On August 14, crypto exchange Binance launched a new savings product in a bid to attract users to DeFi. Users will receive a 14.8% APY rate on Binance savings, with random DeFi bonuses as an additional incentive.
- New product has a DeFi bonus on top, with random DeFi token handed out within 7 days of the event
- Binance USD (BUSD), Tether (USDT) and USD Coin (USDC) has been added to Binance where 14 days products are available
- Product has a subscription period of 1 day on a first come first serve basis
- Interest is calculated for the time frame between the end of the subscription period and the end of the product period
- Extra DeFi tokens are selected at random as bonuses from one of the following: COMP, MKR, SNX, BAL, LEND, REN, BNT, LRC, KNC, KAVA, RUNE and YFI
- Value of DeFi token is based on the equivalent interest income per lot (lot sizes are in units of $1000)