Users deposit SOL tokens which are staked on the Solana network through Binance's staking pools. In return, users receive BNSOL tokens that represent their staked SOL plus accrued staking rewards.

BNSOL is a liquid staking token that allows users to earn staking rewards while maintaining liquidity of their assets. The token can be traded or used in DeFi applications while the underlying SOL continues generating staking yield.

Binance, one of the world's largest cryptocurrency exchanges, offers Binance Sol (BSOL) as their liquid staking solution for Solana.

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Liquid staking

Binance Staked SOL

# Binance Staked SOL Total value locked Methodology

## 1. Overview

The bNSOL TVL (Total Value Locked) metric measures the total USD value of Binance Staked SOL (bNSOL) tokens held across all accounts on the Solana blockchain. This metric answers the question "How much value is currently locked in bNSOL staking?" by tracking the aggregate dollar value of all bNSOL token balances. The calculation combines real-time blockchain balance data with market price feeds to provide a comprehensive view of capital allocated to this liquid staking derivative.

## 2. Data sources

The calculation relies on the following underlying data sources:
- **Solana token balance changes**: Blockchain state data capturing balance changes for all accounts holding tokens, including post-transaction balance amounts, token mint addresses, account owners, and transaction timestamps
- **End-of-day price feeds**: CoinGecko price data specifically for the binance-staked-sol token, providing USD conversion rates
- **Token metadata**: Contract information identifying the specific bNSOL token address (`BNso1VUJnh4zcfpZa6986Ea66P6TCp59hvtNJ8b1X85`) on Solana

## 3. Step-by-step calculation

### Component A: Balance extraction and processing
- **Purpose**: Extract and standardize daily token balance data for bNSOL tokens across all Solana accounts
- **Logic**: The system processes Solana blockchain state data to identify token balance changes. It filters specifically for the bNSOL token address and extracts the post-transaction balance amounts for each account. Block-level timestamps are truncated to daily granularity, and the data is structured with account addresses as `account_address`, token contract addresses as `token_address`, account owners as `token_owner`, and balance amounts as `token_amount`. Static metadata is added including product identifier as bnsol, chain identifier as solana, and time granularity as day.
- **Key fields**: `timestamp` (daily), `token_address`, `account_address`, `token_amount`, `product_id`

### Component B: Balance continuity management
- **Purpose**: Ensure continuous balance tracking across all days by filling forward the last known balance when no transactions occur
- **Logic**: The system applies forward-filling logic to maintain balance continuity for each account. When an account has no balance changes on a given day, the system carries forward the most recent balance amount. This prevents artificial drops to zero in the TVL calculation when accounts simply hold tokens without transacting. The fill-forward process operates at the account level, maintaining separate balance histories for each unique combination of token address and account address.
- **Key fields**: `token_amount` (forward-filled), `timestamp`, dimension keys for grouping

### Component C: USD conversion
- **Purpose**: Convert bNSOL token amounts to USD values using market price data
- **Logic**: The system retrieves end-of-day price data from CoinGecko for the binance-staked-sol token and applies these rates to convert token amounts to USD values. The conversion uses the timestamp from the balance data to match with the appropriate price point, ensuring that balance amounts are valued at the correct market rate for each day. The conversion process maintains all dimensional attributes while transforming the `token_amount` field from native token units to USD values.
- **Key fields**: `token_amount` (now in USD), pricing timestamp alignment, dimensional preservation

### Final aggregation
- **Combining components**: The USD-converted balance amounts are summed across all accounts holding bNSOL tokens, grouped by timestamp, chain, and product dimensions to calculate the total value locked
- **Currency conversion**: USD conversion occurs before aggregation using end-of-day CoinGecko price feeds for binance-staked-sol, ensuring consistent valuation across all holdings
- **Time aggregation**: Data is aggregated at daily boundaries, with timestamps truncated to day-level granularity for consistent time series output
- **Final calculation**: The TVL represents the sum of all USD-converted bNSOL token balances across all accounts on each day, with forward-filling applied to handle missing data points and maintain continuous metric availability

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Binance Staked SOLBNSOL

Total value locked

Total value locked

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