Binance SOL Liquid Staking Token Surpasses $1 Billion in Total Value Locked

Binance’s Solana liquid staking token, BNSOL, has achieved a major milestone, surpassing $1 billion in total value locked (TVL). This accomplishment represents over 10% of the total market capitalization of all Solana liquid staking tokens, further solidifying BNSOL’s leading role in the ecosystem.

BNSOL Hits $1 Billion Mark

The success of BNSOL can be attributed to the rapid growth of Solana’s ecosystem, which has seen its liquid staking ratio more than double in 2024, reaching an estimated $8 billion market valuation. BNSOL’s widespread adoption among Binance users has been driven by its high returns and diverse applications. With over 4.8 million SOL staked, BNSOL has emerged as the largest exchange-backed SOL liquid staking token.

Jeff Li, Binance VP of Product, expressed his excitement about this milestone:

“Surpassing $1 billion in Total Value Locked in just three months reflects the tremendous demand for BNSOL. The integration of BNSOL with various products on the Binance platform and DeFi protocols has been a key driver of adoption for the token.”

Why BNSOL Stands Out

BNSOL provides users with opportunities for trading, lending, liquidity farming, and collateral usage while benefiting from low gas fees and zero staking fees until the end of 2024. It is also integrated with over 20 Web3 projects and protocols, including Binance’s centralized exchange and wallet. Additional features like APR boosting events and super stake airdrops make it even more appealing to users.

Lily Liu, President of the Solana Foundation, highlighted the significance of liquid staking in connecting communities:

“Liquid staking is a way to connect Binance’s strong community with the vibrant on-chain ecosystems being built on Solana. We look forward to more opportunities for our strong communities to collaborate.”

Strategic Vision for 2025

Binance’s strategic development of BNSOL doesn’t stop here. Through enhanced collaboration with the Solana ecosystem, Binance plans to expand protocol integrations and introduce innovative use cases in 2025. These initiatives aim to further solidify BNSOL’s position in the liquid staking market and contribute to the ongoing evolution of decentralized finance.

With its impressive TVL milestone, BNSOL underscores the growing importance of liquid staking in the crypto landscape, paving the way for future innovations and collaborations.