Filed under: News - @ October 23, 2024 9:27 am