Binance Unveils New IOTX Locked Products Offering Up to 11.9% APR - Blockchain.News

Binance Unveils New IOTX Locked Products Offering Up to 11.9% APR

Iris Coleman Jun 13, 2024 16:51

Binance introduces new IoTeX (IOTX) Locked Products with up to 11.9% APR rewards.

Binance Unveils New IOTX Locked Products Offering Up to 11.9% APR

Binance Simple Earn has announced an update to its Locked Products, now including IoTeX (IOTX), with the potential to earn up to 11.9% annual percentage rate (APR) in rewards. The promotion period for these new products runs from June 13, 2024, to July 13, 2024, according to Binance.

Promotion Period and Subscription Details

To qualify for the promotional APR, subscriptions to IOTX Locked Products must be completed between June 13, 2024, at 10:00 UTC and July 13, 2024, at 09:59 UTC. The subscription process operates on a first-come, first-served basis, with minimum and maximum subscription limits and duration requirements that can affect the APR received.

The reward calculation period begins at 00:00 UTC on the day following the subscription and continues until the end of the subscription period. Rewards will be distributed on a daily basis.

How to Get Started

Participants can begin by navigating to the Earn section on the Binance platform and searching for IOTX. After selecting the desired duration, users can subscribe to start earning up to 11.9% APR daily.

Important Considerations

Binance reserves the right to adjust APR rates after the promotion period without prior notice. Users are encouraged to review the Binance Simple Earn Terms & Conditions before using any products on the platform.

At the end of the agreed subscription period, Binance Simple Earn will automatically redeem the digital assets subscribed to Locked Products into Flexible Products. The value of digital assets can fluctuate and is subject to change.

Users can view their Locked Products subscriptions by navigating to Wallets > Earn > Simple Earn > Locked. The platform also offers an “Auto-Subscribe” function that automatically renews the Locked Products position into a new position of the same duration upon expiry.

The unlock period for Locked Products is one day, and users can opt for early redemption, which will return the digital assets to the spot account without any accrued rewards. It may take 48-72 hours for the assets to be returned.

Binance has noted that the promotional APR is partly furnished through a partnership with their token partner, allowing for competitive or boosted APR for users.

Additional Information

Binance has emphasized that digital asset prices can be volatile, and the value of investments may go down as well as up. Users are solely responsible for their investment decisions, and Binance is not liable for any losses incurred. APR is an estimate of rewards and does not represent actual or predicted returns in fiat currency. The estimated rewards may differ from actual rewards generated.

For more details, users can refer to the Risk Warning and Terms of Use provided by Binance.

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