Solana

<ul><li>The Solayer’s BGSOL sets a new benchmark for exchange LRTs, combining staking rewards with automated AVS delegation.</li><li>The estimated APR for BGSOL will be around 30.15 percent, with more utility on different DeFi protocols.</li><li>The Solana network is fast outstripping the Ethereum network in web3 activity with the majority of SOL already staked.</li></ul>Solayer Labs, a well-funded restaking protocol that leverages the prowess of the Solana (SOL) network, has <a href="https://solayer.org/resources/blogs/introducing-bgsol-the-first-restaking-backed-lst-launched-by-bitget?ref&#61;btcpeers.com" rel="noopener noreferrer nofollow">announced</a> the launch of its latest product dubbed BGSOL in collaboration with leading cryptocurrency exchange Bitget. The BGSOL product is a liquid restaking token (LRT) that provides holders with reliable benefits of up to 30.15 percent in APR depending on on-chain volatility.Ideally, the BGSOL product will offer a base APR of 8.15 percent plus Bitget’s incentive APR of about 22 percent. Notably, Bitget Exchange launched a SOL staking event, whereby users can earn 25 percent APY for the first $1,000 in SOL staked on the Solayer Restaking Network via the Bitget Wallet.Additionally, Bitget <a href="https://x.com/bitgetwalletcn/status/1848688913420079313?s&#61;46&amp;ref&#61;btcpeers.com" rel="noopener noreferrer nofollow">announced</a> that users stand a chance to share a $5,000 BWB prize pool by getting SOL through Swap, with the event ending on October 31.<h2 id="header-0">Key Advantages of BGSOL on Solayer Restaking Network</h2><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeRvZ7h8PS2toy4rcXIXMh2r_3dQw0Dd2JXohM504nmg74PEvaeo2BCjfcK3tfY_G4uIWi4HAw8ypkayW3NdVYtMrg5KWMZcoVMEFs_W9U4HDZ3su3z0opl-xwHGurTeTh--FwHgjIB5Z76Tp9z-9GsZS2D?key&#61;YfTx7GdnjLbe9nFnvnNibg" />The Solana network has grown exponentially in the last year, with more than 393 million SOL tokens - out of the 587 million in circulating supply - already staked, which represents over 67 percent. With the rising demand for Solana and its products by both retail traders and institutional investors, the introduction of BGSOL with high yield, liquidity, and exclusive rewards for the holders is a major game changer.The BGSOL product enables novice web3 users to restake their SOL without the hassle of on-chain operations. As a result, BGSOL holders can expect steady asset growth, with their assets protected by the reputable cryptocurrency exchange Bitget. Through tapping on BGSOL, holders are eligible for airdrop distribution on Bitget, which is key in unlocking future incentive programs.The BGSOL is also available on Solana’s Orca DEX, which is key to enhancing liquidity for holders. The BGSOL product is also available on Save and Kamino protocols for lending and borrowing purposes.In the near future, the staked amount of BGSOL will serve as a margin to improve capital utilization. Additionally, the BGSOL holders will soon get to enjoy LaunchPool benefits and most importantly capitalize on Solana’s growing ecosystem.“With the launch of BGSOL, Bitget is taking a significant step in offering more versatile financial solutions. By allowing users to maintain liquidity while earning rewards through staking, we are opening up new possibilities for engagement within the DeFi ecosystem, all built on Solana’s growing network,” said Gracy Chen, CEO at Bitget.<h2 id="header-1">Market Picture</h2>Solayer Labs has grown exponentially in the recent past in tandem with Solana’s mainstream adoption. Earlier this year, Solayer Labs closed its seed funding round with $12 million led by Polychain Capital with notable participation from Big Brain Holdings, Hack VC, Nomad Capital, and Race Capital, among others.According to market data provided by Defillama, Solayer Labs has more than $236 million in total value locked (TVL) as of this report, up from $56 million in June 2024. The notable spike in Solayer Labs’ TVL is an indication of the major potential to grow astronomically in the near future, especially amid the 2024/2025 crypto bull run.

Binance-backed Solayer Labs Unveils Liquid Restaking Asset on Solana (SOL) Network Dubbed BGSOL In Collaboration With Bitget Exchange

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