Major Crypto Exchanges Tease Solana Liquid Staking Tokens, Will SOL Takeoff?
August 30 2024 - 1:00AM
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Three major crypto exchanges teased the launch of new Solana-based
products. The trading platforms shared mysterious hints on their
official X accounts, suggesting their entry to Solana’s Liquid
Staking ecosystem. The news received a positive reaction from the
crypto community, seemingly fueling a bullish sentiment among SOL
investors. Related Reading: TON-Based Memecoin DOGS Becomes Top 100
Largest Gainer With 30% Jump Exchanges Hint At New Solana-Based
Products On Thursday, crypto exchanges Binance, Bybit, and Bidget
created a buzz among crypto investors after hinting at the launch
of new Solana-based products. Binance, the largest crypto exchange
by trading volume, was the first to announce the mysterious
partnership with two X posts stating “BNSOL,” and “Coming soon.”
The crypto community quickly speculated about the meaning of the
post, wondering about the collaboration. Soon after, Bybit and
Bitget posted similar messages. Bybit stated it was “welcoming a
new baby to the family” named bbSOL, while Bitget teased that
“something BG is coming #BGSOL.” Despite not having further
details, the community concluded the exchanges will launch Liquid
Staking Tokens (LSTs), based on Sanctum’s comments. The
Solana-based Liquid Staking Protocol replied to the news, hinting
at its involvement in the project. In a reply to Bybit’s post, the
Liquid Staking protocol said it was “ready to help this bbSOL grow
big and strong.” This suggests that the exchanges are entering the
Solana Liquid Staking ecosystem. The BNSOL, BGSOL, and bbSOL LSTs
would allow users to stake their tokens and receive rewards while
continuing to participate in other DeFi projects. The tokens would
offer investors flexibility, as they would have access to liquidity
without unstaking their tokens. Major Boost For SOL Price Coming?
Following the announcements, the crypto community expressed a
positive sentiment towards SOL. Many shared their excitement about
the products, calling them “bullish” for the Solana ecosystem.
Meanwhile, others suggested that positive competition was brewing
in Solana’s Liquid Staking sector. The bullish sentiment seemingly
translated to CLOUD, Sanctum’s governance token. The Liquid Staking
protocol’s token soared 56% following the announcement. CLOUD saw a
massive surge from the $0.16 price range to the $0.25 mark before
stabilizing above the $0.24 level. Similarly, some community
members noted that the crypto exchanges appear to see significant
potential in SOL’s performance. SOL quickly surged to the $147
range, a 4.2% increase from Wednesday’s lows. Despite the positive
sentiment, the price retraced to the $145 support zone before
unsuccessfully retesting the daily high a second time. Nonetheless,
investors believe that the recently announced tokens could bring a
significant inflow of liquidity as the crypto exchanges have a
massive user base. Moreover, the TSLs could accelerate Solana’s
Liquid staking sector’s expansion and boost its adoption by retail
users. The fifth-largest cryptocurrency by market capitalization
had its price recovery halted by the most recent market shakeout.
SOL’s price lost the $160 support zone and revisited the $140 level
as Bitcoin slipped to $58,000 two days ago. Related Reading: RENDER
Soars 30% In A Week, Here’s Why Experts Forecast A Massive Pump As
a result, some market watchers remain cautious about the token’s
short-term performance but suggest that SOL might aim for new
heights in the coming months. As of this writing, the
cryptocurrency trades at $145, a 2% increase in the last 24 hours.
Featured Image from Unsplash.com, Chart from TradingView.com
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