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Binance Will Add a New Trial Phase “Flexible Deposits” Lending Product to Binance Lending
Binance
2019-10-23 08:14

Fellow Binancians,

Binance will add a new trial phase lending product, Flexible Deposits, to the Binance Lending Platform. Flexible Deposits will be available starting from 2019/10/23 12:00 PM (UTC) as a value-added service to Binance users who hold idle digital assets.

Flexible Deposits Table (Subscribe now)

Digital Assets (Trial Phase)

Daily Individual Max

Average Annual Return

BNB

1,000 BNB

1.0%

BTC

10 BTC

0.8%

BUSD

10,000 BUSD

2.8%

 

  • Each Flexible Deposits product will be adjusted based on market and risk conditions. Currently, there is no cap on the redemption amount.
  • The table above shows an estimated annualized interest rate that will be based on a portion of the actual interest received by the Binance Margin Platform.

What are Flexible Deposits?

With Lending, Binance users are be able to grow their funds by earning interest income for lending out their holdings over a specific period of time. Flexible Deposits provide lenders with the flexibility to redeem funds lent out before the maturity date. 

Subscribing to Flexible Deposits

  • Each Subscription Day runs from 00:10 AM to 23:50 PM (UTC). Digital assets will be locked until 23:50 PM (UTC) on the same day if subscribed during this period. 
  • Interest Calculations start from 0:00 AM (UTC) on the second day, after the subscription day. Digital assets will be unlocked starting from 0:00 AM (UTC) on this second day.
  • Interest will be paid daily starting from 0:00 AM (UTC) on the third day, after the subscription day.

Notes:

  • The digital assets used to subscribe for Flexible Deposits will be locked on the day of subscription. You will not be able to redeem or earn interest on this day.
  • The interest earned during the previous day will be distributed automatically on each respective interest payout day. 
  • The distribution of interest has been set on a T+1 basis due to the settlement process involved.

Redeeming Funds from Flexible Deposits

Redemption Day: from 00:10 AM to 23:50 PM (UTC) daily. 

There are two types of redemptions: standard redemptions and fast redemptions. Further details are below:

  • For standard redemptions, you will only receive the full amount back on the second day after redeeming, at 00:00 AM (UTC) with the earned interest included. The delay is due to the interest calculation process where the redemption day is included in the interest calculation period. 
  • For fast redemptions, you will not earn any interest during the day of redemption and you will receive the full amount of your digital assets back within 30 minutes. 

Individual Subscription Allotments

Individual subscription allotments and each digital asset’s total subscription cap will continue to be adjusted based on market and risk conditions. 

For more details, please refer to this Lending Table

Interest Calculations

Interest distributed to Binance Lending users is derived from the Binance Margin Platform’s income. Binance will allocate and distribute interest earned at a reasonable rate. 

Daily Interest Earned = Total Interest to Be Distributed of the day / Total Subscriptions 

Smallest Unit of Interest Calculations

The interest paid will be rounded to eight decimal places.

Thanks for your support!

Binance Team

2019/10/23

 

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