Binance made waves in the crypto community on August 29 by sending a 5 character tweet “BNSOL”. This tweet caused a rise of huge speculations among crypto people. Does this relate to a partnershop between Binance and Solana? As they were trying to decode this message, another tweet popped up “Coming Soon”. Binance was followed by Bitget exchange. Let’s try to decode what these exchanges are cooking.
Binance Ignited Curiosity
The X post from Binance raised the curiosity of the community to another level. Community started speculating about their next move. Some say on social media that they are going to launch some token in partnership with Solana while some say a new liquidity product is coming out. However it is still unclear what Binance is cooking.This tweet even received a reply from solana but all they put in there was the eyes emoji.
It is unclear if Solana was telling the community to keep an eye, or they were like “Just wait and watch”.
Bitget Joins the trend
Soon after Binance, Bitget also made a similar X post. However, there was a difference. They wrote “Something big is coming (eyes emoji) #BGSOL. This post by Bitget cleared one thing for sure that they are not launching some token in collaboration with Solana.
That means the community should expect to see a new product based on Solana on these two exchanges.
The Big Product
On doing some research, we found that on Solana Compass, there is a page for BNSOL. Solana Compass is a tool that provides in depth analytics and helps users to learn about solana. This page shows statistics of Binance Staked Sol – BNSOL. Data on the page shows one staked validator with a pool token supply of 12.98 Sol.
This clears the confusion. It looks like Binance and Bitget has been working with Solana to create staking pools. Though no details are yet released by any of the exchanges, there is news that this is going to be a liquidity product with some unique features. Users would be able to stake their Solana to get rewards and at the same time they will still have their assets unlocked. Unusually when a crypto asset is staked, it is locked for a specific period of time.
Looking Ahead
Though we have found information validating our research, it would be wise to wait for the official announcements from the exchanges. It would be very interesting to see a new type of hybrid staking being launched. Users are definitely going to love holding their Solana even when they have it staked and earning from it.
