Binance Staked SOL (BNSOL) Gains Strong Support – Here’s What It Means for SOL Holders

• Binance has listed BNSOL, a token representing staked Solana and rewards, with trading starting on October 10.

• The listing gives users more flexibility with their staked assets, allowing them to trade, transfer, or move their tokens.

The Binance staked Solana (BNSOL) token, representing staked SOL and rewards, recently achieved a major milestone. The token was officially launched on Binance, one of the largest cryptocurrency exchanges through which users can trade and transfer the token. This is expected to greatly affect the Solana ecosystem, especially with the support from Binance and the boosted APR promotion.

On October 9, Binance announced that BNSOL would be listed for trading effective October 10 with the trading pair BNSOL/SOL. This is crucial for the staked Solana token since users will have more control over their staked assets. The listing raises the possibility of the advantages of owning BNSOL for investors who want to avoid traditional staking methods that tether assets.

Binance also pointed to a promotional period for BNSOL holders. From October 16, both new and existing users can get an annual percentage rate (APR) of 8 – 10%.  This promotion allows users to get a higher yield on their staked Solana assets, thus potentially bringing more users to the product. 

Market Reacts to BNSOL Listing 

The listing announcement has caught the attention of the cryptocurrency community. Nonetheless, according to CoinMarketCap data, the BNSOL token was trading at $143 by October 9, which is 1% lower than the previous day. Similarly, the native token of the Solana network, SOL, also went down by 1% within the same period and was traded at $143. The volatility remains the key driver of price dynamics, but sentiments are still mostly positive.

Crypto influencer BitBoy shared his positive outlook on the Solana ecosystem on social media, suggesting the network has more in store. This has only served to increase the anticipation for BNSOL and the possibilities that the Solana network has to offer.

Meanwhile, Binance has also added other tokens, including Scroll (SCR), further expanding its offerings to users. This underscores the exchange’s strategy to strengthen its position in the market by backing innovative crypto projects.

Solana Network Achieves Record-Breaking Monthly Active Addresses

This news comes as the Solana network has reached a new record of over 100 million monthly active addresses, as reported by blockchain data from Artemis Terminal. This is a significant increase from the 509,000 active addresses that were recorded at the start of the year 2024.

However, there has been a concern among critics about the authenticity of the growth. According to metrics, a significant number of these wallets do not hold any SOL, which has led some people to believe that bots could be behind the numbers. Such concerns have been raised quite often in the context of the Solana network’s high growth rates.

As per the data from Hello Moon, a Solana data provider, 86+ million users had zero SOL in their wallets a month ago. About 15.5 million users had less than 1 SOL, and about 1.5 million users had less than 10 SOL.