Darius Baruo
Oct 24, 2024 14:47
Binance has extended its BNSOL APR Boost Campaign, allowing SOL stakers to earn up to 10% APR. The extension is due to popular demand and aims to provide additional rewards.
Binance, one of the leading cryptocurrency exchanges, has announced an extension of its Binance Staked SOL (BNSOL) APR Boost Campaign. The decision, driven by popular demand, enables users to continue staking SOL to receive BNSOL with an attractive annual percentage rate (APR) of up to 10%, according to Binance.
Campaign Extension Details
The extended promotion period will commence from October 25, 2024, and is expected to last approximately 6 to 8 days. During this period, both new and existing BNSOL holders can benefit from an APR range between 7% to 10%, subject to fluctuations based on the Total Value Locked (TVL) in each epoch, which updates every 2 to 3 days.
Post-promotion, the APR will revert to its standard rate. It is important to note that staking rewards are not directly distributed to users’ Spot Wallets but are accrued in the value of BNSOL against SOL. Participants can monitor their staking positions and rewards through Binance’s Staking History page.
Understanding BNSOL
BNSOL represents a blend of staked SOL and accrued staking rewards, packaged in a tradable and transferable form. Unlike traditional staking, which restricts the use of staked assets, BNSOL offers flexibility by allowing users to sell, transfer, or utilize their staked SOL in various Binance products and external DeFi applications while still earning staking rewards.
Additional Information
Boosted APR rewards are contributions made by Binance to enhance promotional activities. Interested parties are advised to review the Binance SOL Staking Terms and Conditions and the Risk Warning before participating in SOL Staking.
The BNSOL:SOL conversion ratio is dynamic, updating every epoch on the Solana network. The boosted APR will begin from Epoch 689, starting on October 25, 2024, at 18:20 UTC. Users staking SOL during the current epoch will see the benefits of the boosted APR after the next epoch refreshes.
Binance also notes potential redemption limitations on the Solana network due to network failures or congestion, which could impact the processing of BNSOL redemptions.
Binance reserves the right to modify or cancel the promotion at its discretion and advises users to consult with financial advisors to ensure they understand the risks associated with digital asset investments.
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