Bitget and Solayer Team Up to Launch Liquid Staking for Solana (SOL) Using BGSOL Token

Crypto exchange Bitget has teamed up with Solayer, a Solana staking network, to launch liquid staking for Solana (SOL). The new service uses BGSOL, a token that lets users stake SOL without locking up their assets.

Crypto exchange Bitget has launched liquid staking for Solana (SOL), in collaboration with Solayer, a Solana staking network. This new service introduces BGSOL, a token that enables users to stake SOL without locking up their assets.

With BGSOL, SOL holders can earn staking rewards while maintaining the flexibility to trade or lend their assets. This differs from traditional staking, where assets are typically locked up for an extended period. However, with this new service, users’ funds remain accessible for various decentralized finance (DeFi) activities, such as trading and lending.

“With BGSOL, Bitget is offering users a more versatile financial solution. We’re opening up new possibilities within the DeFi ecosystem by maintaining liquidity while earning rewards,” said Gracy Chen, CEO at Bitget.

Details on BGSOL Yield, Exchange Rate, and Redemption

The yield for BGSOL currently stands at around 8.15%, but it can vary depending on market conditions and the overall staking participation across the Solana network.

Meanwhile, staking rewards continue to accumulate over time, increasing the value of BGSOL. Furthermore, the exchange rate between SOL and BGSOL is updated every two to three days, providing users with complete transparency on their asset’s value progression.

“BGSOL brings flexibility and innovation to Solana staking. This is just the first step in building a blue-chip infrastructure on Solana,” said Rachel Chu, co-founder of Solayer.

Users can redeem BGSOL for SOL at any time, although there is a four-day processing period that may vary depending on network congestion. Once redeemed, the SOL will be credited to the user’s account, but it will no longer accumulate staking rewards after the redemption process begins.

BGSOL Adds to the Trend of Liquid Restaking Tokens

BGSOL is part of a broader trend in the market, whereBinance and Bybit also launched their own exchange-specific derivative staking tokens earlier this year. These tokens, also known as liquid restaking tokens (LRTs), build upon the success of Lido Finance’s stSOL.

This model benefits both individual users and the exchanges by combining staking rewards with support for platform operations. In the case of BGSOL, users contribute to the Bitget ecosystem while also gaining liquidity and staking benefits.

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