Binance plans to launch a Solana (SOL) staking product before the end of September, according to a Tuesday announcement, according to ChainCatcher.$SOL

The tool, called BNSOL, will allow users to stake SOL tokens to earn a portion of network fees and mint liquidity staking tokens that can be used while the underlying token is locked. “Unlike native staking, BNSOL allows users to unlock liquidity, enjoy continuous reward accumulation, and seamlessly participate in the Binance platform and the broader DeFi ecosystem, for those who want to maximize the staking potential of Solana tokens. This is an ideal solution,” Vishal Sacheendran, Binance, said in a statement.

Binance is writing a “dynamic annual rate of return” (APR) for this token, which is adjusted based on Solana’s current staking yield and subject to commissions related to the accumulated rewards and the value of BNSOL relative to the SOL ratio. Users will have to wait for a redemption period when redeeming their tokens. Binance will officially announce the launch of the protocol later this month.