Provided by the Stake Pool program of Solana Labs. This program has been thoroughly audited by external security firms, ensuring the security and reliability of the staking process. Binance's reputation as a trusted global platform adds an extra layer of confidence for users looking to stake SOL through their services.
BNSOL compared to other storage methods
To understand whether BNSOL is the best option, it is useful to compare it with other storage alternatives:
Original staking of SOL:
Liquidity: Original SOL staking locks tokens for a fixed period, limiting flexibility.
Rewards: Users earn staking rewards, but without liquidity to access them until the un-staking process is complete.
Waiting Period: Staking SOL on the Solana network involves multiple days of un-staking period when redeeming tokens.
Locked SOL storage products on Binance:
Liquidity: These products require users to lock their tokens for fixed periods (30, 60, 90 days).
Rewards: Offers a fixed annual interest rate, but early redemption forfeits the earned rewards.
BNSOL (Binance's staking of SOL):
Liquidity: BNSOL provides an alternative to liquid staking, allowing users to maintain liquidity and use tokens while earning staking rewards.
Redemption: Offers flexible redemption, either through Binance's staking mechanism or by trading BNSOL on the exchange.
Annual Percentage Rate (APR): The annual interest rate for rewards is dynamic and adjusts based on the conversion rate between BNSOL and SOL.
How to stake SOL and get BNSOL
To participate in SOL staking on Binance and receive BNSOL, follow these steps:
Deposit SOL: Transfer SOL tokens to your Binance account.
Stake SOL: Go to the SOL staking section and stake your SOL. You will receive BNSOL tokens in your Binance wallet.
Earning Rewards: Hold BNSOL and continue to earn staking rewards over time.
BNSOL Redemption: When you want to unstake, either redeem BNSOL for SOL or trade it on the exchange for instant liquidity
