Update on Binance’s Fiat Liquidity Provider Program
Binance, a prominent cryptocurrency exchange, has unveiled a new version of its Fiat Liquidity Provider Program, set to launch on June 25, 2024. This update introduces the Japanese Yen (JPY) market to the program and includes various enhancements to the performance evaluation and rebate systems.
Key Enhancements
The introduction of the JPY market into the Fiat Liquidity Provider Program will commence on June 25, 2024, at 00:00 UTC. Furthermore, Binance will introduce a new evaluation process for new markets, with weekly assessments based on a performance review mechanism.
- Effective July 2, 2024, maker fee rebates will be granted to liquidity providers based on their performance in the previous week’s spot trading in selected fiat markets.
Operating Mechanism and Calculations
The updated program will evaluate liquidity provider performance using the following metrics:
- [User’s Weekly Spot Maker Volume (%) to the Total Binance Spot Maker Volume in Each Fiat Market] = [Each Liquidity Provider Account’s Weekly Spot Maker Volume in Each Fiat Market] / [Weekly Maker Volume in Each Fiat Market on Binance Spot].
- [Weekly Maker Volume] = Sum of the Seven Daily Maker Volume During the Week.
- [Daily Maker Volume] = Sum of Maker Volume on Binance Spot Markets on the Day.
Program Incentives
Participants who qualify for at least one of the eligible fiat markets will receive the following incentives:
- Qualified Fiat Markets: Maker rebates and standard VIP taker fees on all pairs across the eligible fiat markets.
- Unqualified Fiat Markets: Zero maker fees and standard VIP taker fees on all fiat pairs across these fiat markets.
Participation Guidelines
Traders with a 30-day trading volume exceeding 20,000,000 USDT equivalent on Binance Spot and Margin or other platforms, and who exhibit quality liquidity providing strategies, are encouraged to join the Fiat Liquidity Provider Program. Interested parties can apply for a trial period by submitting proof of trading volume to [email protected] or by reaching out to their sales or key account coverage team.
Additional Considerations
- This program is restricted to the specified fiat markets listed on Binance.com.
- Maker rebates will be disbursed in fiat currency irrespective of the quote asset.
- Rebate eligibility for Liquidity Providers will be evaluated weekly based on their performance on eligible fiat pairs across spot trades.
Hot Take: Conclusion
In conclusion, Binance’s updated Fiat Liquidity Provider Program brings significant changes to the platform, offering enhanced opportunities for liquidity providers in the cryptocurrency space. Stay informed about the latest developments and make the most of these incentives for a fruitful trading experience.
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