Bitget and Solayer Collaborate to Introduce CEX-based Liquid Staking Services for Solana (SOL); crypto news today

Crypto News Today

Seychelles, Victoria, October 22, 2024 In collaboration with Solayer, a top restaking network on Solana, Bitget, the top cryptocurrency exchange and Web3 firm, has announced the introduction of its Solana (SOL) liquid staking service. This service offers customers more freedom and a wider range of prospects in the decentralized finance (DeFi) arena by introducing BGSOL, a token that they obtain in return for staking their SOL assets.  BGSOL's liquid staking functionality, which is not available with conventional staking techniques, enables users to stake their SOL while maintaining liquidity. BGSOL holders can trade, lend, or provide liquidity on decentralized platforms, among other DeFi activities, in addition to receiving incentives for staking. Because of its adaptability, Bitget's solution is especially appealing to consumers that want to take advantage of Solana's network performance while optimizing their asset utilization. "Bitget is making a big step toward providing more flexible financial solutions with the introduction of BGSOL. Gracy Chen, CEO of Bitget, stated, "We are creating new opportunities for participation in the DeFi ecosystem by enabling users to preserve liquidity while obtaining rewards through staking, all built on Solana's expanding network."  The most recent yield linked to BGSOL is around 8.15%, subject to change in the market and network circumstances. The annualized percentage yield (APY) is influenced by a number of factors, including the performance of validator nodes and the total staking activity throughout the Solana network. On the Bitget platform, users can keep an eye on the APY in real-time, making sure they are aware of the most recent rates. Over time, the value of BGSOL rises as staking incentives mount. This implies that when incentives are consistently incorporated into the token, the value of BGSOL will surpass that of SOL, even though the initial exchange ratio may be identical. As a result, consumers' assets have a higher potential for value increase the longer they possess BGSOL. Users may clearly see how the value of their assets is changing since the exchange ratio between SOL and BGSOL is updated in accordance with Solana's network cycle, usually every two to three days. Through Solayer, BGSOL adds a new degree of adaptability and creativity to the Solana staking process. In addition to providing priority transaction services for all Bitget-related items on Solana, users may earn awards while maintaining liquidity. According to Rachel Chu, cofounder of Solayer, "This partnership is just the beginning of Bitget and Solayer's exploration to build bluechip infrastructure on Solana." No matter how they acquired the tokens, holders of BGSOL tokens will continue to get benefits from the staking process. These tokens may be purchased, traded, or transferred on the market. Staking incentives provide a smooth accumulation process since they are represented in the rising BGSOL exchange rate rather than being put straight into users' wallets. Through the personal asset tab of their Bitget account, users may monitor their assets and revenue. There are no limits on the amount of BGSOL that may be redeemed back to SOL. On the other hand, processing delays might result from network congestion. Within four days after redemption, the matching SOL will be credited to the user's account. It is crucial to remember that only the remaining BGSOL balance will continue to receive rewards; redeemed SOL will no longer accrue staking benefits. A calculated move to broaden the range of staking choices accessible to its customers is Bitget's addition of liquid staking on its platform. Through smooth connection with the Solana ecosystem, BGSOL's flexibility enables users to maximize their staked assets, improving the DeFi experience.

What about the BITGET?

Bitget is the top cryptocurrency exchange and Web3 firm in the world, having been founded in 2018. With its cutting-edge copy trading, AI bot, and other trading solutions, the Bitget exchange, which serves over 45 million users across more than 150 countries and regions, is dedicated to assisting users in becoming more intelligent traders. A top-tier multi-chain cryptocurrency wallet, Bitget Wallet provides a wide range of all-inclusive Web3 features and solutions, such as wallet functionality, swap, NFT Marketplace, DApp browser, and more. As the Official Crypto Partner of the World's Top Professional Football League, LALIGA, in EASTERN, SEA, and LATAM, as well as a global partner of Olympic Athletes Buse Tosun Çavuşoğlu (wrestling world champion), Samet Gümüş (boxing gold medalist), and İlkin Aydın, Bitget encourages people to embrace cryptocurrency.