Binance and Bitget Tease Major Solana Collaboration: What Could It Mean for SOL?

• Cryptic tweets suggest Binance and Bitget may launch a staking product involving Solana, sparking curiosity about potential benefits for SOL.
• The teased collaboration hints at a unique staking model allowing Solana users to earn rewards while keeping their assets unlocked, differentiating it from traditional staking.

In line with recent developments when Binance and Bitget, along with other coins, had exchanges overloaded during the Bitcoin Flash Crash, as CNF reported, Binance has sparked significant speculation in the crypto community.

On August 29, Binance posted a cryptic five-character tweet, “BNSOL,” leading to widespread guesses about a potential partnership between Binance and Solana.

BNSOL

— Binance (@binance) August 29, 2024

In response, a follow-up tweet, “Coming Soon,” added to the intrigue. The buzz intensified when Bitget, another major crypto exchange, posted a similar tweet with the hashtag BGSOL, fueling further curiosity with an obvious hint.

Something BG is coming #BGSOL

— Bitget (@bitgetglobal) August 29, 2024

What Could It Mean for SOL?

The crypto community quickly began to interpret these hints, with some speculating on a new token launch or a liquidity product involving Solana.

Further investigation revealed that the acronym BNSOL is associated with “Binance Staked Sol,” as seen on Solana Compass, a tool providing detailed analytics on Solana’s ecosystem. This page showed that a staking pool had been created, indicating that Binance and Bitget might be preparing to launch a new staking product.

This product could potentially allow users to stake their Solana tokens to earn rewards while keeping their assets unlocked, a feature that differs from traditional staking, where assets are typically locked for a period of time.

As for Solana’s price market, CNF reported earlier that Robinhood Wallet Expands Solana Support. However, according to CoinMarketCap, Solana (SOL) is trading at $138.64, declining by 3.73% in the past day and 4.24% in the past week. See SOL price chart below.