- BGSOL integrates with Bitget to improve staking and transaction times.
- Users receive rewards while preserving liquidity, with no lock-up periods.
In a game-changing move for the decentralized finance (DeFi) ecosystem, Solayer, a major restaking protocol on the Solana network, has announced the release of BGSOL, a liquid restaking token (LRT). BGSOL, created through a strategic collaboration with Bitget Exchange, provides a cutting-edge method to staking that directly supports Bitget’s portfolio of services while rewarding users.
Unlike traditional staking, which locks up assets, liquid staking using BGSOL allows users to keep liquidity while staking their SOL. This flexibility enables BGSOL holders to participate in additional DeFi activities including trading, lending, and liquidity provisioning while earning staking rewards.This makes Bitget’s solution appealing to consumers who wish to maximize the utility of their assets while taking advantage of Solana’s strong network performance.
With BGSOL, they provide customers with a flexible financial solution that allows them to preserve liquidity while still earning incentives through staking. This opens up new possibilities for greater interaction in the DeFi ecosystem, all driven by Solana’s rapidly expanding network, according to Gracy Chen, CEO of Bitget.
A Game-Changer for Staking on Solana
At its launch, BGSOL’s annual yield was 8.15%, with changes based on network conditions and staking participation. Users can track the annual percentage yield (APY) in real-time using the Bitget platform. As staking rewards build, the value of BGSOL steadily rises, implying that users who keep it for a longer period of time would benefit from higher potential returns. The platform updates the exchange ratio between SOL and BGSOL every 2 to 3 days, giving users insights into their asset growth.
BGSOL adds extra flexibility to Solana staking. According to Rachel Chu, Co-founder of Solayer, users maintain their liquidity while collecting rewards and have priority access to Bitget’s Solana-related products.
Bitget and Solayer’s collaboration establishes a new standard for liquid staking tokens by providing a platform that promotes both individual user growth and ecosystem stability.
BGSOL tokens can be shifted, traded, or sold on the market, and holders will continue to get incentives regardless of how they were obtained. You can redeem back to SOL at any time, though network congestion may cause delays. They deliver the redeemed SOL within four days, but it no longer earns prizes after you redeem it.
Solayer’s current launch builds on the success of prior liquid restaking tokens, such as BNSOL and bbSOL, which were presented by Binance and Bybit in collaboration with Solayer. These tokens have already proved the usefulness of exchange-backed LRTs by providing users with a unique combination of rewards and increased transaction speed.
Bitget’s introduction of BGSOL is a significant step in diversifying staking options and providing users with greater asset utility. By seamlessly integrating with Solana’s ecosystem, BGSOL allows customers to maximize their DeFi experience while maintaining liquidity.
