Binance Expands Support For BNSOL After Listing, Here’s How To Stake

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As a seasoned researcher with a keen interest in the ever-evolving world of cryptocurrencies, I find the recent developments at Binance particularly intriguing. The addition of staked SOL to their ‘Earn’, ‘Convert’, and ‘Margin’ platforms is not just a step forward for Binance but a significant leap for the crypto community as a whole.

Binance, a popular cryptocurrency exchange, made another significant announcement on Thursday regarding Solana’s staked token (BNSOL) available on their platform. They announced that they are now incorporating this staked token into ‘Earn, Convert & Margin,’ which expands the trading options for users. This expansion comes after the token was recently listed on Binance, reflecting optimism about the crypto’s future potential.

Binance Enhances Offerings For Staked SOL

As an analyst, I’m excited to announce that Binance has officially confirmed the addition of BNSOL to their Earn, Convert, and Margin platforms today. Starting from 08:00 UTC, you can now earn simple returns with the token on our ‘Simple Earn’ platform. In the coming days, these flexible products will also be open for subscription.

Moreover, starting October 14 at 08:00 UTC, staked cryptocurrency will also become available for Cross and Isolated Margin trading, as well as SOL-pegged pairs. These new features, following the exchange’s recent announcement of listing the token, have ignited optimism among traders worldwide. Previously, CoinGape Media reported that BNSOL’s listing on Binance, with Binance’s support, has created a surge of optimism throughout the broader market.

How To Stake SOL?

Simultaneously, the cryptocurrency exchange introduced three methods for users to stake their SOL within the platform. Users can navigate to the ‘Solana pledge’ section in the ‘financial management’ page for a hassle-free staking experience. Alternatively, users can obtain their staked tokens by depositing SOL into the Binance Web3 wallet. Lastly, users have the option of directly transferring the staked Solana token into their accounts. The announcement stated that all current and previous token holders are eligible for up to 10% Annual Percentage Rate (APR) during the promotional period.

At the moment of publication, BNSOL was priced at $139.5, marking a decrease of nearly 3% over the past day. Similarly, SOL stood at $139, representing a 2.5% drop in value during the same period. Despite these price fluctuations, the upcoming listing of the staking token has attracted considerable interest. It’s important to note that this token signifies staked SOL and the associated earnings, all of which can be traded and transferred on the exchange in a convenient format.

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2024-10-10 14:07