Binance’s BNSOL Gains Ground in Solana’s Liquid Staking Market
Binance’s BNSOL is making waves in Solana’s liquid staking market. Just six months after its launch, BNSOL has secured a 21.4% market share. This translates to 8.4 million staked SOL, valued at $901 million. It now ranks second, trailing only Jito, which holds 42.7% of the market.
Several factors contribute to BNSOL’s rapid growth. Its seamless integration with Binance’s ecosystem is a key driver. Users can access BNSOL through Binance’s centralized exchange and wallet, earning staking rewards while maintaining liquidity. BNSOL can also be used for trading, lending, and as collateral, without needing to unstake SOL.
The popularity of liquid staking on Solana is also on the rise. According to Blockworks,the liquid staking ratio has climbed to 12.8%, double the previous year’s figure. BNSOL holds an 18% share, while JitoSOL and Marinade’s mSOL have 38% and 16.8% respectively.
Despite these gains,both liquid staking TVLs and Solana’s price have seen a decline from January highs.BNSOL’s TVL has dropped from $2 billion. This is largely due to Solana’s broader price correction, with SOL falling 63% from its January peak of $294.33.
