Binance’s BNSOL Surpasses $1 Billion in TVL, Capturing 10% of Solana’s Liquid Staking Market

Binance’s Solana liquid staking token, BNSOL, has achieved a significant milestone, surpassing $1 billion in Total Value Locked (TVL) just three months after its launch.

This figure represents over 10% of Solana’s liquid staking tokens’ total market capitalization, which currently stands at $9 billion.

BNSOL Emerges as Liquid Staking Powerhouse

With more than 4.8 million SOL staked, BNSOL has emerged as a prominent player in the expanding Solana liquid staking sector. The token has become the largest exchange-backed SOL liquid staking token and a favorite among Binance users.

Binance attributed the token’s success to its integration across its platform and decentralized finance (DeFi) protocols, which enhance its utility for trading, lending, and liquidity farming.

Binance Staked SOL TVL. Source: DefiLlama

Launched in September 2024, BNSOL has quickly integrated into over 20 Web3 projects and protocols. These include Binance’s centralized exchange and Binance Wallet, offering users opportunities for trading and collateral use while enjoying low gas fees and zero staking fees through the end of 2024.

Features such as Super Stake airdrops and APR-boosting events have further enhanced its appeal. BNSOL’s growth coincides with the expansion of Solana’s ecosystem, which saw its liquid staking ratio double in 2024.

“BNSOL’s adoption and utility, both within and beyond Binance’s ecosystem, remain a top priority. By partnering with over 20 protocols and serving diverse users, from large institutions to retail clients, we’ve enabled holders to maximize their earning potential,” Jeff Li, VP of Product at Binance told BeInCrypto.

She noted the collaboration between Binance’s community and Solana’s on-chain ecosystems as a key driver of mutual growth.

A Broader Impact on Solana’s Ecosystem

BNSOL’s growth reflects broader trends in Solana’s development. The network has expanded into areas such as stablecoins, decentralized finance (DeFi), and decentralized physical infrastructure networks (DePIN). Binance’s focus on supporting users with advanced staking solutions has positioned BNSOL as a leader in this ecosystem.

Looking ahead, Binance plans to build on BNSOL’s success by deepening its collaboration with the Solana network. The company has announced plans for additional APR-boosting airdrops, expanded protocol integrations, and the development of new use cases for liquid staking tokens in 2025.

BNSOL’s rise signals a growing demand for accessible, utility-driven staking solutions. By leveraging Binance’s ecosystem and Solana’s network, the token has set a new standard for liquid staking tokens. As Solana’s ecosystem continues to evolve, BNSOL’s role in shaping the future of staking is likely to grow.

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