Binance plans to launch Solana’s liquidity staking token BNSOL by the end of September

Binance plans to launch a Solana (SOL) staking product by the end of September, according to an announcement on Tuesday. The tool, called BNSOL, will allow users to stake SOL tokens to earn a portion of the fees paid by the network and mint a liquidity staking token that can be used while those underlying tokens are locked. "Unlike native staking, BNSOL allows users to unlock liquidity, enjoy ongoing rewards accumulation, and seamlessly participate in the Binance platform and the broader DeFi ecosystem, making it an ideal solution for those looking to maximize the potential of their staked Solana tokens," said Vishal Sacheendran, Binance's head of regional markets, in the statement. Binance is programming a "dynamic annualized rate of return" (APR) for the tokens, which will adjust based on current Solana staking returns and follow a commission rate tied to the amount of accrued rewards and the value of BNSOL relative to SOL. Users will be subject to a redemption waiting period when redeeming their tokens. Binance will officially announce the launch of the protocol later this month. (TheBlock)