Earn Double Rewards with NEO and VET Flexible Savings
Published on 2020-12-18 12:21
Fellow Binancians:
Binance Savings users who subscribe to NEO and VET starting 2020/12/15 0:00 AM (UTC) will receive double rewards, in the form of their Flexible Savings interest plus distributions of reward tokens, as shown below.
Flexible Savings assets such as NEO and VET earn double rewards, including their respective reward tokens GAS and VTHO
On the day when the rewards for NEO or VET are distributed, the system will count the 24-hour average position of NEO or VET during the previous day.
The 24-hour average position = The sum of your NEO or VET positions during hourly snapshots / 24.
The daily rewards for GAS or VTHO for a Binance Savings account = (The total number of rewards * The 24-hour average holdings of NEO or VET in your Binance Savings account during the previous day) / The average holdings of NEO or VET in all Binance Savings accounts during the previous day.
APY calculation formula of “double rewards” tokens:
Flexible Savings APY (for NEO or VET) + Reward token APY (GAS or VTHO)
Reward token APY = (Amount of GAS or VTHO * The ratio of GAS or VTHO to NEO or VET / The total positions of NEO or VET in all Binance Savings accounts) * 365 * 100%;
Reward distribution time: Transfers on the same day will start counting the holdings on the next hour, and rewards will be distributed the next day.
Notes:
Binance has completed the GAS and VTHO rewards distribution due to NEO and VET transferred to Flexible Savings from 2020/12/01 0:00 AM (UTC) to 2020/12/15 0:00 AM (UTC). Users can see their rewards by selecting the Account Center > Wallet > Distribution History.
When users subscribe to Flexible Savings after 2020/12/15 0:00 AM (UTC), the Flexible Savings interest of NEO and VET, as well as GAS and VTHO rewards, are distributed together on a daily basis.
Subscriptions will close on a certain product once the maximum limit is reached.
Binance Savings will make adjustments to the types of supported assets, interest rates, individual limits and total subscription limits based on market conditions and our internal risk management.
Please refer to Binance Terms of Use prior to using any products on the Binance Savings platform.
Thanks for your support!
Binance Team
2020/12/18
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