Binance Earn launches On-Chain Yields, starting with Babylon BTC Staking
Binance On-Chain Yields simplifies staking rewards
Binance Earn has introduced an innovative feature, On-Chain Yields, offering users a seamless way to participate in various blockchain protocols and earn rewards directly through their Binance accounts. The program aims to simplify the staking and earning process, making it accessible to a broader audience.
The first offering under On-Chain Yields is Babylon BTC Staking, where users can stake their Bitcoin (BTC) to earn rewards from the Babylon Protocol. This new initiative will officially open for subscription on December 9, 2024, at 06:00 UTC, with a total cap of 1,000 BTC, distributed on a first-come, first-served basis. Participants can subscribe with a minimum of 0.05 BTC and a maximum of 5 BTC per account. The On-Chain Yields information page will be available starting at 04:00 UTC on the same day.
Key features of On-Chain Yields
Effortless Earnings: Users can earn rewards such as tokens and points from participating in on-chain protocols without the need for complex setups. Binance handles all technical integrations and operations, ensuring ease of use.
Flexible Redemption: Unlike traditional on-chain staking, Binance’s On-Chain Yields offers faster redemption options, giving users greater control over their investments.
Reward Opportunities: Users can explore high-yield opportunities while earning various types of rewards.
Associated risks
Despite its potential, On-Chain Yields carries inherent risks, including:
Smart Contract Vulnerabilities: On-chain protocols may have technical flaws, and users assume all associated risks.
Market Volatility: Changes in market conditions can impact the returns or value of staked assets.
Protocol Failures: Operational or technical issues within a protocol may result in asset loss.
Binance emphasizes that rewards are not guaranteed and advises users to conduct thorough research before participating. Binance disclaims responsibility for losses resulting from on-chain protocol risks.
Getting started with Babylon BTC Staking
To participate in Babylon BTC Staking, users can access the service via Binance’s website or app:
Website: Go to the "Earn" section, select "On-Chain Yields" under "High Yield," and confirm subscription details.
App: Access the "Earn" feature from the homepage, find the "On-Chain Yields" section, and subscribe.
About Babylon BTC Staking
Babylon BTC Staking is the first staking protocol supported by Binance On-Chain Yields. The protocol enables BTC holders to earn Babylon Points, which serve as non-redeemable rewards with no monetary value. Points are awarded based on participation but cannot be transferred or converted into currency.
While this feature offers opportunities for high returns, it comes with significant risks. Users are strongly encouraged to review Binance’s On-Chain Yields Terms of Use and conduct independent research to understand the limitations and benefits of each protocol.
Binance continues to innovate with On-Chain Yields, providing users with advanced tools to efficiently manage and grow their crypto assets.
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