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Binance and Bybit are set to launch their proprietary 
Solana liquid staking tokens, BNSOL and bbSOL, via Sanctum.
What’s the scoop?
- Sanctum's Role: The tokens will be deployed through Sanctum, a platform for whitelisted validators to launch LSTs, which introduced Jupiter Exchange’s LST — JupSOL.
- Implications for SOL LST TVL: While Solana has more of its native token staked than Ethereum, it lacks in liquid staking. Ethereum has ~65% of its staked ETH in liquid form, while Solana has only ~6% in liquid staking tokens (LSTs). BNSOL and bbSOL could change this.
Bankless Take:
The launch of BNSOL and bbSOL via 
Sanctum marks a significant moment for Solana DeFi, potentially jumpstarting the expansion of Solana’s LSTs and marking further institutional interest in its ecosystem. This development also hints at a broader trend of major exchanges launching their own derivative assets. Following Binance and Bybit’s move with Solana, other exchanges like could follow suit – consider Coinbase's recent tease of their version of wrapped BTC (cbBTC) recently. While this trend can mean increasing capital in these ecosystems — a good thing — it is always important to remain wary of centralized actors pushing further into decentralized environments.
BNSOL
— Binance (@binance) August 29, 2024
