Is bSOL pegged to SOL?

Excuse me, could you please clarify something for me? I've been reading about bSOL and SOL, and I'm a bit confused. I understand that both are tokens in the crypto world, but I'm wondering if bSOL is pegged to SOL in any way? In other words, does the value of bSOL fluctuate in direct proportion to the value of SOL, or is there some other mechanism at play here? I'd really appreciate it if you could shed some light on this for me. Thank you!