Darius Baruo
Oct 24, 2024 14:47
Binance has announced an extension of its BNSOL APR Boost Campaign, allowing SOL stakers to enjoy an APR of up to 10%. This extension comes in response to strong demand and aims to provide further incentives for users.
Binance, a prominent player in the cryptocurrency exchange landscape, has declared an extension of its Binance Staked SOL (BNSOL) APR Boost Campaign. This decision, prompted by user interest, allows participants to continue staking SOL to earn BNSOL with an appealing annual percentage rate (APR) of up to 10%, as detailed by Binance.
Campaign Extension Details
The promotional period will begin on October 25, 2024, and is projected to continue for around 6 to 8 days. Throughout this time, both new and current BNSOL holders can take advantage of an APR that ranges from 7% to 10%, with potential variations based on the Total Value Locked (TVL) in each epoch, which is updated every 2 to 3 days.
After the promotion concludes, the APR will return to its standard rate. It is crucial to understand that staking rewards are not automatically distributed to users’ Spot Wallets; instead, they accumulate in the BNSOL value against SOL. Participants can check their staking progress and rewards by visiting Binance’s Staking History page.
Understanding BNSOL
BNSOL is a combination of staked SOL and the rewards earned from staking, all packaged in a tradable and transferable format. In contrast to traditional staking, which often limits the use of staked assets, BNSOL provides flexibility, enabling users to sell, transfer, or utilize their staked SOL in various Binance offerings and external DeFi platforms while still earning rewards.
Additional Information
The enhanced APR rewards are benefits provided by Binance to boost promotional efforts. Interested users should consider reviewing the Binance SOL Staking Terms and Conditions and the Risk Warning before engaging in SOL Staking.
The BNSOL:SOL conversion ratio is fluid, updating with each epoch on the Solana network. The boosted APR will take effect starting from Epoch 689, on October 25, 2024, at 18:20 UTC. Users who stake SOL during the current epoch will benefit from the increased APR following the next epoch’s refresh.
Binance also highlights potential redemption restrictions on the Solana network due to network issues or congestion, which may affect the processing of BNSOL redemptions.
Binance maintains the right to modify or terminate the promotion at any time and recommends that users seek advice from financial professionals to fully understand the risks associated with investing in digital assets.
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