Darius Varu
October 24, 2024 14:47
Binance has expanded its BNSOL APR Boost campaign, allowing SOL stakers to earn up to 10% APR. This extension follows public demand and aims to provide additional compensation.
Binance, one of the leading cryptocurrency exchanges, announced the extension of its Binance Stake SOL (BNSOL) APR Boost campaign. According to Binance, this decision following popular demand will allow users to continue staking SOL to receive BNSOL at an attractive Annual Percentage Rate (APR) of up to 10%.
Campaign expansion details
The extended promotional period will begin on October 25, 2024 and will last approximately 6 to 8 days. During this period, both new and existing BNSOL holders can benefit from an APR ranging between 7% and 10%, which can fluctuate depending on the Total Value Locked (TVL) of each epoch, which is updated every 2-3 days.
After promotion, APR will revert to standard rate. It is important to note that staking rewards are not distributed directly to the user’s Spot wallet, but accrue to the value of BNSOL against SOL. Participants can monitor their staking position and rewards through Binance’s staking history page.
Understanding BNSOL
BNSOL represents a blend of staked SOL and accumulated staking rewards, packaged in a tradable and transferable form. Unlike traditional staking, which restricts the use of staked assets, BNSOL provides users with the flexibility to sell, transfer, or utilize staked SOL across a variety of Binance products and external DeFi applications while receiving staking rewards.
Additional information
Amplified APR rewards are Binance’s contribution to boost promotional activities. Interested parties are encouraged to review the Binance SOL Staking Terms of Use and Risk Warning before engaging in SOL Staking.
The BNSOL:SOL conversion rate is dynamic and updates every epoch of the Solana network. The enhanced APR will begin at Epoch 689 on October 25, 2024 at 18:20 UTC. Users who have staked SOL during the current epoch will benefit from improved APR after the next epoch is refreshed.
Binance also notes that there are potential redemption limitations on the Solana network due to network outages or congestion, which may affect BNSOL redemption processing.
Binance reserves the right to modify or cancel the promotion at its discretion and recommends that users consult a financial advisor to understand the risks associated with investing in digital assets.
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