Binance, the global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and users, announced a significant milestone today: BNSOL, its SOL liquid staking token, has surpassed $1 billion in Total Value Locked (TVL) within three months of its launch, representing approximately over 10% of the total market capitalization of Solana’s liquid staking tokens. This achievement comes as Solana’s liquid staking sector experiences rapid growth, with the total market capitalization reaching $8 billion.
With over 4.8 million SOL staked, BNSOL’s success firmly establishes it as a key player in the growing liquid staking ecosystem, becoming the largest exchange-backed SOL liquid staking token and one of the favorites among Binance users for its high rewards and extensive use cases.
“Surpassing $1 billion in Total Value Locked in just three months reflects the tremendous demand for BNSOL,” said Jeff Li, VP of Product at Binance. “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.”
Since its debut in September 2024, BNSOL has established itself as a key participant in the Solana liquid staking ecosystem. Integrated with over 20 Web3 projects and protocols—including Binance’s centralized exchange and Binance Wallet—BNSOL provides users with the ability to participate in trading, lending, liquidity farming, and collateral usage while benefiting from low gas fees and zero staking fees until the end of 2024. Features such as Super Stake airdrops, APR boosting events, and integration across Binance’s platforms enhance its utility and distinguish it within the ecosystem as a solution for SOL staking.
BNSOL’s success is closely tied to the growth of Solana’s ecosystem, which has seen its liquid staking ratio more than double in 2024. As Solana continues to expand into areas such as stablecoins, DeFi, and DePIN, Binance remains committed to driving further innovation and supporting users with advanced staking solutions like BNSOL.
“Liquid staking is a way to connect Binance’s strong community with the vibrant on-chain ecosystems being built on Solana,” said Lily Liu, President of the Solana Foundation. “Binance’s demonstrated commitment to BNSOL and the many ways it has already been integrated into the Binance ecosystem is impressive. We look forward to more opportunities for our strong communities to collaborate.”
Looking ahead, Binance plans to expand BNSOL’s role further through close collaboration with the Solana ecosystem and strategic innovations in 2025. Users can look forward to additional APR Boost Airdrop Rewards from BNSOL Super Stake, expanded protocol integrations, and cutting-edge use cases designed to redefine the potential of liquid staking tokens.
About Binance
Binance is a leading global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and registered users. Binance is trusted by more than 240 million people in 100+ countries for its industry-leading security, transparency, trading engine speed, protections for investors, and unmatched portfolio of digital asset products and offerings from trading and finance to education, research, social good, payments, institutional services, and Web3 features. Binance is devoted to building an inclusive crypto ecosystem to increase the freedom of money and financial access for people around the world with crypto as the fundamental means. For more information, visit: https://www.binance.com
This post was last modified on Dec 18, 2024, 15:11 GMT 15:11