Binance Adds dYdX (DYDX) on Simple Earn Locked Products - Blockchain.News

Binance Adds dYdX (DYDX) on Simple Earn Locked Products

Felix Pinkston May 28, 2024 10:09

Binance adds dYdX (DYDX) on Simple Earn Locked Products.

Binance Adds dYdX (DYDX) on Simple Earn Locked Products

In a recent announcement, Binance has expanded its Simple Earn Locked Products by including dYdX (DYDX). This new addition allows users to subscribe to DYDX Locked Products and start earning rewards from May 28, 2024, 10:00 (UTC).

Mechanism on DYDX Locked Products

  • Subscription Format: First-come, first-served basis. Minimum subscription amount, maximum subscription limits, and duration requirements apply, which will impact the APR rewards users receive.
  • Reward Calculation Period: From 00:00 (UTC) on the day after an eligible subscription to Locked Products is completed, until the end of the subscription period.
  • Rewards Distribution: On a daily basis.

Offered Products (Locked Products)

Users can head to the Simple Earn section on Binance and search for DYDX to view the available Locked Products. Subscriptions to these products will enable users to earn up to 14.9% APR daily on their locked DYDX tokens.

How to Get Started with DYDX Locked Products

  1. Head to the [Earn] section on Binance, and search for DYDX.
  2. Select the duration, and subscribe with DYDX to start earning rewards.

Important Notes

  • Binance reserves the right to adjust APRs at any time without prior notice. Users are advised to refer to Binance Simple Earn Terms & Conditions before using any products on the platform.
  • At the end of the subscription period, digital assets/digital currencies subscribed to Simple Earn Locked Products will be redeemed to Flexible Products. The value of digital assets/digital currencies fluctuates and is subject to change.
  • Users can view their Locked Products subscriptions by going to Wallets > Earn > Simple Earn > Locked.
  • The “Auto-Subscribe” function can be enabled before completing subscriptions, which will automatically renew existing Locked Products positions into new positions of the same duration upon expiry.
  • Unlock period for Locked Products is one day.
  • Users may redeem their assets in advance, but they will not be entitled to any rewards if early redemption is chosen. Any distributed rewards will be deducted from the refunded principal.
  • For more details, users can refer to the Locked Products FAQ.
Image source: Shutterstock