🌋 Binance Launches New Farming Product
posted 5 Dec 2024
Binance has introduced On-chain Yields, a new service that enables users to earn DeFi returns directly through their platform account. The first offering will be Bitcoin staking via the Babylon protocol, which will go live on December 9, 2024, with the following restrictions:
- Minimum deposit: 0.05 BTC (approximately $5000)
- Maximum limit: 5 BTC ($500,000)
- Total subscription limit for the protocol: 1000 BTC
- Access will be granted to the first users who sign up.
Binance representatives emphasized that users will receive rewards in the form of tokens or points, depending on the protocols chosen, and that the process for staking assets will be simpler and faster compared to other platforms. However, they also warned of the risks of asset loss due to technical issues, hacks, and cryptocurrency volatility.
We recommend that users conduct their own research into the on-chain protocols to understand the utilities and limitations of the points before participating,the press release states.
Additionally, the platform urges caution when dealing with protocols offering staking rewards in the form of points, such as Babylon, since these points currently have no value, cannot be transferred to other accounts, or exchanged for cryptocurrencies. In the future, Binance plans to evaluate these rewards based on the protocols' plans.
For example, Babylon’s developers promise to convert all earned points into the project’s token once it is released. In the meantime, users can stake their Bitcoin as they would on other platforms like Ethereum, hoping to earn long-term returns from holding the leading cryptocurrency.
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