- Binance plans to launch its Solana staking service by the end of September.
- SOL price reacted slightly amid a general weak market sentiment.
Binancethe world’s largest cryptocurrency exchange, has unveiled its new staking service for Solana (SOL)which will debut at the end of September. According to a recent press releaseBinance will allow users to stake their SOL and earn rewards in exchange for its liquid staking token (LST), Binance Staked SOL (BNSOL).
According to Vishal Sacheendran, Binance’s Head of Regional Markets, the staking service will provide a transparent way to earn rewards.
“As one of the first cryptocurrency exchanges to offer SOL liquid staking, Binance offers a transparent and flexible way to earn rewards while allowing users to maintain full control over their staked assets.”
He added that,
“Unlike native staking, which locks up assets, BNSOL allows users to unlock liquidity, enjoy continuous reward accumulation, and seamlessly participate in both the Binance platform and the broader DeFi ecosystem.”
Solana Staking Trend
According to Solana Beach65% of the current SOL supply, or approximately 383.5 million tokens, have been staked. According to data from Staking Rewards, nearly 10 million staked SOL tokens were added by the end of August.
Source: Staking Rewards
This trend could accelerate when Binance and other exchanges officially launch their liquid staking services. Interestingly, SOL Price did not respond to last week’s announcement.
However, a notable price reaction coincided with the latest Binance update, as SOL rebounded sharply against Bitcoin (BTC) and Ethereum (ETH) pairs during the Asian trading session on Wednesday, September 4.
Source: Solana Floor
Additionally, SOL was among the tokens that led the mid-week recovery with a sharp increase in trading volumes.
However, the overall cryptocurrency market is still plagued by weak sentiment, and the update could lead to a sustained rally if BTC continues to post losses.
On the price chart, SOL barely managed to hold the $128 support level after a price rejection at $160. A move towards $110 could not be reversed if sellers break the support level.
Source: SOL/USDT, TradingView
