Binance DeFi Staking
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What is DeFi Staking?
DeFi (Decentralized Finance) is a way of providing financial services to users through smart contracts. Existing DeFi projects aim to provide higher annualized earnings for specific currencies.
About Binance DeFi Staking
There's a relatively high threshold for users of DeFi products. Binance DeFi Staking acts on behalf of users to participate in certain DeFi products, obtains and distributes realized earnings, and helps users to participate in DeFi products with a single click.
What are the advantages of DeFi Staking?
1. Easy to use: You don't need to manage private keys, acquire resources, make trades, or perform other complicated tasks to participate in DeFi Staking. Binance's one-stop service allows users to obtain generous online rewards without keeping an on-chain wallet. 2. No gas fee: Binance Staking deposits users’ funds into smart contracts on users’ behalf, saving users on-chain gas fees.
Does Binance bear the losses if an on-chain contract is attacked during DeFi Staking?
No. Binance only acts as a platform to showcase projects and provide users with related services, such as accessing funds on behalf of the user and distributing earnings, etc. Binance does not bear any liability for losses incurred as a result of on-chain contract security.
After I participate in DeFi Staking, how is the earnings cycle calculated?
Once funds are successfully allocated to DeFi Staking, earnings are calculated beginning at 00:00 (UTC) the following day. The minimum earnings calculation period is one day; earnings for a period of less than one day will not be included in the earnings distribution.
How long do I need to lock-up my funds to participate in Defi Staking?
Currently, the lock-up period for regular products is 1 day. Funds will be unlocked and returned to your account on T + 1. However, as we add support for more types of products, the lock-up periods will vary. Lock-up periods for different products will be specified in the information on the product interface.
If I redeem early, can I earn part of the interest?
Early redemption will unfortunately deduct all interest based income. This is because assets pledged to participate are locked in the smart-contract on-chain, and the redemption operation requires a more complicated manual operation to initiate and includes certain blockchain transfer fees. Please choose the appropriate lock-up time when subscribing to DeFi Staking products.
Why is the principal reduced for early redemption?
There is no principal penalty mechanism for early redemption, and the reduction of the principal is done to deduct the interest that has been distributed.Example: User A subscribes for a 7-day wealth management products utilizing BNB at 21:00 PM on the 9th. The income will be calculated at 8:00 AM on the 10th, and the spot wallet will receive the previous days lock-up income after 8:00 AM on the 11th; Users who redeem in advance at 16:00 PM on the 12th will deduct the two-day paid income from the principal; therefore reducing the principal payout amount.
How long does it take to redeem?
Redemption requires 1 day to unlock. This is because users' staked assets are used to participate in the on-chain smart contract. Redemption and distribution also take a certain period of time to fufill. For example, user A redeemed a BNB based DeFi Staking at 21:00 on September 9th with an unlock period of 24 hours. The unlock period will begin at 8:00 AM (UTC) on September 10th, and end at 8:00 AM on September 11th. Therefore, the principal can be received by the user at the earliest on the morning of the 11th. Before investing in DeFi products, please consider the limitation of the unlock period.
What cryptocurrencies are supported?
My staked product has expired and automatically restaked, when does the interest accrue and pay out?
The day you staked product expires, it will automatically stake to its previous duration product and accrue interest immediately. For example, if your staking expired on Mar 1st, it will auto-stake on Mar 1st, and the interest will start to accrue on the same day. It will be distributed to you on Mar 2nd.
Can I choose early redemption after auto-staking?
Yes, you can choose to redeem in advance. After choosing early redemption, the principal will be returned to the spot account, and the distributed interest will be deducted from the refunded principal. Due to different global time zones, it takes 48-72 hours to receive the tokens.