Total locked value of Binance SOL liquidity staking tokens exceeds $1 billion

Binance’s BNSOL leads the Solana liquid staking ecosystem with over $1 billion in total value locked.

Total locked value of Binance SOL liquidity staking tokens exceeds $1 billion

BNSOL reaches $1 billion
Binance announced that its Solana Liquid Staking Token, BNSOL, has reached a major milestone. The token recently surpassed $1 billion in total value locked (TVL), equivalent to more than 10% of the market capitalization of all Solana Liquid Staking Tokens.

An important factor in BNSOL’s success is the expansion of the Solana ecosystem, with its liquid staking ratio more than doubling by 2024 and a total market valuation of $8 billion .

BNSOL has become extremely popular among Binance users due to its high returns and wide application, solidifying its position as a key player in the liquid staking ecosystem with over 4.8 million SOL staked. BNSOL is also the largest exchange-supported SOL liquid staking token, putting it in a unique space.

Binance VP of Product Jeff Li expressed his enthusiasm for BNSOL reaching this milestone.

“Surpassing $1 billion in TLV in just three months reflects the huge demand for BNSOL. BNSOL’s integration with various products on the Binance platform and DeFi protocols is a key driver of the token’s adoption.”

BNSOL provides users with the opportunity to participate in trading, lending, liquidity mining and staking while enjoying low gas fees and zero staking fees until the end of 2024.