Bitget launched BGSOL on October 22, 2024, and introduced a one-month financial activity in the platform's financial section, allowing for additional annualized returns of up to 22% through re-staking BGSOL.

Written by: Carl

According to market news, in October 2024, leading trading platforms such as Binance, Bybit, and Bitget announced the launch of their respective SOL liquid staking tokens, entering the Solana re-staking track. It seems that the release of liquid staking tokens like BNSOL and BGSOL has influenced the price of SOL, which rose from $135 at the beginning of October to over $170 currently. This appears to be a signal, raising questions about why these leading trading platforms chose to enter this space at this stage and what opportunities their liquid staking solutions can offer ordinary investors.

New Opportunities in Solana Re-staking Track

Liquid re-staking is a narrative that has only emerged in the cryptocurrency asset industry in the past two years. It allows users to use already staked assets for other blockchain networks or DApps. Liquid re-staking assets can meet the actual needs of AVS (Active Validation Service), extending the security of the original chain's PoS system to more ecological applications.

Platforms or DApps that acquire re-staked assets will allocate part of their income or airdrop rewards to benefit participants in liquid re-staking. Liquid re-staking also helps enhance the security and activity of the network, promoting the prosperous development of the ecological economy. Thus, it is evident that liquid re-staking has become a complete system with clear supply and demand in the market. Participating in liquid re-staking not only contributes to the crypto ecosystem but also increases participants' opportunities to earn more returns.

In the past year, Solana has rapidly gathered a large amount of technical resources and user base due to its technological advantages and the popularity of the meme market, becoming one of the most outstanding public chain projects currently. Solana's ecological landscape is also rapidly improving, including wallets, DeFi infrastructure, NFTs, and various DApp applications.

According to SOLSCAN data, as of October 2024, the market value of SOL staking has reached $65.7 billion, accounting for 67% of SOL's total market value. In the face of such a multi-billion dollar market, the liquid re-staking sector has naturally become a focus of Solana's ecological development at this stage.

Leading Trading Platforms Launch SOL Liquid Staking Solutions

Liquid staking tokens such as BGSOL (Bitget), bbSOL (Bybit), and BNSOL (Binance) are essentially liquid staking solutions launched in collaboration between exchanges and decentralized re-staking protocol service providers, with no significant differences in their underlying mechanisms. Given that Bitget recently announced the launch of BGSOL, we will use BGSOL as an example to mainly introduce the underlying principles and participation methods of this type of liquid staking service.

BGSOL is a liquid staking token and a more flexible liquid staking solution launched in collaboration between Bitget and Solayer. Users can obtain BGSOL by staking SOL or directly purchasing through trading pairs on the platform.

Participants should note that the exchange ratio between BGSOL and SOL is not 1:1, as the underlying value of BGSOL consists of two parts: one is SOL, and the other is the basic rewards continuously earned from staking SOL on-chain (currently with an annualized return of around 8%). For example, if a user originally staked 10 SOL to exchange for 9.725 BGSOL, after one month, the user can exchange BGSOL back into SOL, expecting to receive 10.06 SOL, with the excess being the accumulated on-chain rewards.

As mentioned earlier, the biggest advantage of this type of liquid staking token is that it allows users to earn basic on-chain rewards while also re-staking to obtain additional rewards. Bitget launched BGSOL on October 22, 2024, and introduced a one-month financial activity in the platform's financial section, allowing for additional annualized returns of up to 22% through re-staking BGSOL. If users hold BGSOL and stake it, the combined annualized return can reach 30%.

Interest rate statistics from various platforms: October 24, 2024

Although the liquid staking tokens from major platforms offer good returns, Bitget undoubtedly has the highest interest rates among investment products currently available on the market.

Some users may also consider other factors, such as asset security or the future application scenarios of liquid staking tokens. Regarding security, Solayer must be mentioned. Solayer is one of the leading projects in the Solana re-staking sector, with rich development experience and a focus on maximizing staking returns, including native SOL staking, MEV-boost, and AVS rewards. Trading platforms like Bitget, Binance, and Bybit collaborate with Solayer to build the first line of security for SOL re-staking.

Unlike Solayer, Jito, and Cambrian, which are Solana re-staking service providers, leading exchanges also provide a second layer of financial assurance based on their emphasis on brand image. For instance, after the recent abnormal fluctuations in BGB prices, Bitget fully compensated all affected users within 72 hours, providing users with a strong sense of security.

In terms of application scenarios, there are currently no significant differences among the liquid staking tokens of major trading platforms. However, on-chain data shows that on October 22, a whale address staked 6,653.9 SOL (worth about $1.1 million) for BGSOL. Additionally, Solayer's page indicates that the current staking volume of BGSOL has exceeded $18 million, far surpassing BNSOL and bbSOL.

Data source: https://app.solayer.org/dashboard

Based on a comprehensive comparison, it seems that the "smart money" in the market has already made its choice.

Expectations for Solana Re-staking Returns May Go Beyond This

The greatest charm of the crypto world lies in the unexpected encounters with wealth, just as the ETH ecosystem applications or protocols have provided various airdrop rewards to early participants. The Solana ecosystem still has a considerable gap compared to the vast ETH ecosystem, but given the current development speed of the Solana ecosystem, a large number of ecological projects are expected to emerge in the near future, bringing more potential opportunities.

The entry of leading trading platforms into the Solana re-staking track will undoubtedly bring new vitality to the entire ecosystem, while also leveraging their resource advantages to create more application scenarios for their respective SOL liquid staking tokens. At that time, investors can flexibly exchange BGSOL for other liquid tokens based on their needs and reinvest in more attractive application scenarios.

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