Cryptocurrency exchange and web3 company Bitget announced the launch of its SOL seamless staking service in partnership with Solayer, the leading Solana restaking network. This service introduces BGSOL, a token that users receive in exchange for staking their SOL assets, providing them with greater flexibility and a wider range of opportunities in the decentralized finance (DeFi) space.
What can BGSOL holders count on?
Liquid staking, offered by BGSOL, allows users to stake SOL while maintaining liquidity, a feature that is missing 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 to users who want to maximize the utility of their assets while benefiting from the performance of the Solana network.
With the launch of BGSOL, Bitget is taking a significant step towards offering more comprehensive financial solutions. By enabling users to maintain liquidity while earning rewards through staking, we are opening up new opportunities for engagement in the DeFi ecosystem – all within the growing Solana network
– he comments Gracy Chen, Managing Director of Bitget.
The latest yield for BGSOL is around 8%, adjusting for market and network conditions. Factors such as overall staking participation on the Solana network and validator node performance influence the Annual Yield Percentage (APY). Users can monitor APYs in real time on the Bitget platform, ensuring they are kept up to date with current rates.
As you accumulate staking rewards, the value of BGSOL increases over time. This means that while the initial exchange ratio of SOL to BGSOL may be equivalent, the value of BGSOL will exceed SOL as rewards are continuously integrated into the token. So the longer users hold BGSOL, the greater the potential increase in the value of their assets. The exchange rate between SOL and BGSOL is updated according to the Solana network cycle, typically every 2-3 days, providing users with a clear view of the progression of the value of their assets.
BGSOL brings a new level of flexibility and innovation to the staking mechanism on Solana through Solayer. Users can generate profits by maintaining liquidity, but also by benefiting from priority trading services for all Bitget products on Solana. This collaboration is just the first step that Bitget and Solayer are taking to build bluechip infrastructure on Solana
– she concluded Rachel Chu, co-founder of Solayer.
How to use BGSOL?
BGSOL tokens can be transferred, bought or sold on the marketplace and holders will continue to receive staking rewards regardless of how they obtained the tokens. Staking rewards are not directly deposited into user accounts, but are instead reflected in the rising BGSOL exchange rate, offering a seamless accumulation process. Users can monitor their assets and income through the personal assets page of their Bitget account.
Redemption of BGSOL back to SOL is possible at any time – without limits on quantity. However, network congestion can lead to potential processing delays. Once redeemed, the appropriate SOL funds will be issued to your account within four days. Please note that redeemed SOLs will no longer earn staking rewards and only your remaining BGSOL balance will continue to earn rewards.
Bitget’s introduction of seamless staking on its platform is a strategic move to diversify the staking options available to users. The flexibility provided by BGSOL allows users to make the most of their staked assets, expanding opportunities within DeFi through seamless integration with the Solana ecosystem.
To get started with BGSOL, go here.
About Bitget
Bitget is one of the leading cryptocurrency exchanges and Web3 companies in the world. Serving over 20 million users from over 100 countries, Bitget facilitates smart trading with its innovative copy trading feature and a range of other trading tools. And Bitget Wallet, formerly known as BitKeep, is a comprehensive multi-chain cryptocurrency wallet that offers users access to a wide range of Web3 solutions and features. The exchange works with trusted partners, such as legendary Argentine footballer Lionel Messi and eSports event organizer PGL, promoting the use of cryptocurrencies around the world.
More information can be found on the Bitget website and on their profiles at TwitterTikTok, Telegram, LinkedIn and Discord.
