- Binance plans to launch Solana staking service by the end of September.
- SOL prices reacted minimally amid overall weak market sentiment.
BinanceThe world’s largest cryptocurrency exchange has launched a new staking service. Solana (SUN)It is scheduled to debut at the end of September. Recently press releaseBinance will allow users to stake SOL and receive rewards in the form of Binance Staking SOL (BNSOL), a liquid staking token (LST).
According to Vishal Sachendran, Regional Markets Director at Binance, the staking service will provide a seamless way to earn rewards.
‘As one of the first cryptocurrency exchanges to offer SOL liquid staking, Binance provides users with a seamless and flexible way to earn rewards while maintaining full control over their staked assets.
He added:
‘Unlike basic staking that locks up assets, BNSOL allows users to secure liquidity, enjoy continuous reward accumulation, and seamlessly participate in the Binance platform and the broader DeFi ecosystem.’
Solana Staking Trends
According to Solana BeachAbout 65% of SOL’s current supply, or about 383.5 million tokens, are staked. According to staking rewards data, about 10 million staked SOL tokens were added at the end of August.
Source: Staking Rewards
This trend could accelerate as Binance and other exchanges officially launch liquidity staking services. Interestingly, Sol price There was no response to last week’s announcement.
However, there has been a notable price reaction with the recent Binance update. SOL bounced strongly against the Bitcoin (BTC) and Ethereum (ETH) pair during the Asian trading session on Wednesday, September 4.
Source: Solana Flor
Additionally, SOL was one of the tokens that led the recovery during the week as trading volumes surged. Volume.
However, the overall cryptocurrency market is still gripped by weak sentiment, and if BTC continues to post losses, this update could lead to a sustainable rally.
On the price chart, SOL was barely holding the $128 support level after the price rejection at $160. If the sellers break the support, the move to $110 cannot be reversed.
Source: SOL/USDT, TradingView