Holding SOL and don't want it sitting idle? Staking SOL on Binance earns you annual rewards and gives you a token called BNSOL that you can continue using in DeFi. One asset, two sources of income.
The staking feature requires registering on Binance first. Download the Binance app and find the SOL staking entry in the Earn or Staking section.
Basic Concepts of SOL Staking
Solana is a PoS (Proof of Stake) blockchain. SOL holders can stake their SOL with validator nodes to help secure the network and earn staking rewards in return.
By staking SOL through Binance, you don't need to run your own node — Binance handles all the technical work. You just deposit your SOL and earn rewards passively.
What Is BNSOL?
BNSOL is Binance's liquid staking token (LST) for SOL. When you stake SOL on Binance, you receive an equivalent amount of BNSOL.
What BNSOL does:
- Represents your staked SOL and accumulated rewards
- Can be used in DeFi (lending, liquidity mining, etc.)
- Can be redeemed back to SOL at any time
- BNSOL's value gradually increases as staking rewards accumulate
In simple terms: Stake SOL → Receive BNSOL → Use BNSOL elsewhere → Redeem back to SOL + rewards anytime
How to Stake
- Open the Binance app
- Go to the Earn or Staking section
- Find "SOL Staking" or "BNSOL"
- Enter the amount of SOL to stake
- After confirmation, SOL is deducted from your account
- You receive the corresponding amount of BNSOL
- Staking rewards automatically accumulate in BNSOL
What's the Yield?
SOL staking APY typically ranges from 5%–8%, depending on Solana's overall staking rate and reward distribution.
This yield is reflected through BNSOL's value appreciation. The BNSOL-to-SOL exchange rate gradually rises over time, reflecting accumulated staking rewards.
What Can You Do with BNSOL?
Hold and let it appreciate: Do nothing — BNSOL's value grows automatically.
Use in DeFi: Deposit BNSOL into supported DeFi protocols for additional yield. For example, use it as collateral on lending platforms to borrow other assets.
Trade: Trade BNSOL directly on Binance or DEXs.
Provide liquidity: Supply liquidity for the BNSOL/SOL pair on DEXs to earn trading fees.
This is the essence of "liquid staking" — staking SOL without losing liquidity, as BNSOL can continue participating in various DeFi activities.
How to Redeem
To get your SOL back:
- Find the BNSOL redemption entry in the Binance app
- Enter the amount of BNSOL to redeem
- Confirm redemption
- Wait for the unstaking period (usually 2–4 days)
- SOL returns to your account
The unstaking period is a Solana network mechanism, not a Binance restriction. During this time, your assets are being undelegated from the validator node.
Instant redemption: In some cases, Binance may support instant redemption (via a liquidity pool) without the unstaking wait. However, instant redemption may incur a small fee or spread.
BNSOL-to-SOL Exchange Rate
BNSOL and SOL are not 1:1. As staking rewards accumulate, 1 BNSOL redeems for increasingly more SOL.
For example, today 1 BNSOL = 1.05 SOL; a few months later it might be 1 BNSOL = 1.08 SOL. This growth represents your staking yield.
What Are the Risks?
SOL price risk: Staking doesn't hedge against SOL's price volatility. If SOL drops significantly, your total assets may shrink despite earning staking rewards.
Smart contract risk: BNSOL involves smart contracts, carrying a theoretical risk of contract vulnerabilities. With Binance as the issuer, security is relatively robust.
Liquidity risk: In extreme situations, instant BNSOL redemption may be temporarily unavailable, requiring the full unstaking period.
Validator risk: If Binance's chosen validators have issues, staking rewards could be affected. But this is very rare with major platforms.
How Does This Compare to On-Chain Staking?
Advantages: Simple to operate, no need to choose your own validators. BNSOL provides liquidity, while on-chain staked SOL is locked.
Disadvantages: Binance may charge a management fee, so actual returns may be slightly lower than direct on-chain staking.
For most users, staking SOL through Binance is the most convenient option, and BNSOL's liquidity value compensates for the minor yield difference.