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Binance Launches FDUSD Locked Products with 15.9% Fixed APR - Blockchain.News

Binance Launches FDUSD Locked Products with 15.9% Fixed APR

Alvin Lang Aug 30, 2024 17:32

Binance introduces FDUSD Locked Products offering a 15.9% fixed APR during a limited promotion period, enhancing user earning potential.

Binance Launches FDUSD Locked Products with 15.9% Fixed APR

Binance has announced a promotional offer for its FDUSD Locked Products, enabling users to earn a fixed annual percentage rate (APR) of 15.9% on their deposits during the promotion period, according to Binance.

Promotion Details

The promotion period runs from August 30, 2024, 07:00 UTC to September 9, 2024, 06:59 UTC. During this time, eligible users who subscribe to FDUSD Locked Products can take advantage of the 15.9% APR. The subscription format operates on a first-come, first-served basis, with a fixed duration of 10 days.

Mechanism of FDUSD Locked Products

  • Subscription Format: Limited subscriptions on a first-come, first-served basis for a fixed duration of 10 days.
  • APR: The fixed rate remains constant throughout the Locked Simple Earn Term. Any changes to the APR will only apply to new subscriptions, not existing ones.
  • Principal Protection: Users will receive their principal back upon redemption or at the end of the locking period.
  • Reward Calculation Period: Begins at 00:00 UTC the day after subscription and continues until the end of the subscription period.
  • Rewards Distribution: Distributed daily to users' Spot Wallets.
  • Early Redemption: Users can redeem locked assets early, but all rewards received will be forfeited. The full balance minus any distributed rewards will be returned to users' Spot Wallets within 72 hours, though delays may occur in exceptional circumstances.

How to Get Started

  1. Purchase FDUSD on the Spot market or via the Buy Crypto page, which supports various payment methods including Visa, Mastercard, Apple Pay, Google Pay, and wallet balances. Users can also deposit FDUSD into their Binance account.
  2. Navigate to [Simple Earn] and search for FDUSD.
  3. Select the 10-day option and subscribe to FDUSD Locked Products to start earning 15.9% APR.

About Binance Simple Earn

Binance Simple Earn allows users to earn daily rewards by depositing their digital assets for flexible or locked terms. Users can subscribe to or redeem assets almost anytime, maintaining flexibility and liquidity while earning daily rewards.

Please Note

  • The promotion is available only to users enabled to use Binance Simple Earn Products and may be restricted in certain jurisdictions.
  • Binance reserves the right to adjust APRs at any time without prior notice. Users should refer to the Binance Simple Earn Terms & Conditions and Risk Warning before using any products on the platform.
  • At the end of the subscription period, Binance Simple Earn will redeem the digital assets locked in Simple Earn Locked Products to Simple Earn Flexible Products.
  • Users can view their Locked Products subscriptions by going to Wallets > Earn > Simple Earn > Locked.
  • Unlock period for Locked Products is one day. APR rewards are distributed from Binance’s own funds and are based on market conditions.
  • The promotion is not associated with the issuer of FDUSD.
  • Deposited assets in Simple Earn may be loaned to other Binance users.
  • A large number of redemption requests might delay the process temporarily. Redemptions may resume upon return of liquidity. Delays can result from various factors including market volatility and network delays.

For more information, users can check the Locked Products FAQ.

Image source: Shutterstock