Binance Offers Up to 50% Yield Boost on USDC with Fixed Rate Loans
Lawrence Jengar Nov 11, 2024 05:21
Binance introduces a promotional offer for Fixed Rate Loans, giving suppliers up to a 50% yield boost in USDC during the promotion period from November 12 to November 30, 2024.
Binance has announced a new promotional offer for its Fixed Rate Loans, providing an opportunity for suppliers to earn up to a 50% yield boost in USDC. The promotion is set to run from November 12 to November 30, 2024, according to Binance.
Promotion Details
During the promotion period, the first 50 users who complete at least one supply order on Fixed Rate Loans will be eligible to receive up to 50% additional yields on top of their expected return interest amount. These rewards will be distributed in USDC after the campaign concludes.
Eligible supply orders include supplying to existing borrow orders or placing a new supply order that is successfully matched. The yield boost is capped at 160 USDC per winner, and each eligible user can only receive one reward.
How to Participate
To participate, users must place an order by clicking [Supply Fund] with their customized supply amount and interest rate. Alternatively, users can select existing orders under [I Want to Supply]. The minimum supply amount is $50,000. Once an order is matched, the supplied funds are transferred from the user's Spot Wallet and are principal-protected by Binance for the order's duration.
Calculation and Distribution
The expected return interest amount is calculated using the formula: Deposit Amount * Interest rate * (Locked Duration / 365). The yield boost, which is 50% of the expected return interest amount, will be distributed to eligible users in USDC tokens no later than three weeks after the campaign ends.
Additional Information
Binance emphasizes the importance of understanding the terms and conditions associated with Fixed Rate Loans. Users are advised to review the Binance Fixed Rate Loans Terms and Conditions prior to placing any orders.
Participants should also note that once a supply order is placed, the corresponding supply assets will be frozen in their Spot Wallet and cannot be transferred or traded unless the order is canceled while unmatched. Once matched, the assets will remain locked until the loan duration expires.
Binance's promotion is part of its ongoing efforts to enhance the offerings in the crypto lending space, providing additional benefits to participants in the digital asset ecosystem.
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