Bitget has teamed up with Solayer, a Solana staking platform, to launch a liquid staking offering for Solana (SOL).
According to a press release shared with DeFi Planet, this new service enables users to stake their SOL tokens using BGSOL, a liquid staking token.
BGSOL enables SOL holders to earn staking rewards while maintaining the flexibility to trade or lend their assets. Unlike traditional staking, where assets are locked, this service keeps users’ funds liquid, allowing them to participate in decentralised finance (DeFi) activities such as trading and lending without restricting their access to staked assets.
“With BGSOL, Bitget is providing users with a more flexible financial solution. By allowing liquidity alongside reward earning, we’re unlocking new opportunities within the DeFi ecosystem,”
said Gracy Chen, CEO of Bitget.
According to the press release, the yield for BGSOL is currently around 8.15%, though it varies based on market conditions and staking participation across the Solana network. Staking rewards are accumulated over time, gradually increasing the value of BGSOL. Furthermore, the exchange rate between SOL and BGSOL is updated every two to three days, giving users full transparency regarding the progression of their assets’ value.
“BGSOL introduces flexibility and innovation to Solana staking. This marks the first step in creating a blue-chip infrastructure on Solana,”
said Rachel Chu, co-founder of Solayer.
Users can redeem BGSOL for SOL at any time, though the process takes approximately four days, depending on network congestion. Once redeemed, the SOL will be available in the user’s account, but it will stop accumulating staking rewards once the redemption process starts.
BGSOL is part of a growing trend in liquid restaking tokens (LRTs). Its launch follows Bybit’s lead, which recently announced the successful launch of “bbSOL.” The LRT was also created in collaboration with Solayer and three other partners including Sanctum, Kamino Finance, and Orca. The crypto exchange claimed that the initiative is targeted at revolutionizing the Solana ecosystem and providing substantial benefits to all participants.
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