lawrence jenga
November 11, 2024 05:21
Binance introduces a promotional offer on fixed-rate loans that offers providers up to a 50% yield boost in USDC during the promotional period from November 12 to November 30, 2024.
Binance has announced a new promotional offer for fixed-rate loans that gives vendors the opportunity to earn up to 50% yield boost on USDC. According to Binance, this promotion will run from November 12 to November 30, 2024.
Promotion Details
The first 50 users to complete at least one supply order on a fixed rate loan during the promotional period will receive an additional return of up to 50% on top of the estimated return interest amount. These rewards will be distributed in USDC after the campaign ends.
Qualifying supply orders include supplying an existing borrowing order or placing a new supply order that successfully matches. Earnings boost is limited to 160 USDC per winner and each eligible user can only receive one reward.
How to Participate
To participate, users must click (Supply Funds) and place an order with the supply amount and interest rate that suits them. Alternatively, the user can select an existing order from (would like to supply). Minimum supply amount is $50,000. When an order is matched, the supplied funds will be transferred from the user’s Spot wallet and secured as principal by Binance for the duration of the order.
Calculate and distribute
The expected rate of return interest amount is calculated using the following formula: Deposit amount * interest rate * (lock-in period / 365). A yield boost equal to 50% of the expected earned interest amount will be distributed in USDC tokens to eligible users within 3 weeks of the end of the campaign.
Additional information
Binance emphasizes the importance of understanding the terms and conditions associated with fixed-rate loans. Users are advised to review the Binance Fixed Rate Loan Terms and Conditions before placing an order.
Participants should also note that once a supply order is placed, the corresponding supply assets are frozen in the Spot Wallet and cannot be transferred or traded during a mismatch unless the order is cancelled. Once matched, the assets remain locked until the loan term expires.
Binance’s promotion is part of its ongoing efforts to improve services in the cryptocurrency lending space and provide additional benefits to digital asset ecosystem participants.
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