Bitget, a leading cryptocurrency exchange and Web3 company, has announced a partnership with Solayer, a top restaking network on Solana, to launch a liquid staking service for Solana (SOL). This service introduces BGSOL, a token users receive when staking their SOL, offering more flexibility and opportunities within the decentralized finance (DeFi) space.
Liquid staking, provided through BGSOL, allows users to stake their SOL while maintaining liquidity—a feature not available in traditional staking methods. In addition to earning staking rewards, BGSOL holders can participate in other DeFi activities, such as trading, lending, or providing liquidity on decentralized platforms. This flexibility makes Bitget’s solution highly appealing to users looking to maximize the utility of their assets while still benefiting from Solana’s network performance.
Gracy Chen, Managing Director of Bitget, stated: “With the launch of BGSOL, Bitget is taking a significant step in providing more flexible financial solutions. By allowing users to maintain liquidity while still earning staking rewards, we are unlocking new possibilities for interaction within the DeFi ecosystem, all built on Solana’s growing network.”
The latest yield for BGSOL is approximately 8.15%, adjusted based on market and network conditions. Factors like the total number of participants staking across the Solana network and the performance of validator nodes will influence the annual percentage yield (APY). Users can track the real-time APY on the Bitget platform, ensuring they stay informed of the current rates.
As staking rewards accumulate, the value of BGSOL increases over time. This means that although the initial conversion rate of SOL to BGSOL may be equal, the value of BGSOL will surpass SOL as rewards are continuously accrued into the token. Therefore, the longer users hold BGSOL, the greater the potential for their asset value to grow. The exchange rate between SOL and BGSOL is updated according to Solana’s network cycles, typically every 2–3 days, giving users clear visibility of their asset’s growing value.
Rachel Chu, Co-Founder at Solayer, remarked: “BGSOL brings flexibility and innovation to the staking mechanism on Solana through Solayer. Users can earn rewards while maintaining liquidity, along with priority trading services for all Bitget-related products on Solana. This partnership is just the first step that Bitget and Solayer are exploring to build bluechip infrastructure on Solana.”
BGSOL tokens can be transferred, bought, or sold on the market, and holders will continue to earn staking rewards regardless of how they obtained the token. Staking rewards are not directly deposited into users’ accounts but are instead reflected through the increasing exchange rate of BGSOL, offering a seamless accumulation process. Users can track their assets and earnings through the personal asset page in their Bitget accounts.
BGSOL can be redeemed for SOL at any time without quantity limitations, though network congestion may cause delays in processing. Once redeemed, the corresponding SOL will be transferred to the user’s account within four days. It is important to note that redeemed SOL will no longer accrue staking rewards—only the remaining BGSOL balance will continue to earn rewards.
The introduction of liquid staking on the platform is a strategic move by Bitget to diversify staking options for users. The flexibility of BGSOL allows users to make the most out of their staked assets, enhancing their DeFi experience through seamless integration with the Solana ecosystem.
