Binance Expects Solana Shares in September: What’s Next for SOL
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Author: Benja, Journalist
Posted:
- Binance will be launching its Solana staking service in late September.
- The price of SOL has shown a moderate reaction to the general weakness in the crypto market.
The world’s largest cryptocurrency exchange, Binance, has announced a new staking program for Solana [SOL]. The launch is set for late September. According to a recent press release, Binance’s liquid staking token (LST), Binance Staked SOL (BNSOL), will provide users with an opportunity to stake SOL and earn rewards.
Vishal Sacheendran, Head of Regional Markets at Binance stated that the new staking services will offer an easy way for users to earn rewards.
“As one of the world’s first crypto exchanges offering SOL liquid staking, Binance provides a flexible and streamlined method for earning rewards while retaining control over staked assets.”
“BNSOL presents a modern approach to stake tokens. Unlike traditional native staking that locks assets away, BNSOL enhances liquidity and allows continuous reward accumulation. Furthermore, it facilitates smooth interaction with various platforms on the Binance ecosystem including DeFi opportunities.”
Solana Staking Trend
According to data from Solana Beach, approximately 65% or around 383.5 million SOL tokens have been staked so far. Additionally, reports from Staking Rewards highlight that over 10 million SOL tokens have been placed into staking since August ended.
Bianceand various exchanges are likelyto accelerate this ongoing trend with their pending liquidstaking service launch.On an interesting note,SOL prices showed no notable changes following last week ‘s announcement.”
SOLhas seen significant jumpsagainst BTCand Ethereum[ETH] pairs duringthe Asian trading hoursonWednesdayafternoonSeptember4.
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