Binance Announces Fixed-Rate Loan Promotion with Up to 799 USDC Prize Pool

Binance has launched a new promotion to celebrate the launch of fixed-rate lending, according to an official announcement. The promotion provides borrowers and providers with enhanced liquidity options and the opportunity to earn up to 799 USDC in token vouchers.

Promotion Period: 2024-09-19 05:00 (UTC) to 2024-10-11 23:59 (UTC).

Promotion Details

During the promotion period, users who borrow at least $200,000 in fixed-rate loans will be ranked by total USD loan amount. The top 10 eligible participants will each receive 799 USDC token vouchers. Eligible loan orders include borrowing from existing supply orders or placing matching loan orders.

Likewise, users who have completed at least one supply order on a fixed-rate loan will be ranked by total supply amount (in USD equivalent). The top 30 eligible participants will each receive 100 USDC token vouchers. Eligible supply orders include supplying to an existing loan order or placing a new supply order that matches.

How Binance Fixed Rate Loans Work

To borrow a fixed rate loan:

1. To order: (Order) – Click (I want to borrow) to set up your loan information or click (Loan) next to your preferred order in the “Loan Market”.
2. Collateral setting: Select eligible assets as collateral in Spot Wallet to meet the initial LTV (loan-to-value) requirement.
3. Order Confirmation: After reviewing and confirming your order details and Terms and Conditions, click (Confirm).
4. Order Match: Once your order is matched, the borrowed funds minus the pre-calculated interest will be transferred to your Spot Wallet. Check your order status in (My Orders) – (Pending Orders).
5. return: To avoid late fees, repay your loan in full before the due date.

Fixed rate loan supply:

1. To order: (Order) – Click (I want to supply) to set up your supply information or click (Supply) next to your preferred order in the supply marketplace.
2. Order Confirmation: After reviewing and confirming your order details and Terms and Conditions, click (Confirm).
3. Order Match: Once the order is matched, the funds supplied will be transferred from your Spot Wallet and will be protected by Binance for the duration of the order. Profitable interest will start accruing upon matching. Check the order status in (My Orders) – (Open Orders).
4. return: When the loan matures, the loaned assets and earned interest will be transferred to Spot Wallet within 24 hours from the maturity date. Check your assets in Spot Wallet.

Additional information

Eligible users will receive USDC token vouchers within 3 weeks after the campaign ends. Users can log in and claim their token voucher rewards via Profile > Rewards Hub. All token vouchers distributed will expire within 30 days of distribution, so eligible users must claim their voucher rewards before the expiration date. Each user can only receive one reward from this promotion, and each sub-account will not be considered an independent account when participating in this promotion.

USDC is a digital currency token issued by Circle Internet Financial Europe SAS. Holders of USDC have a legal claim on Circle SAS and may demand that Circle SAS redeem their USDC at face value at any time.

For more information on how Binance Fixed-Rate Loans work, please refer to the Fixed-Rate Loans FAQ, Flexible Loans FAQ, and VIP Loans FAQ.

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