Binance sent out a five-character tweet, “BNSOL,” on August 29, causing a stir in the crypto community. The tweet sparked a lot of speculation among crypto people. Could this have something to do with Binance’s partnership with Solana? As they were trying to decipher the message, another tweet popped up: “Coming Soon.” Following Binance, Bitget exchange followed suit. Let’s decipher what these exchanges are cooking up.
Binance has sparked curiosity
Binance’s X post has taken the community’s curiosity to another level. The community has started speculating about their next move. Some people are saying on social media that they will be launching a token in collaboration with Solana, while others are saying that there will be a new liquidity product. However, it is still unclear what Binance is preparing. The tweet received a reply from Solana, but all they did was add an eye emoji.
It’s unclear whether Solana told the community to keep an eye out or if they just said, “Just wait and see.”
Bitget joins the trend
Following Binance, Bitget also made a similar X post. But there was a difference. They wrote, “Something big is coming (eye emoji) #BGSOL.” This post from Bitget clearly showed that they are not launching any token in partnership with Solana.
This means the community can expect to see new products based on Solana launch on these two exchanges.
Big product
After doing some research, I found that Solana Compass has a BNSOL page. Solana Compass is a tool that provides in-depth analysis and helps users learn about Solana. This page shows the statistics for Binance Staked Sol – BNSOL. The data on this page shows one staked validator with a pool token supply of 12.98 Sol.
This clears up the confusion. It looks like Binance and Bitget have teamed up with Solana to create a staking pool. While no exchange has revealed details yet, the news is that this will be a liquidity product with some unique features. Users will be able to stake Solana to earn rewards, and at the same time, the assets will be unlocked. Interestingly, when a crypto asset is staked, it is locked for a certain period of time.
Future Prospects
We found information that confirms our research, but it would be wise to wait for an official announcement from the exchange. It would be very interesting to see a new type of hybrid staking being launched. Users would definitely enjoy holding Solana even if they stake and earn a profit.