Binance is rapidly climbing the ranks of Solana’s liquid staking protocols. Just six months after launch, BNSOL has captured over 21% of the liquid staking market, securing the second-largest share behind Jito. Despite recent price declines in SOL, BNSOL remains a growing force — thanks to deep Binance integration and rising demand for liquid staking alternatives.

BNSOL’s Fast Ascent

Binance’s ecosystem gives BNSOL an edge in liquid staking

According to data from Dune Analytics, BNSOL has reached a total value locked (TVL) of 8.4 million SOL, or approximately $901 million. This gives it a 21.4% share of the Solana liquid staking market, second only to Jito, which holds a 42.7% share. Other major players include Marinade’s mSOL and Lido.

Part of BNSOL’s success lies in its tight integration with Binance’s infrastructure. BNSOL is accessible directly via the Binance centralized exchange and wallet, allowing users to stake their SOL without leaving the platform. Once staked, users receive BNSOL — a token they can trade, lend, or use as collateral in DeFi protocols without needing to unstake their original SOL.

DeFi Utility Drives Growth

https://x.com/Dune/status/1909647048858911026

Why liquid staking is gaining momentum across Solana

The rising popularity of liquid staking on Solana is a broader trend, not limited to BNSOL. According to Blockworks, Solana’s liquid staking ratio rose to 12.8% in 2025, more than doubling from the previous year. This means that over one in ten staked SOL tokens now benefit from added liquidity via derivatives like BNSOL, JitoSOL, or mSOL.

Liquid staking allows users to earn yield while preserving the flexibility to use their tokens in decentralized finance. In contrast, standard staking involves locking up tokens, rendering them temporarily illiquid. That difference has become a key selling point in Solana’s evolving staking economy.

Volatility Remains a Risk

TVL decline reflects price drop, not protocol retreat

Despite strong growth in adoption, BNSOL’s TVL has fallen from a January peak of $2 billion. This decline mirrors Solana’s broader market retracement: SOL dropped from an all-time high of $294.33 in January to current levels near $109, a 63% correction.

Nevertheless, the SOL staking ratio remains strong at 62%, indicating ongoing investor confidence. Most of this stake is still locked — not liquid — which reduces available supply and can help support price stability over time.

Jito Still Leads, But BNSOL Is Catching Up

Will Binance’s brand power drive it to the top of Solana staking?

Jito remains the dominant liquid staking provider on Solana, but Binance’s global reach and seamless user experience are allowing BNSOL to close the gap quickly. As of April 2025, BNSOL and JitoSOL collectively control over 60% of the liquid staking market on Solana, forming a new duopoly in decentralized yield strategies.

With DeFi usage continuing to expand and investors seeking more utility from staked assets, the competition between liquid staking providers will likely intensify. Binance’s ability to offer yield, liquidity, and centralized support could make BNSOL an even stronger contender moving forward.

Info Box 1: BNSOL by the Numbers

• TVL: $901 million (8.4M SOL)
• Market Share: 21.4% (Dune)
• Peak TVL (January 2025): $2 billion
• Launch Date: ~October 2024
• Integration: Binance Exchange, Wallet, and DeFi partners