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Binance’s BNSOL leads the Solana liquid staking ecosystem with its total value locked exceeding $1 billion.
BNSOL Hits $1 Billion Mark
Binance has announced a major milestone for BNSOL, its Solana liquid staking token. The token recently crossed $1 billion in total value locked (TVL), representing more than 10% of the market cap of all of Solana’s liquid staking tokens.
An important factor in BNSOL’s success is the expansion of Solana‘s ecosystem which has seen its liquid staking ratio more than double in 2024 with an estimated $8 billion market valuation.
The popularity of BNSOL among Binance users due to its high returns and wide range of applications has solidified its position as a key participant in the liquid staking ecosystem with over 4.8 million SOL staked. BNSOL is also the largest exchange-backed SOL liquid staking token, putting it in a league of its own.
Jeff Li, Binance VP of Product expressed his enthusiasm for BNSOL hitting this landmark.
“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.”
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 Binance wallet with features like annual percentage rate (APR) boosting events and super stake airdrops.
“Liquid staking is a way to connect Binance’s strong community with the vibrant on-chain ecosystems being built on Solana. We look forward to more opportunities for our strong communities to collaborate,” said Lily Liu, President of the Solana Foundation.
Through strategic developments and cooperation with the Solana ecosystem, Binance intends to further develop BNSOL’s position in 2025 with more protocol integrations and innovative use cases.