Latest Binance Promotion: Fixed Rate Loans 🚀
This new promotion from Binance introduces Fixed Rate Loans, providing opportunities for users to win up to 799 USDC. This initiative runs from September 19 to October 11, 2024, enhancing both borrowing and lending experiences on the platform.
Promotion Duration 📅
The promotional event is set to take place from September 19, 2024, starting at 05:00 (UTC) and concluding on October 11, 2024, at 23:59 (UTC).
Details of the Promotion 🎉
Throughout the promotion phase, participants who borrow a cumulative amount of at least $200,000 in Fixed Rate Loans will be evaluated based on the total USD Equivalent borrowed. The ten top borrowers will be awarded with 799 USDC token vouchers. Eligible borrow orders can either come from existing supply orders or new borrow orders that get matched.
In addition, users who execute at least one supply order on Fixed Rate Loans will be assessed based on their total supply amount in USD Equivalent. The thirty top suppliers will each receive 100 USDC token vouchers. Eligible supply orders consist of lending to current borrow orders or placing new supply orders that get matched.
Understanding Binance Fixed Rate Loans 💡
Steps to Borrow on Fixed Rate Loans:
- Initiating an Order: Click on “Place an Order” and select “I Want to Borrow” to configure your borrow settings, or click “Borrow” beside a suitable order in the Borrow Market.
- Collateral Setup: Choose qualifying assets from your Spot Wallet to serve as collateral, thereby meeting the Initial Loan-to-Value (LTV) criteria.
- Order Confirmation: Review the order specifics along with the Terms and Conditions, then click “Confirm.”
- Order Matching: Once your order is matched, the funds borrowed, minus calculated interest, will be transferred to your Spot Wallet. Verify the order status under “My Order” → “Ongoing Orders.”
- Loan Repayment: Ensure you repay the full amount before the due date to avoid any late fees.
Steps to Supply on Fixed Rate Loans:
- Initiating an Order: Click on “Place an Order” and choose “I Want to Supply” to set up your supply details, or select “Supply” next to a desired order in the Supply Market.
- Order Confirmation: Evaluate the order details, and accept the Terms and Conditions, then click “Confirm.”
- Order Matching: After your order matches, the supplied funds will be removed from your Spot Wallet and are guaranteed by Binance for the order duration. Interest on your return will start accruing upon matching. Check the status under “My Order” → “Ongoing Orders.”
- Asset Repayment: Following the conclusion of the loan, the loaned assets along with accrued interest will be deposited back into your Spot Wallet within 24 hours post-expiry. Check for your assets there.
Further Insights 💼
Participants eligible for the promotion will receive their USDC token vouchers within three weeks after the promotional period ends. To claim rewards, users can access their Profile > Rewards Hub. It’s essential to redeem these tokens within 30 days of receipt; otherwise, they will expire. Each individual user can receive a single reward from this promotional event, and sub-accounts will not count as separate entities for the promotion.
USDC is a digital currency token provided by Circle Internet Financial Europe SAS. Holders possess a legal entitlement to request the redemption of their USDC at par value from Circle SAS at any given time.
For a deeper understanding of Binance Fixed Rate Loans, users are encouraged to refer to the relevant FAQs on how these loans function, along with information about Flexible Loans and VIP Loans.
Hot Take: The Impact of Fixed Rate Loans on the Crypto Domain 🌐
This promotion from Binance not only provides promotional incentives but also strengthens the overall ecosystem by introducing beneficial lending and borrowing services. By integrating Fixed Rate Loans, Binance reinforces its commitment to enhancing user experience, convenience, and options for individuals participating in the crypto market. As the industry continues to evolve, such initiatives could reshape financial engagement, urging users to explore new opportunities within this vibrant space.
This structure prioritizes clarity and keeps the reader engaged with these new developments while providing comprehensive insights on how to participate effectively.
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