- Binance plans to launch its Solana staking service by late September.
SOL price reacted mildly amid overall weak market sentiment.
As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find Binance’s upcoming Solana staking service an exciting development. The potential for users to earn rewards while maintaining control over their assets is indeed intriguing. However, it remains to be seen how this will impact the overall market sentiment and SOL‘s price performance.
Starting from late September, the world’s leading crypto exchange, Binance, is set to launch a new staking service specifically for Solana (SOL). As per a recent announcement, users on Binance will be able to deposit their SOL and receive rewards in the form of Binance Staked SOL [BNSOL], which serves as a liquid staking token
As per Vishal Sacheendran, Head of Regional Markets at Binance, the staking service is designed to offer an effortless method for users to accrue rewards
‘By being among the pioneers to introduce Solana’s liquid staking on its platform, Binance offers an effortless and adaptable method for users to accumulate rewards without compromising ownership of their staked tokens.’
He added that,
Unlike traditional staking, BNSOLSOL lets users not only the events for detail. Instead of many benefits for ‘In contrast to namely’s will-game called> “BNSol Stakes commence with a host ofiling with the chance to unlock their liquid liquidityo their collections! There’s something for everyone, regardless of player this month. In this article, we’-ve discuss the upcoming events happening in September, which offer promisingly boasts impressive perksy rewards. Let’ll be full of Binance participation opportunities. we will explore the Binancement opportunities. Here, we’ll delve into the specifics of the DeFi landscape
Solana staking trend
As a crypto investor, I’ve noticed that based on information from Solana Beach, around 65% of the current supply of SOL, approximately 383.5 million tokens, have been staked. According to data from Staking Rewards, almost 10 million new SOL tokens were added to the staking pool in late August
The speed of this trend might increase once Binance and other platforms formally launch their liquid staking services. It’s worth noting that the price of SOL remained unaffected by the announcement made last week
On the other hand, there was a significant response in pricing when Binance made its latest update, as Solana (SOL) showed a robust recovery versus both Bitcoin [BTC] and Ethereum [ETH] pairs during the Asian trading hours on the 4th of September
Furthermore, Solana (SOL) was one of the leading cryptocurrencies driving the mid-week rebound, marked by a significant increase in trading activity
Meanwhile, the broader cryptocurrency market’s overall market is held back by a persistent negative sentiment-driven sentiment remains weak sentiments persist, and the potential for a lasting rally could be sustained if Bitcoin experiences further Bitcoin losses. However, it may sustainably drive a durable rally could potentially be sustained if Bitcoin continues to decline
As a crypto investor, I’s eyes were firmly fixed on the price chart, watching Solana (SOL), my steady performer, clinging to the $128 support level, a level that has held strong for quite some time. A rejection at the $160 mark had occurred, and if sellers manage to breach the support, a move towards the $110 range seemed inevitable
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2024-09-05 09:11