Binance, the largest cryptocurrency exchange globally, has announced its upcoming staking service for Solana [SOL], set to launch in late September. In a recent press statement, Binance revealed that users will be able to stake their SOL and earn rewards in return for Binance Staked SOL [BNSOL], a liquid staking token.
Vishal Sacheendran, Binance’s Head of Regional Markets, emphasized that the staking service will offer a straightforward method for earning rewards.
“Being among the pioneers in providing SOL liquid staking, Binance is introducing a smooth and adaptable way for users to earn rewards while retaining complete control over their staked assets.”
He further elaborated,
“Unlike traditional staking that locks up assets, BNSOL permits users to access liquidity, experience continuous reward accrual, and seamlessly engage with the Binance platform and the wider DeFi ecosystem.”
Solana Staking Momentum
Records from Solana Beach indicate that approximately 383.5 million SOL tokens, which represent 65% of the current supply, have been staked. Recent data from Staking Rewards reveals an addition of nearly 10 million staked SOL tokens towards the end of August.
The staking trend is expected to gain momentum once Binance and other exchanges officially introduce their liquid staking services. Notably, the SOL price did not immediately react to last week’s announcement.
Nevertheless, a significant price surge was witnessed following the latest Binance announcement, as SOL showcased a strong rebound against both Bitcoin [BTC] and Ethereum [ETH] pairs during Wednesday’s Asia trading session on September 4th.
Moreover, SOL stood out as one of the tokens leading the mid-week recovery, accompanied by a notable increase in trading volumes.
Despite the prevailing bearish sentiment in the broader crypto market, the recent update could potentially spur a sustainable rally should BTC continue to exhibit weakness.
On the price charts, SOL was struggling to maintain the $128 support level post a rejection at $160, raising concerns of a potential drop towards $110 if sellers breach the support level.