Binance’s SOL Liquid Staking Token BNSOL Hits $1 Billion TVL in Just Three Months
The post Binance’s SOL Liquid Staking Token BNSOL Hits $1 Billion TVL in Just Three Months appeared on BitcoinEthereumNews.com.
BNSOL’s performance solidifies its position as a major participant in the expanding liquid staking ecosystem, with over 4.8 million SOL staked. BNSOL has made a name for itself in the Solana liquid staking environment since its launch in September 2024. Today, Binance, the global blockchain ecosystem that powers the biggest cryptocurrency exchange in the world in terms of users and trading volume, announced an important milestone: Within three months of its inception, BNSOL, its SOL liquid staking token, has topped $1 billion in Total Value Locked (TVL), or more than 10% of the market capitalization of all of Solana’s liquid staking tokens. This accomplishment coincides with the explosive rise of Solana’s liquid staking sector, which now has a $8 billion total market cap. Being the biggest exchange-backed SOL liquid staking token and a favorite among Binance users due to its high returns and wide range of applications, BNSOL’s performance solidifies its position as a major participant in the expanding liquid staking ecosystem, with over 4.8 million SOL staked. Jeff Li, VP of Product at Binance stated: “Surpassing $1 billion in Total Value Locked in just three months reflects the tremendous demand for BNSOL. The integration of BNSOL with various products on the Binance platform and DeFi Protocols has been a key driver of adoption for the token, allowing SOL stakers to benefit from the utility on the world’s largest exchange and the Web3 landscape.” BNSOL has made a name for itself in the Solana liquid staking environment since its launch in September 2024. BNSOL offers users the opportunity to engage in trading, lending, liquidity farming, and collateral usage while taking advantage of low gas fees and zero staking fees until the end of 2024. It is integrated with more than 20 Web3 projects and protocols, including Binance’s centralized exchange and…
Filed under: News - @ December 19, 2024 4:19 am