Victoria, Seychelles, 22nd October 2024 – Bitget, the leading cryptocurrency exchange and Web3 company, has announced the launch of its Solana (SOL) liquid staking service, in partnership with Solayer, a leading restaking network on Solana. This service introduces BGSOL, a token that users receive in exchange for staking their SOL assets, providing them with increased flexibility and a broader range of opportunities within the decentralized finance (DeFi) space.

Liquid staking, offered through BGSOL, allows users to stake their SOL while retaining liquidity, a feature that is absent in traditional staking methods. In addition to earning staking rewards, BGSOL holders can engage in other DeFi activities, including trading, lending, or providing liquidity on decentralized platforms. This flexibility makes Bitget’s solution particularly attractive for users looking to maximize their asset utility while benefiting from Solana’s network performance.

“With the launch of BGSOL, Bitget is taking a significant step in offering more versatile financial solutions. By allowing users to maintain liquidity while earning rewards through staking, we are opening up new possibilities for engagement within the DeFi ecosystem, all built on Solana’s growing network,” said Gracy Chen, CEO at Bitget.

The latest yield associated with BGSOL is around 8.15%, adjusting based on market and network conditions. Factors such as the overall staking participation across the Solana network and the performance of validator nodes influence the annualized percentage yield (APY). Users can monitor the APY in real-time on the Bitget platform, ensuring they stay informed about the current rates.

As staking rewards accumulate, the value of BGSOL increases over time. This means that while the initial exchange ratio of SOL to BGSOL may be equal, the value of BGSOL will surpass SOL as rewards are continuously integrated into the token. Consequently, the longer users hold BGSOL, the greater the potential value growth of their assets. The exchange ratio between SOL and BGSOL is updated in line with Solana’s network cycle, typically every 2 to 3 days, providing users with a clear view of their assets’ value progression.

“BGSOL brings new level of flexibility and innovation to the staking mechanism on Solana through Solayer. Users can earn rewards while staying liquid

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Author: Advertorial