Binance Announces DeFi Savings Product

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Binance – the leading crypto exchange – has launched a DeFi Special Savings products with three stablecoins.

Users can lock their BUSD, USDT, or USDC to earn a 14.8% annualized return. There are 1000 lots available with each user able to deposit up to 20,000 of each supported stablecoin, capping deposits for individual accounts at 20 million USD. The maturity period is of 14 days and operates on a first-come-first-served basis. While this first program ended on 15th August, 12:00 PM (UTC), we expect many more opportunities like this to arise in the near future. The subscriptions can also end prematurely if the maximum limit is reached. Interest will be distributed within 7 days of maturity while the interest is paid out on the maturity date.

What’s unique about this program is that half of the interest is paid in a random DeFi token. For example, those who bought one lot of BUSD will get back their 1000 BUSD deposit along with 2.84 BUSD + a random DeFi token worth $2.84.

The DeFi token bonuses will be given to the users at random and from the following 12 coins:

Compund (COMP), Maker (MKR), Synthetix (SNX), Balancer (BAL), AAVE (LEND), Ren Protocol (REN), Bancor Network (BNT), Loopring (LRC), Kyber Network (KNC), Kava (KAVA), Thorchain (RUNE) and Yearn Finance (YFI).

Binance to Airdrop $16,000,000 of SXP Tokens to BNB holders

Binance also announced they will airdrop a total of 4 million SXP tokens (worth roughly $16 million USD) to BNB holders over a 12 week period. These tokens will be allocated on a weekly basis based on each Binance user’s average daily BNB holdings in each respective week.

 

Users need to hold a weekly average of at least 0.1 BNB to qualify. Starting on August 17th, Binance will take live snapshots of user BNB balances to calculate their weekly average BNB holdings. Weekly average BNB holding amounts will be determined as the average of the preceding 7 days. The calculation can be found here. SXP rewards are calculated and distributed weekly and will be distributed on Binance.com within 3 days of the end of each weekly period.

Binance CEO, Changpeng Zhao, had this to say.

Binance Joins DeFi

These updates come in tandem with a nearly immediate listing of Curve’s CRV token along with yEarn’s YFI and Aragon’s ANT. It’s clear that Binance will now look to regain its dominance as a top trading venue for DeFi tokens by looking to list highly anticipated projects immediately after launch. This is in stark contrast to its previous process in which token like Synthetix SNX were not listed until just a month ago.

If one thing is for sure, the fact that Binance appears to be threatened by the coming wave of DEXs is a strong testament to the product-market fit projects like Uniswap have found in recent months.

To stay up with Binance, follow them on Twitter!

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