Lawrence Jengar
Nov 11, 2024 05:21
Binance unveils a special offer for Fixed Rate Loans, allowing suppliers to earn an enhanced yield of up to 50% in USDC during the promotional phase from November 12 to November 30, 2024.
Overview of the Promotion 🌟
Binance has shared exciting news regarding its Fixed Rate Loans. This promotional period gives suppliers a chance to generate up to a 50% additional yield in USDC, enhancing their earning potential. Running from November 12 to November 30, 2024, this offer opens the door for users to increase their expected returns significantly.
Details of the Promotional Period 📝
During this promotional phase, the first 50 participants to successfully complete at least one supply order for Fixed Rate Loans will qualify for a yield boost of up to 50% on their anticipated returns. This bonus will be dispensed in USDC after the conclusion of the promotional period.
To qualify, participants must either fund existing borrow orders or initiate a new supply order that gets matched. Notably, the yield boost for each participant is limited to 160 USDC, with individuals allowed only one reward throughout the promotional period.
Steps to Take Part in the Offer 🚀
To engage with this promotion, users should place an order by clicking on [Supply Fund] to enter their preferred supply amount and interest rate. Alternatively, users might opt to choose from existing orders found under the [I Want to Supply] section. The minimum requirement for supply is set at $50,000. Once an order is matched, funds are transferred from the user’s Spot Wallet and are protected by Binance as the principal for the duration of the loan.
Understanding Yield Calculation and Reward Distribution 📊
The expected return interest amount is computed using the following formula: Deposit Amount * Interest Rate * (Locked Duration / 365). The yield boost, which represents 50% of this expected return, will be allocated to qualifying users in USDC tokens within three weeks after the campaign wraps up.
Key Points to Consider 🔑
Binance emphasizes that it’s crucial for users to familiarize themselves with the guidelines associated with Fixed Rate Loans. Participants are encouraged to review the applicable terms and conditions of Binance’s Fixed Rate Loans before proceeding with any orders.
Furthermore, once a supply order is finalized, the associated assets will be locked within the user’s Spot Wallet and will not be available for transfer or trading unless the order is canceled while it remains unmatched. Matched assets will remain inaccessible until the loan period concludes.
Impacts on the Crypto Lending Space 💡
This promotional initiative illustrates Binance’s ongoing commitment to refining its offerings within the cryptocurrency lending arena, delivering enhanced benefits and opportunities for participants engaged with digital assets.
Hot Take: Maximizing Your Participation 🤔
This year offers a unique opportunity for you to augment your returns in the cryptocurrency landscape. Engaging in Binance’s promotion can significantly boost your earnings potential. Be sure to familiarize yourself with the terms, understand how to calculate your anticipated interest, and participate early to secure your place among the chosen few eligible for additional rewards.
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