BGSOL offers flexibility for users, allowing them to stake their tokens with no lock-in periods.
By Chimamanda U. Martha
Edited by Julia Sakovich
Updated
3 mins read
Cryptocurrency exchange Bitget has announced the launch of its first liquid restaking token (LRT) BGSOL. The new product was developed in collaboration with Solayer Labs, a crypto restaking platform that recently received funding from Binance Labs to expand its ecosystem and strengthen its presence within the industry.
In a recent announcement, the company said BGSOL was designed as an exchange-backed LRT token that offers users restaking rewards with easy redemption. The token’s primary objective is to unlock the full potential of Solana’s staking infrastructure.
The launch of BGSOL comes at a time when interest in liquid restaking tokens is rapidly increasing. Decentralized protocols and exchanges are exploring this niche to offer broader access to yield-bearing opportunities within on-chain ecosystems.
Earlier this month, for example, Kraken expanded its services to enable users to restake their already staked Ethereum ETH $2 074 24h volatility: 0.8% Market cap: $250.36 B Vol. 24h: $12.41 B on EigenLayer, allowing them to earn additional rewards while still participating in other ecosystem activities.
Now, with BGSOL, Bitget has set the stage for future innovation and sustained growth in Solana’s decentralized finance (DeFi) ecosystem. The company will directly benefit from the token’s utilities as it is designed to support the automation of Active Validator Set (AVS) delegation, allowing the exchange to enjoy faster transactions and enhanced security.
In addition to delegating staked assets to Bitget’st AVS, BGSOL highlights how liquid restaking tokens can promote priority transaction services, enhance ecosystem loyalty, and provide significant infrastructure benefits.
According to Bitget, this approach sets an example for other exchanges, combining user rewards with ecosystem support to create a more integrated and beneficial DeFi environment.
Users can acquire the LRT token by swapping their SOL SOL $145.4 24h volatility: 2.1% Market cap: $74.31 B Vol. 24h: $4.22 B tokens for BGSOL directly on Bitget. Once acquired, the digital asset can be staked within the exchange’s DeFi environment, allowing users to accrue rewards while participating in other platform activities. Bitget emphasized that users can redeem their rewards anytime, as there are no lock-in periods for staking.
The BGSOL token will offer a base APR of 8.15%, with additional incentive APRs from Bitget of about 22%. To celebrate the launch, Bitget is also hosting a SOL staking event, where users can earn up to 25% APY for the first $1,000 staked on the Solayer Restaking Network via the Bitget Wallet.
Bitget recently announced that its Web3 wallet surpassed 40 million users as of October 17, with many users coming from emerging markets, particularly in Africa and parts of Asia, such as Nigeria, the Philippines, and Vietnam.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
