This is a general announcement and marketing communication. The products and services mentioned here may not be available in your region.
Dear Binance Community,
After updating the Binance Loans homepage, Binance is pleased to introduce a new promotional program for Fixed Interest Loans. Lenders with matched orders during the program period can receive yield-boosting rewards of up to 50% in USDC!
Program Duration: 12:00 PM on November 12, 2024 (Vietnam Time) - 06:59 AM on December 1, 2024 (Vietnam Time)
During the program period, the first 50 users who complete at least one loan order on Fixed Interest Loans will receive a yield boost of up to 50% in addition to the estimated interest rebate, which will be allocated in USDC after the campaign ends.
Eligible loan orders on Fixed Interest Loans include:
Lending according to existing loan orders, or
Placing a new loan order and successfully matching it.
How to Calculate Rewards:
Estimated interest rebate = Deposit Amount * Interest Rate * (Fixed Term / 365)
Example: A lender lends $50,000 stablecoin at an interest rate of 6% for 30 days.
Estimated interest rebate: 50,000 * 6% * (30 / 365) = 246
Yield Boost = Estimated interest rebate * 50%.
From the above example, the estimated interest is 246. The lender will receive a yield boost of 123 USD in USDC in addition to the interest rebate:
Yield Boost: 246 * 50% = 123
The yield boost is capped at 160 USDC for each winner. Each eligible user can only receive a maximum of one reward.
How Fixed Interest Loans Work on Binance:
Deposit and lend on Fixed Interest Loans:
Place Order: Click [Collateral] to place an order with your desired loan amount and interest rate. Additionally, you can also click the [Supply] button next to your existing preferred orders in [I Want to Lend]. The minimum lending amount is $50,000.
Order Confirmation: Review and confirm the details of the order along with the Terms and Conditions, then click [Confirm].
Order Matched: After the order is matched, the amount you lent will be transferred from the Spot Wallet and will be protected by Binance for the principal amount throughout the order duration. Interest repayment will start to accumulate after the order is matched. Check the order status in [My Orders] - [Ongoing Orders].
Repayment: After the order matures, the deposited amount and interest repayment will be transferred to your Spot Wallet within 24 hours after the maturity date. Check your assets in the Spot Wallet.
Borrow from Fixed Interest Loan:
Place Order: Click [Borrow] to place an order with your desired loan amount and interest rate. Additionally, you can also click the [Borrow] button next to your preferred order in the [I Want to Borrow] section. The minimum loan amount is $50,000.
Set Collateral Assets: Choose eligible assets from the Spot Wallet as collateral to meet the initial LTV (Loan to Value) requirements.
Order Confirmation: Review and confirm the details of the order along with the Terms and Conditions, then click [Confirm].
Order Matched: After the order is matched, the amount borrowed minus the pre-calculated interest will be transferred to your Spot Wallet. Check the order status in [My Orders] - [Ongoing Orders].
Repay Debt: Please repay the full loan amount before the maturity date to avoid Late Fees.
Start using Fixed Interest Loans on Binance today!
For more information, please refer to Fixed Interest Loan FAQs.
Note:
Please refer to Binance's Fixed Interest Loan Terms and Conditions before placing any orders on the Binance Fixed Interest Loan platform.
Rewards:
Eligible users will receive USDC tokens in their Spot Wallet no later than 3 weeks after the program ends.
Rewards are calculated by rounding to the nearest integer. Each user can only receive a maximum of one reward from the program. The maximum reward for each winner is 160 USDC. Sub-accounts will not be considered independent accounts when participating in this Program.
For Lenders:
After placing a loan order, the corresponding lending assets of the Lender will be frozen in their Spot Wallet, and they will not be able to transfer or trade these assets. If the Lender wishes to unlock, they can cancel the order while it is unfilled.
Once matched, the deposited amount of the Lender will be transferred from their Spot Wallet and will be protected by Binance for the principal amount throughout the order duration. The Lender cannot withdraw the lent assets before the maturity date or request early repayment.
Interest will not accumulate before the order is matched. Accumulated interest repayment will be allocated upon the return of the assets you lent within 24 hours after the Maturity Date.
For Borrowers:
After placing a loan order, the Borrower's collateral assets will be frozen in their Spot Wallet and cannot be transferred or traded. If the Borrower wishes to unlock, they must cancel the order while it is unfilled. After the order is matched, their collateral assets will automatically be transferred out of the Spot Wallet and held by Binance until the loan is fully repaid.
Interest for the loan is calculated upfront at the time of asset transfer. The actual amount the Borrower receives is the loan amount minus the pre-calculated loan interest. If the Borrower repays the loan early or Binance liquidates the loan before the loan term ends, the interest amount owed for the loan will not change and will not be refunded to the Borrower.
The Borrower is responsible for monitoring and adjusting the LTV (Loan to Value) ratio. If the Borrower's order reaches the liquidation LTV, the system will immediately initiate forced liquidation. The system will charge a liquidation fee of 2% of the loan amount.
Please repay your loan on time. Late fees will automatically accumulate hourly if the Borrower fails to repay the loan on the agreed maturity date.
Introduction to USDC:
USDC is a cryptocurrency token issued by Circle Internet Financial Europe SAS (https://www.circle.com/). The USDC whitepaper is available here. You can contact Circle using the following contact information: +33(1)59000130 and EEA-Customer-Support@circle.com.
USDC holders have legal claims against Circle SAS as the issuer of USDC in the European Union. These holders have the right to request the exchange of their USDC from Circle SAS. Such exchange requests will be fulfilled at any time at par value.
Users can view their orders by navigating to Fixed Interest Loan Orders > Ongoing Orders.
There may be discrepancies between the original English version and the translations. Please refer to the original English version for the most accurate information in case of any discrepancies.
Thank you for your support!
The Binance Team
11/11/2024
