Binance announced today that its SOL liquid staking token, BNSOL, has surpassed $1 billion in total value locked (TVL), marking a significant milestone in just three months since its September 2024 launch. The achievement represents over 10% of Solana’s liquid staking market, which now boasts a total capitalization of $8 billion.
BNSOL has rapidly emerged as the largest exchange-backed SOL liquid staking token, with more than 4.8 million SOL staked on the platform. The token’s growing adoption highlights its utility, high rewards, and seamless integration across Binance’s ecosystem and Web3 protocols.
“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, allowing SOL stakers to benefit from the utility on the world’s largest exchange and the Web3 landscape.“
BNSOL’s Role in Solana’s Growing Ecosystem
Launched in September 2024, BNSOL offers users a liquid staking solution for Solana’s SOL tokens. Liquid staking allows users to stake their tokens while retaining liquidity, enabling participation in other DeFi activities such as lending, trading, and liquidity farming.
Key highlights of BNSOL include:
- No staking fees until the end of 2024.
- Integration with 20+ Web3 protocols, including Binance’s centralized exchange and Binance Wallet.
- Features like Super Stake airdrops, APR-boosting events, and collateral usage.
The token’s utility has been a major driver of its adoption, allowing Binance users to earn staking rewards while accessing a wide range of financial opportunities across the Binance platform and DeFi protocols.
Solana’s Liquid Staking Sector Sees Rapid Growth
The success of BNSOL aligns with the broader expansion of Solana’s ecosystem, which has seen its liquid staking ratio more than double in 2024. The Solana blockchain, known for its high transaction speeds and low fees, has experienced growth across areas such as stablecoins, DeFi (decentralized finance), and DePIN (decentralized physical infrastructure networks).
“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.”
Future Plans for BNSOL
Binance plans to further expand BNSOL’s role in 2025 through additional innovations and strategic collaborations with the Solana ecosystem. Upcoming initiatives include:
- Expanded protocol integrations.
- APR Boost Airdrop Rewards through BNSOL Super Stake.
- New use cases for liquid staking tokens.
As liquid staking continues to grow, Binance aims to remain a leading player, offering solutions that connect centralized exchanges with decentralized ecosystems.
